Atreides Management LP Invests $11.32 Million in Performance Food Group Company $PFGC

Atreides Management LP acquired a new position in Performance Food Group Company (NYSE:PFGC) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 125,901 shares of the food distribution company’s stock, valued at approximately $11,321,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of PFGC. Norges Bank bought a new stake in shares of Performance Food Group in the 4th quarter worth $208,170,000. Wellington Management Group LLP raised its position in shares of Performance Food Group by 46.2% during 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 purchasing an additional 1,964,799 shares during the period. Invesco Ltd. raised its position in shares of Performance Food Group by 79.1% during the third quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock worth $275,400,000 after purchasing an additional 1,168,869 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Performance Food Group during the fourth quarter worth $81,020,000. Finally, UBS Group AG raised its position in shares of Performance Food Group by 246.4% during the third quarter. UBS Group AG now owns 1,158,288 shares of the food distribution company’s stock worth $120,508,000 after purchasing an additional 823,882 shares during the period. Institutional investors own 96.87% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, insider Erika T. Davis sold 1,750 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $105.00, for a total transaction of $183,750.00. Following the transaction, the insider directly owned 43,041 shares of the company’s stock, valued at approximately $4,519,305. The trade was a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider A Brent King sold 6,111 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $105.00, for a total value of $641,655.00. Following the transaction, the insider directly owned 44,260 shares in the company, valued at $4,647,300. The trade was a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,592 shares of company stock valued at $2,741,865 over the last ninety days. Corporate insiders own 4.50% of the company’s stock.

Performance Food Group Stock Down 1.2%

NYSE:PFGC opened at $103.23 on Thursday. The firm has a market capitalization of $16.22 billion, a price-to-earnings ratio of 49.16, a PEG ratio of 1.64 and a beta of 0.93. Performance Food Group Company has a 1-year low of $80.82 and a 1-year high of $109.05. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The business’s fifty day moving average price is $94.09 and its 200 day moving average price is $92.48.

Performance Food Group (NYSE:PFGC) last posted 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. The firm had revenue of $16.29 billion for the quarter, compared to analyst estimates of $16.17 billion. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.Performance Food Group’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.79 earnings per share. On average, sell-side analysts forecast that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

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.