Shell Asset Management Co. Sells 5,636 Shares of Performance Food Group Company $PFGC

Shell Asset Management Co. lessened its stake in shares of Performance Food Group Company (NYSE:PFGC) by 56.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,307 shares of the food distribution company’s stock after selling 5,636 shares during the quarter. Shell Asset Management Co.’s holdings in Performance Food Group were worth $448,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Performance Food Group during the 2nd quarter valued at approximately $163,954,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Performance Food Group in the 3rd quarter worth approximately $152,717,000. Primecap Management Co. CA lifted its stake in Performance Food Group by 22.1% in the second quarter. Primecap Management Co. CA now owns 2,571,507 shares of the food distribution company’s stock valued at $224,930,000 after purchasing an additional 465,807 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Performance Food Group during the second quarter valued at $24,726,000. Finally, Qube Research & Technologies Ltd increased its position in Performance Food Group by 499.5% in the second quarter. Qube Research & Technologies Ltd now owns 328,849 shares of the food distribution company’s stock worth $28,764,000 after buying an additional 273,997 shares during the last quarter. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Up 0.3%

Shares of NYSE PFGC opened at $98.25 on Wednesday. Performance Food Group Company has a 52 week low of $68.39 and a 52 week high of $109.05. The business has a 50-day simple moving average of $93.17 and a two-hundred day simple moving average of $97.53. The company has a quick ratio of 0.68, a current ratio of 1.60 and a debt-to-equity ratio of 1.45. The company has a market cap of $15.41 billion, a P/E ratio of 44.66, a P/E/G ratio of 1.38 and a beta of 0.93.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.09). Performance Food Group had a net margin of 0.52% and a return on equity of 15.64%. The company had revenue of $16.44 billion for the quarter, compared to the consensus estimate of $16.54 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts anticipate that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Performance Food Group news, insider Chasity D. Grosh sold 1,843 shares of the firm’s 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 completion of the transaction, the insider directly owned 6,601 shares of the company’s stock, valued at $607,490.03. This trade represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.50% of the company’s stock.

Analysts Set New Price Targets

PFGC has been the topic of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Performance Food Group in a research note on Monday, December 29th. Barclays lowered their price objective on Performance Food Group from $120.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Citigroup dropped their price objective 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. Piper Sandler reduced their target price on shares of Performance Food Group from $116.00 to $111.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of Performance Food Group in a research report on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $116.44.

About Performance Food Group

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.