340,227 Performance Food Group Company $PFGC Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Performance Food Group stake by 241.7% in the third quarter, purchasing 340,227 additional shares and bringing its holdings to 481,018 shares worth approximately $44.0 million.
• Institutional investors own 96.87% of PFGC, while insiders sold 41,459 shares valued at roughly $4.3 million over the past 90 days.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $126.40. PFGC recently traded at $97.75 after slightly missing quarterly earnings and revenue estimates.

Assenagon Asset Management S.A. grew its holdings in Performance Food Group Company (NYSE:PFGC - Free Report) by 241.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 481,018 shares of the food distribution company's stock after purchasing an additional 340,227 shares during the period. Assenagon Asset Management S.A. owned approximately 0.31% of Performance Food Group worth $44,018,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PFGC. BlackRock Inc. bought a new position in Performance Food Group in the second quarter worth approximately $1,576,983,000. Corient Private Wealth LP acquired a new stake in Performance Food Group in the second quarter valued at approximately $3,533,000. Engineers Gate Manager LP increased its holdings in shares of Performance Food Group by 77.2% during the second quarter. Engineers Gate Manager LP now owns 384,143 shares of the food distribution company's stock valued at $42,943,000 after acquiring an additional 167,361 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Performance Food Group by 30.9% during the fourth quarter. Hsbc Holdings PLC now owns 48,951 shares of the food distribution company's stock valued at $4,408,000 after acquiring an additional 11,569 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Performance Food Group during the second quarter valued at approximately $7,460,000. Institutional investors own 96.87% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Wells Fargo & Company boosted their price objective on Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $133.00 target price on shares of Performance Food Group in a report on Thursday, August 13th. TD Cowen cut their target price on Performance Food Group from $115.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday. Weiss Ratings downgraded Performance Food Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, October 9th. Finally, UBS Group decreased their price target on Performance Food Group from $132.00 to $130.00 and set a "buy" rating for the company in a report on Friday, August 14th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $126.40.

Insider Transactions at Performance Food Group

In related news, insider A. 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 owned 47,800 shares of the company's stock, valued at approximately $4,981,238. This trade represents a 14.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald Bulmer sold 10,535 shares of Performance Food Group stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $105.90, for a total value 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,459 shares of company stock worth $4,317,917 over the last 90 days. 4.50% of the stock is owned by insiders.

Performance Food Group Trading Up 0.5%

NYSE:PFGC opened at $97.75 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51. The firm has a market cap of $15.40 billion, a price-to-earnings ratio of 42.69, a price-to-earnings-growth ratio of 1.25 and a beta of 0.87. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47. The firm has a 50-day moving average price of $97.66 and a two-hundred day moving average price of $99.44.

Performance Food Group (NYSE:PFGC - Get Free Report) 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). Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%. The company had revenue of $18.03 billion during the quarter, compared to analysts' expectations of $18.11 billion. During the same period last year, the firm posted $0.84 earnings per share. Performance Food Group's quarterly revenue was up 6.7% compared to the same quarter last year. On average, equities analysts expect that Performance Food Group Company will post 5.60 earnings per share for the current fiscal year.

About Performance Food Group

Performance Food Group Co NYSE: PFGC is a foodservice and convenience distribution company headquartered in Richmond, Virginia. Through its operating businesses, the company supplies food and related products to restaurants, foodservice operators, convenience stores and other commercial customers across the United States and Canada.

PFGC's foodservice operations distribute a broad selection of center-of-the-plate foods, fresh and frozen products, produce, beverages, disposables, cleaning supplies and other restaurant essentials.

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