Victory Capital Management Inc. Trims Holdings in Performance Food Group Company $PFGC

Victory Capital Management Inc. lowered its position in Performance Food Group Company (NYSE:PFGC) by 20.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,948,654 shares of the food distribution company’s stock after selling 1,277,673 shares during the period. Victory Capital Management Inc.’s holdings in Performance Food Group were worth $514,858,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Parkside Financial Bank & Trust lifted its stake in Performance Food Group by 51.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 363 shares of the food distribution company’s stock valued at $32,000 after acquiring an additional 123 shares during the period. AlphaQuest LLC raised its holdings in shares of Performance Food Group by 658.0% during the second quarter. AlphaQuest LLC now owns 379 shares of the food distribution company’s stock worth $33,000 after purchasing an additional 329 shares during the last quarter. Root Financial Partners LLC purchased a new position in shares of Performance Food Group during the third quarter worth $39,000. Golden State Wealth Management LLC lifted its position in Performance Food Group by 148.6% during the second quarter. Golden State Wealth Management LLC now owns 522 shares of the food distribution company’s stock valued at $46,000 after purchasing an additional 312 shares during the period. Finally, Eastern Bank purchased a new position in shares of Performance Food Group during the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 96.87% of the company’s stock.

Performance Food Group Stock Down 1.3%

Shares of NYSE PFGC opened at $95.84 on Tuesday. The company’s 50-day simple moving average is $93.77 and its 200-day simple moving average is $97.40. Performance Food Group Company has a 52-week low of $68.39 and a 52-week high of $109.05. The firm has a market cap of $15.03 billion, a price-to-earnings ratio of 43.56, a price-to-earnings-growth ratio of 1.37 and a beta of 0.91. The company has a quick ratio of 0.68, a current ratio of 1.60 and a debt-to-equity ratio of 1.45.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.09). Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The company had revenue of $16.44 billion for the quarter, compared to analyst estimates of $16.54 billion. During the same quarter last year, the company earned $0.98 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts predict that Performance Food Group Company will post 4.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on PFGC. Piper Sandler dropped their target price on Performance Food Group from $116.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Guggenheim reaffirmed a “buy” rating on shares of Performance Food Group in a research note on Thursday, December 18th. Barclays decreased their target price on shares of Performance Food Group from $120.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. UBS Group dropped their price target on shares of Performance Food Group from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Finally, Zacks Research downgraded shares of Performance Food Group from a “hold” rating to a “strong sell” rating in a research report on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $116.44.

Insider Activity at Performance Food Group

In related news, insider Chasity D. Grosh sold 1,843 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $92.03, for a total value of $169,611.29. Following the completion of the transaction, the insider directly owned 6,601 shares of the company’s stock, valued at approximately $607,490.03. This represents a 21.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.50% of the company’s stock.

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.