Assenagon Asset Management S.A. Reduces Stock Holdings in Performance Food Group Company $PFGC

Key Points

• Assenagon Asset Management cut its Performance Food Group stake by 40.4% in the second quarter, selling 95,475 shares and retaining 140,791 shares valued at approximately $15.7 million.
• Institutional investors own 96.87% of PFGC, with several major holders—including Goldman Sachs, HSBC and TimesSquare Capital—adding to their positions.
• PFGC shares opened at $113.64, near their 52-week high of $117.47. Analysts maintain a “Moderate Buy” consensus, with an average price target of $123.82.

Assenagon Asset Management S.A. reduced its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 40.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 140,791 shares of the food distribution company's stock after selling 95,475 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of Performance Food Group worth $15,739,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its position in Performance Food Group by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,400,934 shares of the food distribution company's stock valued at $125,972,000 after acquiring an additional 121,202 shares during the period. Kennedy Capital Management LLC increased its stake in shares of Performance Food Group by 7.3% during the fourth quarter. Kennedy Capital Management LLC now owns 207,351 shares of the food distribution company's stock valued at $18,645,000 after purchasing an additional 14,173 shares in the last quarter. Hsbc Holdings PLC increased its stake 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 purchasing an additional 11,569 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Performance Food Group during the fourth quarter valued at approximately $81,020,000. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of Performance Food Group by 28.9% during the fourth quarter. TimesSquare Capital Management LLC now owns 853,970 shares of the food distribution company's stock valued at $76,789,000 after purchasing an additional 191,585 shares during the last quarter. 96.87% of the stock is currently owned by institutional investors.

Performance Food Group Stock Performance

Shares of PFGC opened at $113.64 on Tuesday. 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 business has a 50-day simple moving average of $108.80 and a two-hundred day simple moving average of $97.60. The stock has a market cap of $17.85 billion, a price-to-earnings ratio of 54.11, a PEG ratio of 1.44 and a beta of 0.91. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47.

Insider Activity at Performance Food Group

In related news, Director Kimberly Grant sold 2,500 shares of the business'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 completion of the transaction, the director directly owned 11,935 shares in the company, valued at approximately $1,133,825. The trade was a 17.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erika T. Davis sold 2,595 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $110.00, for a total transaction of $285,450.00. Following the completion of the sale, the insider directly owned 40,446 shares of the company's stock, valued at approximately $4,449,060. This trade represents a 6.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 27,187 shares of company stock worth $2,743,695. 4.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on PFGC shares. Citigroup boosted their target price on Performance Food Group from $135.00 to $143.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings reissued a "hold (c)" rating on shares of Performance Food Group in a research report on Wednesday, June 24th. TD Cowen initiated coverage on shares of Performance Food Group in a research note on Tuesday, July 7th. They set a "buy" rating and a $128.00 target price on the stock. Guggenheim raised their price target on shares of Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 29th. Finally, Morgan Stanley lifted their price target on shares of Performance Food Group from $120.00 to $131.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $123.82.

Performance Food Group Company 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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