Bank of New York Mellon Corp Invests $105.76 Million in Performance Food Group Company $PFGC

Bank of New York Mellon Corp acquired a new stake in Performance Food Group Company (NYSE:PFGC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 946,021 shares of the food distribution company's stock, valued at approximately $105,756,000. Bank of New York Mellon Corp owned 0.60% of Performance Food Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new stake in Performance Food Group during the 4th quarter worth approximately $208,170,000. Wellington Management Group LLP increased its position in shares of Performance Food Group by 46.2% during the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock worth $646,447,000 after acquiring an additional 1,964,799 shares during the period. Invesco Ltd. increased its position in shares of Performance Food Group by 79.1% during the third quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock worth $275,400,000 after acquiring an additional 1,168,869 shares during the period. Eminence Capital LP raised its stake in shares of Performance Food Group by 60.5% in the fourth quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company's stock valued at $238,050,000 after acquiring an additional 998,249 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Performance Food Group in the fourth quarter valued at $81,020,000. Institutional investors and hedge funds own 96.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PFGC shares. Morgan Stanley increased their price target on Performance Food Group from $120.00 to $131.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Barclays boosted their price objective 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. TD Cowen cut their target price on shares of Performance Food Group from $128.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Performance Food Group in a report on Thursday, August 13th. Finally, Guggenheim lifted their price target on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Eleven research 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, Performance Food Group currently has an average rating of "Moderate Buy" and an average price target of $126.90.

Performance Food Group Stock Up 0.9%

Shares of NYSE PFGC opened at $105.89 on Tuesday. The business has a 50-day moving average of $110.13 and a two-hundred day moving average of $98.33. The company has a market capitalization of $16.68 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 1.35 and a beta of 0.91. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $117.47. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings data 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 company's revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS. On average, analysts forecast that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Performance Food Group news, insider A Brent King sold 8,023 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $104.21, for a total value of $836,076.83. Following the completion of the transaction, the insider owned 47,800 shares in the company, valued at $4,981,238. This represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Erika T. Davis sold 8,008 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $104.21, for a total transaction of $834,513.68. Following the completion of the transaction, the insider owned 43,986 shares of the company's stock, valued at $4,583,781.06. This represents a 15.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 47,613 shares of company stock worth $4,897,630 over the last ninety days. Insiders own 4.50% of the company's stock.

Key Performance Food Group News

Here are the key news stories impacting Performance Food Group this week:

• Neutral Sentiment: Performance Food Group announced that board member Sc... resigned on August 24. The available report does not provide details on the reason for the departure, limiting the immediate assessment of its impact. Performance Food Group Announces Board Member Resignation
• Negative Sentiment: Several insiders sold a combined 19,030 shares in transactions executed August 20–21 at prices around $104.21–$104.43. While the sales are relatively small compared with the company’s overall market value, the concentration of selling may weigh on sentiment by signaling that insiders are reducing exposure. SEC insider trading filing SEC insider trading filing SEC insider trading filing
• Negative Sentiment: Erika T. Davis sold 9,186 shares for approximately $957,520, reducing her holdings by about 18.1% across the two reported transactions. A. Brent King sold 9,201 shares worth approximately $959,095, cutting his position by about 16.8%. Chasity D. Grosh sold 643 shares for roughly $67,142, an 8.2% reduction. These transactions are not necessarily evidence of deteriorating business conditions, as insiders may sell for personal or compensation-related reasons, but the timing and volume could create short-term selling pressure.

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.

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