California State Teachers Retirement System Boosts Holdings in Performance Food Group Company $PFGC

Key Points

• California State Teachers Retirement System increased its Performance Food Group stake by 10,766.1% in the second quarter, acquiring 19.78 million additional shares and holding approximately 12.67% of the company. Institutional investors collectively own 96.87% of PFGC.
• Analysts maintain a favorable outlook, with 12 Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $126.40.
• Performance Food Group’s latest quarter showed 6.7% year-over-year revenue growth to $18.03 billion, although EPS of $1.59 narrowly missed estimates. Shares opened at $94.07, while insiders sold roughly $4.51 million of stock over the past three months.

California State Teachers Retirement System increased its position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 10,766.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,960,216 shares of the food distribution company's stock after buying an additional 19,776,523 shares during the quarter. California State Teachers Retirement System owned about 12.67% of Performance Food Group worth $2,231,353,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HB Wealth Management LLC lifted its stake in Performance Food Group by 38.8% during the second quarter. HB Wealth Management LLC now owns 4,619 shares of the food distribution company's stock worth $516,000 after purchasing an additional 1,291 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Performance Food Group during the second quarter worth about $622,000. Nykredit A S purchased a new position in shares of Performance Food Group in the second quarter valued at approximately $678,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Performance Food Group in the second quarter valued at approximately $1,851,000. Finally, Cookson Peirce & Co. Inc. increased its stake in Performance Food Group by 8.4% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 4,103 shares of the food distribution company's stock worth $459,000 after buying an additional 318 shares during the period. Institutional investors and hedge funds own 96.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of Performance Food Group from $115.00 to $130.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Guggenheim increased their price objective on Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, June 29th. BMO Capital Markets reiterated an "outperform" rating on shares of Performance Food Group in a report on Thursday, August 13th. TD Cowen cut their price target on Performance Food Group from $120.00 to $115.00 and set a "buy" rating on the stock in a report on Friday. Finally, Citigroup increased their price target on Performance Food Group from $143.00 to $144.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Performance Food Group presently has an average rating of "Moderate Buy" and a consensus target price of $126.40.

Performance Food Group Trading Down 0.3%

Shares of Performance Food Group stock opened at $94.07 on Friday. 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 company's 50-day simple moving average is $107.66 and its 200-day simple moving average is $98.70. The firm has a market cap of $14.82 billion, a price-to-earnings ratio of 41.08, a price-to-earnings-growth ratio of 1.21 and a beta of 0.88.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced 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). Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The firm had revenue of $18.03 billion during the quarter, compared to analyst estimates of $18.11 billion. During the same quarter in the previous year, the business earned $0.84 EPS. Performance Food Group's revenue for the quarter was up 6.7% on a year-over-year basis. As a group, equities research analysts anticipate that Performance Food Group Company will post 5.6 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Erika Davis sold 1,320 shares of Performance Food Group stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total transaction of $138,982.80. Following the completion of the transaction, the insider owned 40,402 shares of the company's stock, valued at $4,253,926.58. The trade was a 3.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Hugh Hatcher sold 3,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total transaction of $297,540.00. Following the completion of the sale, the insider directly owned 58,167 shares in the company, valued at approximately $5,769,003.06. The trade was a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 43,049 shares of company stock valued at $4,510,505 in the last three months. 4.50% of the stock is owned by insiders.

Performance Food Group Profile

Performance Food Group Company NYSE: PFGC is a food and food-related products distributor serving businesses across the United States and Canada. The company supplies restaurants, foodservice operators, schools, healthcare facilities, hospitality businesses, vending and entertainment venues, and convenience stores.

Performance Food Group operates through three primary businesses: Foodservice, Vistar and Convenience. Its offerings include fresh and frozen foods, dry groceries, beverages, ingredients, disposable supplies, and specialty products such as candy, snacks and theater concessions.

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