Aristotle Atlantic Partners LLC Purchases New Holdings in Performance Food Group Company $PFGC

Key Points

• Aristotle Atlantic Partners disclosed a new position in Performance Food Group, buying 36,843 shares worth about $3.31 million in the fourth quarter.
• Institutional interest in PFGC remains high, with hedge funds and other investors owning 96.87% of the company’s shares. Several firms also increased their stakes, including Balyasny Asset Management, which more than doubled its holdings.
• Analysts are generally bullish on the stock: PFGC has a Moderate Buy consensus rating with an average price target of $119, while the company recently beat quarterly EPS and revenue estimates.

Aristotle Atlantic Partners LLC purchased a new stake in Performance Food Group Company (NYSE:PFGC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 36,843 shares of the food distribution company's stock, valued at approximately $3,313,000.

Several other hedge funds have also made changes to their positions in the company. Atreides Management LP purchased a new stake in shares of Performance Food Group in the 4th quarter valued at approximately $11,321,000. Balyasny Asset Management L.P. increased its holdings in shares of Performance Food Group by 103.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,514,841 shares of the food distribution company's stock valued at $136,215,000 after purchasing an additional 769,013 shares during the period. Boothbay Fund Management LLC increased its holdings in shares of Performance Food Group by 6.5% in the 4th quarter. Boothbay Fund Management LLC now owns 145,725 shares of the food distribution company's stock valued at $13,104,000 after purchasing an additional 8,872 shares during the period. Aristeia Capital L.L.C. acquired a new position in shares of Performance Food Group in the 4th quarter valued at about $641,000. Finally, Freestone Grove Partners LP increased its holdings in shares of Performance Food Group by 20.7% in the 4th quarter. Freestone Grove Partners LP now owns 763,124 shares of the food distribution company's stock valued at $68,620,000 after purchasing an additional 130,684 shares during the period. Hedge funds and other institutional investors own 96.87% of the company's stock.

Analysts Set New Price Targets

PFGC has been the topic of a number of research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Performance Food Group in a report on Friday, March 27th. Barclays lifted their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Citigroup lifted their price objective on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $123.00 price objective on shares of Performance Food Group in a research note on Thursday, May 7th. Finally, Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Performance Food Group currently has an average rating of "Moderate Buy" and an average price target of $119.00.

Performance Food Group Trading Down 1.2%

NYSE:PFGC opened at $103.23 on Thursday. Performance Food Group Company has a 12 month low of $80.82 and a 12 month high of $109.05. The firm has a market cap of $16.22 billion, a price-to-earnings ratio of 49.16, a P/E/G ratio of 1.64 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. The company's 50 day moving average is $94.09 and its 200-day moving average is $92.48.

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

Insiders Place Their Bets

In other Performance Food Group news, Director Kimberly Grant sold 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $95.00, for a total value of $237,500.00. Following the sale, the director owned 11,935 shares of the company's stock, valued at $1,133,825. This trade represents a 17.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total value of $283,620.00. Following the completion of the sale, the insider directly owned 44,655 shares in the company, valued at $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. Over the last quarter, insiders sold 27,592 shares of company stock worth $2,741,865. Corporate insiders own 4.50% of the company's stock.

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.

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