Jennison Associates LLC Lowers Position in Performance Food Group Company $PFGC

Jennison Associates LLC lessened its stake in Performance Food Group Company (NYSE:PFGC) by 20.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,231,691 shares of the food distribution company’s stock after selling 325,300 shares during the quarter. Jennison Associates LLC’s holdings in Performance Food Group were worth $110,754,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PFGC. Wellington Management Group LLP lifted its holdings in shares of Performance Food Group by 46.2% in the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock worth $646,447,000 after buying an additional 1,964,799 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Performance Food Group in the third quarter worth $152,717,000. Invesco Ltd. lifted its holdings in shares of Performance Food Group by 79.1% in the third quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock worth $275,400,000 after buying an additional 1,168,869 shares in the last quarter. UBS Group AG lifted its holdings in shares of Performance Food Group by 246.4% in the third quarter. UBS Group AG now owns 1,158,288 shares of the food distribution company’s stock worth $120,508,000 after buying an additional 823,882 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Performance Food Group by 101.2% in the third quarter. Bank of America Corp DE now owns 1,265,685 shares of the food distribution company’s stock worth $131,682,000 after buying an additional 636,506 shares in the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Insider Buying and Selling at Performance Food Group

In other news, insider Chasity D. Grosh sold 1,843 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total value of $169,611.29. Following the sale, the insider owned 6,601 shares of the company’s stock, valued at approximately $607,490.03. This represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PFGC. Citigroup lowered their target price on shares of Performance Food Group from $127.00 to $126.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Zacks Research raised shares of Performance Food Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Food Group in a research note on Friday, March 27th. Morgan Stanley decreased their price target on shares of Performance Food Group from $123.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, February 5th. Finally, UBS Group decreased their price target on shares of Performance Food Group from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Performance Food Group has a consensus rating of “Moderate Buy” and a consensus target price of $116.44.

Performance Food Group Price Performance

Performance Food Group stock opened at $90.53 on Friday. The company has a market cap of $14.20 billion, a price-to-earnings ratio of 41.15, a PEG ratio of 1.38 and a beta of 0.94. The firm’s fifty day moving average is $88.62 and its 200 day moving average is $92.82. The company has a quick ratio of 0.68, a current ratio of 1.60 and a debt-to-equity ratio of 1.45. Performance Food Group Company has a 52-week low of $77.44 and a 52-week high of $109.05.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.09). The business had revenue of $16.44 billion for the quarter, compared to analysts’ expectations of $16.54 billion. Performance Food Group had a net margin of 0.52% and a return on equity of 15.64%. Performance Food Group’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 EPS. Sell-side analysts forecast that Performance Food Group Company will post 4.59 EPS for the current fiscal year.

Performance Food Group Profile

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.