Assenagon Asset Management S.A. Has $20.24 Million Stake in Performance Food Group Company $PFGC

Key Points

• Assenagon Asset Management cut its stake in Performance Food Group by 51.9% in the first quarter, selling more than 254,000 shares and ending with 236,266 shares valued at about $20.24 million.
• Analysts remain generally positive on PFGC, with several firms raising price targets and the stock carrying a Moderate Buy consensus rating and an average target price of $119.
• Performance Food Group reported better-than-expected quarterly results, including $0.80 EPS versus $0.77 expected and $16.29 billion in revenue, while insiders recently sold shares and the stock traded near its 52-week high at $110.45.

Assenagon Asset Management S.A. lowered its stake in Performance Food Group Company (NYSE:PFGC - Free Report) by 51.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 236,266 shares of the food distribution company's stock after selling 254,435 shares during the quarter. Assenagon Asset Management S.A. owned 0.15% of Performance Food Group worth $20,239,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Torren Management LLC bought a new stake in Performance Food Group during the fourth quarter worth $41,000. Lloyd Advisory Services LLC. purchased a new position in Performance Food Group during the 4th quarter worth $43,000. Clearstead Advisors LLC boosted its holdings in Performance Food Group by 132.9% during the 4th quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company's stock worth $53,000 after acquiring an additional 335 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Performance Food Group by 440.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company's stock worth $58,000 after acquiring an additional 537 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in shares of Performance Food Group in the 4th quarter worth $62,000. Institutional investors and hedge funds own 96.87% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PFGC shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $123.00 price objective on shares of Performance Food Group in a research note on Thursday, May 7th. Barclays raised their target price on Performance Food Group from $105.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Zacks Research raised Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Performance Food Group in a research note on Wednesday. Finally, Citigroup upped their price target 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. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $119.00.

Insider Activity at Performance Food Group

In other news, Director Kimberly Grant sold 2,500 shares of the company'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 transaction of $237,500.00. Following the sale, the director directly owned 11,935 shares of the company's stock, valued at $1,133,825. This represents a 17.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider A Brent King sold 6,111 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $105.00, for a total value of $641,655.00. Following the transaction, the insider owned 44,260 shares of the company's stock, valued at $4,647,300. This trade represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 27,592 shares of company stock worth $2,741,865 over the last 90 days. Company insiders own 4.50% of the company's stock.

Performance Food Group Price Performance

Shares of NYSE PFGC opened at $110.45 on Friday. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $110.66. The firm has a market cap of $17.35 billion, a P/E ratio of 52.59, a PEG ratio of 1.68 and a beta of 0.93. The company has a 50 day moving average of $96.53 and a 200 day moving average of $93.06.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $16.29 billion for the quarter, compared to analysts' expectations of $16.17 billion. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The business's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $0.79 earnings per share. As a group, research analysts expect that Performance Food Group Company will post 4.57 EPS 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.

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