Assenagon Asset Management S.A. Lowers Position in Performance Food Group Company $PFGC

Assenagon Asset Management S.A. decreased its holdings in shares of Performance Food Group Company (NYSE:PFGC) by 51.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 236,266 shares of the food distribution company’s stock after selling 254,435 shares during the period. Assenagon Asset Management S.A.’s holdings in Performance Food Group were worth $20,239,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Performance Food Group during the fourth quarter worth about $208,170,000. Wellington Management Group LLP lifted 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 in the last quarter. Invesco Ltd. boosted its position in Performance Food Group by 79.1% in the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock valued at $275,400,000 after buying an additional 1,168,869 shares during the period. Eminence Capital LP grew its stake in Performance Food Group by 60.5% during the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company’s stock worth $238,050,000 after purchasing an additional 998,249 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Performance Food Group during the 4th quarter worth approximately $81,020,000. Institutional investors and hedge funds own 96.87% of the company’s stock.

Insider Activity

In related news, Director Kimberly Grant sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the transaction, the director owned 11,935 shares of the company’s stock, valued at approximately $1,133,825. This represents a 17.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the firm’s stock in a transaction that occurred on 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 owned 44,655 shares in the company, valued at approximately $4,221,683.70. This trade represents a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 27,592 shares of company stock worth $2,741,865. Corporate insiders own 4.50% of the company’s stock.

Analysts Set New Price Targets

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

Performance Food Group Trading Up 3.0%

Performance Food Group stock opened at $110.45 on Friday. The stock has a market cap of $17.35 billion, a PE ratio of 52.59, a P/E/G ratio of 1.68 and a beta of 0.93. The stock has a 50-day moving average price of $96.53 and a 200 day moving average price of $93.06. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $110.66. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40.

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

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.