Palestra Capital Management LLC Has $167.70 Million Position in Performance Food Group (NYSE:PFGC)

Palestra Capital Management LLC raised its holdings in shares of Performance Food Group (NYSE:PFGC) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,983,377 shares of the food distribution company’s stock after buying an additional 122,338 shares during the period. Performance Food Group comprises approximately 4.6% of Palestra Capital Management LLC’s investment portfolio, making the stock its 8th biggest position. Palestra Capital Management LLC’s holdings in Performance Food Group were worth $167,695,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Performance Food Group by 11.8% during the third quarter. JPMorgan Chase & Co. now owns 3,812,602 shares of the food distribution company’s stock worth $298,794,000 after buying an additional 401,235 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Performance Food Group by 134.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 646,544 shares of the food distribution company’s stock worth $54,665,000 after purchasing an additional 371,078 shares in the last quarter. Jennison Associates LLC raised its stake in Performance Food Group by 8.1% during the 4th quarter. Jennison Associates LLC now owns 1,667,691 shares of the food distribution company’s stock valued at $141,003,000 after purchasing an additional 125,532 shares during the period. Inspire Investing LLC acquired a new stake in Performance Food Group during the 4th quarter valued at $814,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Performance Food Group in the fourth quarter worth $2,087,000. 96.87% of the stock is currently owned by institutional investors.

Performance Food Group Stock Up 0.2 %

Shares of PFGC stock opened at $80.62 on Thursday. The stock’s 50 day simple moving average is $77.89 and its 200 day simple moving average is $83.18. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.72 and a current ratio of 1.67. Performance Food Group has a twelve month low of $61.60 and a twelve month high of $92.44. The company has a market capitalization of $12.59 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 0.96 and a beta of 1.16.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings data on Wednesday, February 5th. The food distribution company reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.06). Performance Food Group had a net margin of 0.64% and a return on equity of 16.58%. As a group, research analysts predict that Performance Food Group will post 4.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PFGC shares. Barclays dropped their price target on Performance Food Group from $102.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler lowered Performance Food Group from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $92.00 to $90.00 in a research report on Friday, February 7th. Morgan Stanley upped their price target on Performance Food Group from $94.00 to $96.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Finally, StockNews.com lowered Performance Food Group from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.09.

Performance Food Group Company Profile

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.