BlackRock Inc. Makes New $1.58 Billion Investment in Performance Food Group Company $PFGC

Key Points

• BlackRock acquired 14.1 million shares of Performance Food Group in the second quarter, valued at approximately $1.58 billion and representing an 8.98% stake. Institutional investors collectively own 96.87% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $126.90.
• 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 estimates of $18.11 billion.

BlackRock Inc. bought a new stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 14,106,656 shares of the food distribution company's stock, valued at approximately $1,576,983,000. BlackRock Inc. owned 8.98% of Performance Food Group as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Capital World Investors lifted its position in shares of 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 valued at $2,037,910,000 after buying an additional 216,720 shares during the last quarter. Wellington Management Group LLP lifted its holdings in 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 valued at $646,447,000 after purchasing an additional 1,964,799 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Performance Food Group by 1.3% during the 4th 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. Eminence Capital LP boosted its holdings in Performance Food Group by 60.5% in 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 period. Finally, Invesco Ltd. raised its holdings in Performance Food Group by 79.1% during the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock valued at $275,400,000 after acquiring an additional 1,168,869 shares during the period. Institutional investors own 96.87% of the company's stock.

Analyst Upgrades and Downgrades

PFGC has been the subject of a number of analyst reports. Citigroup raised their price target on Performance Food Group from $143.00 to $144.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. UBS Group reduced their target price on Performance Food Group from $132.00 to $130.00 and set a "buy" rating for the company in a report on Friday, August 14th. Morgan Stanley boosted their price objective on shares of Performance Food Group from $120.00 to $131.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Weiss Ratings raised shares of Performance Food Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 13th. Finally, Wells Fargo & Company increased their target price on shares of Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Performance Food Group currently has a consensus rating of "Moderate Buy" and an average price target of $126.90.

Performance Food Group Stock Up 0.7%

PFGC opened at $104.05 on Friday. The business's fifty day simple moving average is $110.08 and its 200 day simple moving average is $98.19. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47. The company has a quick ratio of 0.67, a current ratio of 1.51 and a debt-to-equity ratio of 1.34. The stock has a market cap of $16.39 billion, a PE ratio of 45.44, a P/E/G ratio of 1.33 and a beta of 0.91.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.60 by ($0.01). The firm had revenue of $18.03 billion during the quarter, compared to analysts' expectations of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.Performance Food Group's revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. As a group, research analysts expect that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Performance Food Group

In other news, insider Erika T. Davis sold 2,595 shares of the company's stock in a transaction 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 sale, the insider owned 40,446 shares of the company's stock, valued at approximately $4,449,060. This represents a 6.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider A Brent King sold 6,111 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $105.00, for a total transaction of $641,655.00. Following the transaction, the insider directly owned 44,260 shares in the company, valued at approximately $4,647,300. This represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,583 shares of company stock worth $2,913,872 over the last ninety days. Insiders own 4.50% of the company's stock.

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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