Montanova Capital LLC Reduces Stake in Performance Food Group Company $PFGC

Montanova Capital LLC lessened its position in shares of Performance Food Group Company (NYSE:PFGC) by 96.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,710 shares of the food distribution company’s stock after selling 372,175 shares during the quarter. Montanova Capital LLC’s holdings in Performance Food Group were worth $1,644,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PFGC. Capital World Investors increased its stake in shares of Performance Food Group by 1.0% during the 4th quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company’s stock worth $2,037,910,000 after purchasing an additional 216,720 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Performance Food Group during the 2nd quarter worth $1,576,983,000. Wellington Management Group LLP lifted its position in 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 buying an additional 1,964,799 shares during the period. Geode Capital Management LLC grew its holdings in Performance Food Group by 1.3% in 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 buying an additional 36,031 shares during the period. Finally, Primecap Management Co. CA acquired a new stake in shares of Performance Food Group in the second quarter worth approximately $305,064,000. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PFGC. Weiss Ratings raised Performance Food Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Morgan Stanley increased their price objective on shares of Performance Food Group from $120.00 to $131.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Guggenheim upped their target price on shares of Performance Food Group from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Sanford C. Bernstein restated an “outperform” rating on shares of Performance Food Group in a research note on Thursday, August 13th. Finally, Barclays boosted their target price on shares of Performance Food Group from $105.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $126.90.

Insider Transactions at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 643 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $104.42, for a total transaction of $67,142.06. Following the completion of the transaction, the insider directly owned 7,222 shares of the company’s stock, valued at approximately $754,121.24. This trade represents a 8.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Donald S. Bulmer sold 1,353 shares of Performance Food Group stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $142,457.37. Following the transaction, the insider owned 52,938 shares in the company, valued at approximately $5,573,842.02. This trade represents a 2.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 54,750 shares of company stock valued at $5,722,370. 4.50% of the stock is currently owned by company insiders.

Performance Food Group Stock Performance

Shares of PFGC opened at $99.19 on Tuesday. The firm has a market capitalization of $15.63 billion, a PE ratio of 43.31, a P/E/G ratio of 1.30 and a beta of 0.91. The company has a quick ratio of 0.67, a current ratio of 1.51 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average price of $109.97 and a 200 day moving average price of $98.70. Performance Food Group Company has a 52-week low of $80.82 and a 52-week high of $117.47.

Performance Food Group (NYSE:PFGC) last issued its quarterly 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). The company had revenue of $18.03 billion during the quarter, compared to analyst estimates of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The company’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 earnings per share. On average, sell-side analysts anticipate that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

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.