Clearbridge Investments LLC Cuts Stake in Performance Food Group Company $PFGC

Clearbridge Investments LLC reduced its stake in Performance Food Group Company (NYSE:PFGC) by 7.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,886,587 shares of the food distribution company’s stock after selling 311,487 shares during the quarter. Clearbridge Investments LLC owned 2.48% of Performance Food Group worth $349,482,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Maven Securities LTD bought a new stake in Performance Food Group in the 3rd quarter valued at about $2,589,000. Close Asset Management Ltd raised its stake in Performance Food Group by 7.5% in the 3rd quarter. Close Asset Management Ltd now owns 2,080,377 shares of the food distribution company’s stock valued at $216,536,000 after acquiring an additional 145,387 shares during the period. Assenagon Asset Management S.A. raised its stake in Performance Food Group by 10.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 490,701 shares of the food distribution company’s stock valued at $44,124,000 after acquiring an additional 45,867 shares during the period. Capital World Investors raised its stake in Performance Food Group by 0.8% in the 3rd quarter. Capital World Investors now owns 22,446,853 shares of the food distribution company’s stock valued at $2,335,371,000 after acquiring an additional 185,624 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Performance Food Group by 37.7% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 441,146 shares of the food distribution company’s stock valued at $39,668,000 after acquiring an additional 120,725 shares during the period. 96.87% of the stock is currently owned by institutional investors.

Performance Food Group Trading Up 3.3%

Shares of PFGC opened at $97.00 on Friday. The business’s 50-day moving average price is $91.24 and its 200-day moving average price is $92.11. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $109.05. The stock has a market cap of $15.24 billion, a PE ratio of 46.19, a P/E/G ratio of 1.52 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The firm had revenue of $16.29 billion for the quarter, compared to analysts’ expectations of $16.17 billion. During the same period in the prior year, the business posted $0.79 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. On average, equities analysts forecast that Performance Food Group Company will post 4.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PFGC shares. Barclays boosted their price objective on Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Zacks Research upgraded Performance Food Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings restated a “hold (c)” rating on shares of Performance Food Group in a research note on Friday, March 27th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $123.00 price objective on shares of Performance Food Group in a research note on Thursday, May 7th. Finally, Citigroup boosted their price objective on Performance Food Group from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Performance Food Group has an average rating of “Moderate Buy” and a consensus target price of $119.00.

Insider Buying and Selling

In other news, insider Hugh Patrick Hatcher sold 3,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total transaction of $283,620.00. Following the sale, the insider directly owned 44,655 shares in the company, valued at $4,221,683.70. This represents a 6.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kimberly Grant sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total value of $237,500.00. Following the sale, the director owned 11,935 shares in the company, valued at approximately $1,133,825. This represents a 17.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 12,891 shares of company stock valued at $1,232,460. Corporate insiders own 4.50% of the company’s stock.

Performance Food Group Company 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.