California State Teachers Retirement System Acquires 35,328 Shares of Performance Food Group Company $PFGC

Key Points

• California State Teachers Retirement System increased its Performance Food Group stake by 23.8%, buying 35,328 shares to reach 183,693 shares valued at approximately $15.7 million.
• Institutional ownership remains very high at 96.87%, while analysts maintain a favorable outlook: 11 rate PFGC a Buy and two rate it a Hold, with an average price target of $123.82.
• Performance Food Group reported quarterly earnings of $0.80 per share, beating estimates of $0.77, while revenue rose 6.4% year over year to $16.29 billion. Shares opened at $114.60, near their 52-week high, despite insiders selling shares in recent months.

California State Teachers Retirement System raised its holdings in Performance Food Group Company (NYSE:PFGC - Free Report) by 23.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 183,693 shares of the food distribution company's stock after purchasing an additional 35,328 shares during the period. California State Teachers Retirement System owned 0.12% of Performance Food Group worth $15,735,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PFGC. Norges Bank purchased a new stake in shares of Performance Food Group during the 4th quarter valued at approximately $208,170,000. Wellington Management Group LLP grew its stake in 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. grew its stake in 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 raised 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 valued at $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 Performance Food Group during the 4th quarter valued at $81,020,000. Institutional investors own 96.87% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on PFGC shares. Citigroup raised their price target on Performance Food Group from $135.00 to $143.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Wells Fargo & Company boosted their price objective on Performance Food Group from $115.00 to $130.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Performance Food Group in a report on Wednesday, June 24th. TD Cowen initiated coverage on Performance Food Group in a research note on Tuesday, July 7th. They issued a "buy" rating and a $128.00 target price for the company. Finally, Morgan Stanley raised 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. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Performance Food Group has an average rating of "Moderate Buy" and an average price target of $123.82.

Insiders Place Their Bets

In other news, insider Erika T. Davis sold 2,595 shares of Performance Food Group stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $110.00, for a total transaction of $285,450.00. Following the completion of the sale, the insider owned 40,446 shares in the company, valued at approximately $4,449,060. This trade represents a 6.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total value of $283,620.00. Following the transaction, the insider directly owned 44,655 shares of the company's stock, valued at $4,221,683.70. The trade was a 6.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,187 shares of company stock valued at $3,027,315 over the last 90 days. 4.50% of the stock is owned by insiders.

Performance Food Group Stock Up 0.2%

PFGC opened at $114.60 on Monday. The company has a fifty day moving average price of $106.72 and a 200-day moving average price of $96.84. The firm has a market capitalization of $18.00 billion, a P/E ratio of 54.57, a price-to-earnings-growth ratio of 1.44 and a beta of 0.91. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.52 and a quick ratio of 0.68. Performance Food Group Company has a one year low of $80.82 and a one year high of $117.47.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The firm had revenue of $16.29 billion for 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 business's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. Equities research analysts expect that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

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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