Bank of America Corp DE Has $54.62 Million Position in Performance Food Group Company $PFGC

Key Points

• Bank of America reduced its Performance Food Group stake by 2.5% in the first quarter, selling 16,127 shares and retaining 637,651 shares worth approximately $54.62 million.
• Institutional investors and hedge funds own 96.87% of PFGC, with Norges Bank establishing a new $208.17 million position and several firms significantly increasing their holdings.
• Wall Street remains positive, with 11 analysts rating the stock a Buy and two rating it a Hold; the consensus is Moderate Buy with an average price target of $123.82, versus a recent price of $113.94.

Bank of America Corp DE lessened its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 637,651 shares of the food distribution company's stock after selling 16,127 shares during the period. Bank of America Corp DE owned 0.41% of Performance Food Group worth $54,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Performance Food Group during the fourth quarter worth about $208,170,000. Wellington Management Group LLP raised its position in shares of Performance Food Group by 46.2% in the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock valued at $646,447,000 after buying an additional 1,964,799 shares in the last quarter. Invesco Ltd. raised its position in shares of Performance Food Group by 79.1% in the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock valued at $275,400,000 after buying an additional 1,168,869 shares in the last quarter. Eminence Capital LP lifted its holdings in shares of 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 acquiring an additional 998,249 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Performance Food Group during the 4th quarter worth approximately $81,020,000. 96.87% of the stock is owned by institutional investors and hedge funds.

Performance Food Group Trading Up 0.1%

NYSE PFGC opened at $113.94 on Wednesday. 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 $117.47. The company has a market cap of $17.90 billion, a price-to-earnings ratio of 54.26, a price-to-earnings-growth ratio of 1.43 and a beta of 0.91. The business's fifty day moving average is $109.16 and its 200 day moving average is $97.73.

Insider Buying and Selling at Performance Food Group

In other news, insider A Brent King sold 6,111 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $105.00, for a total transaction of $641,655.00. Following the sale, the insider directly owned 44,260 shares in the company, valued at approximately $4,647,300. The trade was a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Erika T. Davis sold 2,595 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $110.00, for a total value of $285,450.00. Following the completion of the transaction, the insider directly owned 40,446 shares of the company's stock, valued at $4,449,060. This represents a 6.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 27,187 shares of company stock worth $2,743,695. 4.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PFGC shares. Guggenheim lifted their price objective on shares of Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Morgan Stanley upped their target price on Performance Food Group from $120.00 to $131.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Barclays raised their target price on Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $123.00 price target on shares of Performance Food Group in a research note on Thursday, May 7th. Finally, Wells Fargo & Company boosted their price target on Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $123.82.

About Performance Food Group

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.

Want to see what other hedge funds are holding PFGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Performance Food Group Company (NYSE:PFGC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source