Jennison Associates LLC Cuts Stock Position in Performance Food Group (NYSE:PFGC)

Jennison Associates LLC trimmed its holdings in Performance Food Group (NYSE:PFGC) by 31.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,542,159 shares of the food distribution company’s stock after selling 716,280 shares during the period. Jennison Associates LLC’s holdings in Performance Food Group were worth $120,859,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PFGC. Blue Trust Inc. lifted its stake in Performance Food Group by 281.4% in the 3rd quarter. Blue Trust Inc. now owns 328 shares of the food distribution company’s stock worth $26,000 after purchasing an additional 242 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Performance Food Group in the third quarter worth about $26,000. Innealta Capital LLC purchased a new stake in shares of Performance Food Group in the second quarter worth about $30,000. Venturi Wealth Management LLC boosted its stake in Performance Food Group by 203.0% during the third quarter. Venturi Wealth Management LLC now owns 409 shares of the food distribution company’s stock valued at $32,000 after buying an additional 274 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in Performance Food Group by 414.8% during the 3rd quarter. UMB Bank n.a. now owns 453 shares of the food distribution company’s stock valued at $36,000 after buying an additional 365 shares in the last quarter. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Up 1.4 %

Shares of NYSE PFGC opened at $84.01 on Thursday. The company has a market cap of $13.09 billion, a P/E ratio of 31.00, a PEG ratio of 0.89 and a beta of 1.44. The firm has a 50-day simple moving average of $80.53 and a two-hundred day simple moving average of $73.00. Performance Food Group has a 1 year low of $61.59 and a 1 year high of $89.00. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.70 and a quick ratio of 0.73.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings data on Wednesday, November 6th. The food distribution company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.06). The business had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $15.22 billion. Performance Food Group had a net margin of 0.72% and a return on equity of 16.66%. Performance Food Group’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 EPS. Research analysts anticipate that Performance Food Group will post 4.73 earnings per share for the current year.

Insider Activity

In related news, insider Scott E. Mcpherson sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.64, for a total value of $1,866,000.00. Following the completion of the sale, the insider now owns 149,863 shares in the company, valued at approximately $11,185,774.32. The trade was a 14.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick T. Hagerty sold 8,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the transaction, the insider now owns 162,987 shares in the company, valued at $12,152,310.72. The trade was a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

PFGC has been the topic of several recent research reports. Guggenheim upped their price objective on Performance Food Group from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. UBS Group upped their price target on shares of Performance Food Group from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler increased their price objective on shares of Performance Food Group from $79.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Performance Food Group from $93.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, Barclays increased their price target on shares of Performance Food Group from $88.00 to $98.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $94.27.

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.