First Trust Advisors LP cut its stake in shares of Performance Food Group Co (NYSE:PFGC) by 73.2% in the 3rd quarter, Holdings Channel reports. The fund owned 40,716 shares of the restaurant operator’s stock after selling 111,338 shares during the quarter. First Trust Advisors LP’s holdings in Performance Food Group were worth $1,356,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in Performance Food Group by 9.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,908,499 shares of the restaurant operator’s stock worth $70,044,000 after acquiring an additional 168,076 shares during the last quarter. Northern Trust Corp raised its position in shares of Performance Food Group by 3.0% in the second quarter. Northern Trust Corp now owns 1,209,437 shares of the restaurant operator’s stock valued at $44,387,000 after buying an additional 35,181 shares in the last quarter. Rothschild Asset Management Inc. raised its position in shares of Performance Food Group by 21.4% in the second quarter. Rothschild Asset Management Inc. now owns 1,183,170 shares of the restaurant operator’s stock valued at $43,422,000 after buying an additional 208,658 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Performance Food Group by 62.7% in the second quarter. Wells Fargo & Company MN now owns 1,026,740 shares of the restaurant operator’s stock valued at $37,681,000 after buying an additional 395,836 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Performance Food Group by 202.6% in the second quarter. Millennium Management LLC now owns 705,332 shares of the restaurant operator’s stock valued at $25,886,000 after buying an additional 472,273 shares in the last quarter. Hedge funds and other institutional investors own 96.36% of the company’s stock.

PFGC has been the subject of a number of analyst reports. ValuEngine upgraded shares of Performance Food Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Buckingham Research initiated coverage on shares of Performance Food Group in a research report on Monday, October 22nd. They issued a “buy” rating and a $39.00 price target for the company. BMO Capital Markets dropped their price target on shares of Performance Food Group from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. Loop Capital reiterated a “buy” rating and issued a $42.00 price target on shares of Performance Food Group in a research report on Wednesday, August 15th. Finally, Morgan Stanley dropped their price target on shares of Performance Food Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a research report on Thursday, August 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $38.45.

NYSE PFGC opened at $33.73 on Friday. The company has a market capitalization of $3.56 billion, a PE ratio of 21.90, a price-to-earnings-growth ratio of 1.10 and a beta of 0.60. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.53 and a quick ratio of 0.78. Performance Food Group Co has a 1-year low of $28.05 and a 1-year high of $39.45.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings data on Wednesday, November 7th. The restaurant operator reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Performance Food Group had a net margin of 1.15% and a return on equity of 15.52%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. On average, sell-side analysts anticipate that Performance Food Group Co will post 1.76 earnings per share for the current year.

Performance Food Group declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 14th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to repurchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider Carol A. O’connell sold 2,197 shares of Performance Food Group stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $34.00, for a total value of $74,698.00. Following the transaction, the insider now directly owns 22,101 shares of the company’s stock, valued at $751,434. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas M. Steenland sold 104,275 shares of Performance Food Group stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $34.56, for a total transaction of $3,603,744.00. Following the completion of the transaction, the director now directly owns 134,365 shares in the company, valued at $4,643,654.40. The disclosure for this sale can be found here. Insiders sold 160,383 shares of company stock worth $5,465,651 over the last three months. 3.80% of the stock is currently owned by insiders.

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About Performance Food Group

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

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Institutional Ownership by Quarter for Performance Food Group (NYSE:PFGC)

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