Empowered Funds LLC Makes New Investment in Performance Food Group Company $PFGC

Empowered Funds LLC bought a new stake in shares of Performance Food Group Company (NYSE:PFGC) in the 2nd quarter, Holdings Channel reports. The firm bought 31,313 shares of the food distribution company’s stock, valued at approximately $3,500,000.

Other hedge funds have also recently modified their holdings of the company. Capital World Investors raised its holdings in shares of Performance Food Group by 1.0% in the fourth quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company’s stock worth $2,037,910,000 after buying an additional 216,720 shares during the period. BlackRock Inc. bought a new stake in shares of Performance Food Group during the 2nd quarter worth approximately $1,576,983,000. Wellington Management Group LLP boosted its holdings in Performance Food Group by 46.2% during the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock valued at $646,447,000 after acquiring an additional 1,964,799 shares during the period. Geode Capital Management LLC boosted its holdings in Performance Food Group by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company’s stock valued at $252,207,000 after acquiring an additional 36,031 shares during the period. Finally, Primecap Management Co. CA bought a new position in Performance Food Group in the 2nd quarter valued at $305,064,000. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Trading Down 0.0%

PFGC opened at $99.15 on Wednesday. The stock’s fifty day moving average is $109.86 and its two-hundred day moving average is $98.76. The company has a market capitalization of $15.62 billion, a P/E ratio of 43.30, a PEG ratio of 1.27 and a beta of 0.88. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47. The company has a quick ratio of 0.67, a current ratio of 1.51 and a debt-to-equity ratio of 1.34.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.01). Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The firm had revenue of $18.03 billion for the quarter, compared to the consensus estimate of $18.11 billion. During the same period last year, the firm earned $0.84 earnings per share. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. Analysts forecast that Performance Food Group Company will post 5.58 earnings per share for the current year.

Insider Activity

In related news, insider A Brent King sold 8,023 shares of Performance Food Group stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $104.21, for a total value of $836,076.83. Following the completion of the sale, the insider directly owned 47,800 shares in the company, valued at $4,981,238. The trade was a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Donald S. Bulmer sold 10,535 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $105.90, for a total transaction of $1,115,656.50. Following the completion of the sale, the insider directly owned 54,291 shares of the company’s stock, valued at approximately $5,749,416.90. This trade represents a 16.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 54,750 shares of company stock worth $5,722,370. Company insiders own 4.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PFGC. Guggenheim lifted their target price on Performance Food Group from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $133.00 price target on shares of Performance Food Group in a report on Thursday, August 13th. Morgan Stanley raised their price target on shares of Performance Food Group from $120.00 to $131.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their price objective on shares of Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Finally, TD Cowen lowered their price objective on shares of Performance Food Group from $128.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Performance Food Group has a consensus rating of “Moderate Buy” and a consensus target price of $126.90.

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.