Bank of New York Mellon Corp Has $83.59 Million Holdings in Performance Food Group Company $PFGC

Key Points

• Bank of New York Mellon trimmed its stake in Performance Food Group by 1.9% in the fourth quarter, but still held 929,639 shares worth about $83.6 million.
• Performance Food Group recently reported better-than-expected earnings, posting $0.80 EPS versus $0.77 expected and revenue of $16.29 billion, up 6.4% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $119, while several firms recently raised their targets.

Bank of New York Mellon Corp reduced its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 929,639 shares of the food distribution company's stock after selling 18,430 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of Performance Food Group worth $83,593,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Performance Food Group in the 4th quarter valued at $208,170,000. Wellington Management Group LLP raised its stake 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 stake 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. Eurizon Capital SGR S.p.A. acquired a new position in shares of Performance Food Group in the 4th quarter valued at $81,020,000. Finally, UBS Group AG raised its stake in shares of Performance Food Group by 246.4% in the 3rd quarter. UBS Group AG now owns 1,158,288 shares of the food distribution company's stock valued at $120,508,000 after buying an additional 823,882 shares in the last quarter. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Performance Food Group Trading Up 0.3%

Shares of Performance Food Group stock opened at $97.37 on Tuesday. The stock has a market capitalization of $15.30 billion, a P/E ratio of 46.37, a price-to-earnings-growth ratio of 1.52 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 has a 50-day simple moving average of $91.49 and a 200 day simple moving average of $92.11. Performance Food Group Company has a 12-month low of $80.82 and a 12-month high of $109.05.

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 analysts' consensus estimates of $0.77 by $0.03. The business had revenue of $16.29 billion during the quarter, compared to analysts' expectations of $16.17 billion. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the company posted $0.79 EPS. Research analysts expect that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PFGC. Citigroup increased 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. Barclays increased 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. 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. Zacks Research upgraded shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Performance Food Group in a research report on Friday, March 27th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $119.00.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider A Brent King sold 5,641 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $96.63, for a total value of $545,089.83. Following the completion of the sale, the insider owned 57,211 shares in the company, valued at approximately $5,528,298.93. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Erika T. Davis sold 1,750 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $95.00, for a total transaction of $166,250.00. Following the completion of the sale, the insider owned 44,791 shares of the company's stock, valued at $4,255,145. The trade was a 3.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 12,891 shares of company stock worth $1,232,460. 4.50% of the stock is owned by insiders.

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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