Bank of America Corp DE Acquires New Shares in Performance Food Group Company $PFGC

Key Points

• Bank of America acquired 701,973 shares of Performance Food Group worth approximately $78.5 million, giving it a 0.45% stake. Institutional investors collectively own 96.87% of the company.
• Performance Food Group reported quarterly EPS of $1.59, slightly below the $1.60 consensus, while revenue reached $18.03 billion, up 6.7% year over year but below expectations.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $126.40 versus the reported share price of $91.90.

Bank of America Corp DE bought a new stake in Performance Food Group Company (NYSE:PFGC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 701,973 shares of the food distribution company's stock, valued at approximately $78,474,000. Bank of America Corp DE owned 0.45% of Performance Food Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital World Investors increased its stake in Performance Food Group by 1.0% during the 4th quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company's stock worth $2,037,910,000 after buying an additional 216,720 shares during the period. BlackRock Inc. acquired a new stake in Performance Food Group in the second quarter valued at approximately $1,576,983,000. Primecap Management Co. CA acquired a new position in Performance Food Group during the 2nd quarter worth approximately $305,064,000. Geode Capital Management LLC raised its stake in Performance Food Group by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company's stock valued at $252,207,000 after buying an additional 36,031 shares in the last quarter. Finally, Eminence Capital LP lifted its holdings in Performance Food Group by 60.5% during the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company's stock worth $238,050,000 after buying an additional 998,249 shares during the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.

Performance Food Group Stock Up 1.7%

Shares of NYSE:PFGC opened at $91.90 on Friday. The stock has a market capitalization of $14.48 billion, a P/E ratio of 40.13, a PEG ratio of 1.18 and a beta of 0.88. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $117.47. The stock has a 50-day simple moving average of $105.46 and a 200-day simple moving average of $98.53.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing analysts' consensus estimates of $1.60 by ($0.01). The business had revenue of $18.03 billion during the quarter, compared to analysts' expectations of $18.11 billion. Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The business's revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. Equities analysts forecast that Performance Food Group Company will post 5.6 earnings per share for the current year.

Analysts Set New Price Targets

PFGC has been the subject of several recent analyst reports. UBS Group reduced their price objective on shares of Performance Food Group from $132.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, August 14th. BMO Capital Markets reissued an "outperform" rating on shares of Performance Food Group in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $133.00 target price on shares of Performance Food Group in a research report on Thursday, August 13th. Citigroup lifted their target price on shares of Performance Food Group from $143.00 to $144.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Finally, Wells Fargo & Company boosted their price target on Performance Food Group from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $126.40.

Insider Buying and Selling at Performance Food Group

In other Performance Food Group news, insider Erika Davis sold 1,320 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $138,982.80. Following the transaction, the insider owned 40,402 shares in the company, valued at $4,253,926.58. The trade was a 3.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider A. King sold 1,320 shares of Performance Food Group stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total value of $138,982.80. Following the sale, the insider owned 44,216 shares in the company, valued at $4,655,502.64. This represents a 2.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 43,049 shares of company stock worth $4,510,505. Insiders own 4.50% of the company's stock.

Performance Food Group Profile

Performance Food Group Company NYSE: PFGC is a food and food-related products distributor serving businesses across the United States and Canada. The company supplies restaurants, foodservice operators, schools, healthcare facilities, hospitality businesses, vending and entertainment venues, and convenience stores.

Performance Food Group operates through three primary businesses: Foodservice, Vistar and Convenience. Its offerings include fresh and frozen foods, dry groceries, beverages, ingredients, disposable supplies, and specialty products such as candy, snacks and theater concessions.

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