Commerce Bank Takes $6.29 Million Position in Performance Food Group Company $PFGC

Key Points

• Commerce Bank acquired 56,227 shares of Performance Food Group in the second quarter, valued at approximately $6.29 million. Institutional investors collectively own 96.87% of PFGC’s outstanding stock.
• Analysts remain broadly positive, with 11 Buy ratings and two Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $126.90.
• PFGC reported quarterly revenue of $18.03 billion, up 6.7% year over year, but narrowly missed earnings expectations with EPS of $1.59 versus the $1.60 consensus estimate. Insiders have sold 28,583 shares worth about $2.91 million over the past three months.

Commerce Bank acquired a new position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 56,227 shares of the food distribution company's stock, valued at approximately $6,286,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PFGC. Capital World Investors raised 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 worth $2,037,910,000 after purchasing an additional 216,720 shares during the last quarter. BlackRock Inc. acquired a new stake in Performance Food Group in the 2nd quarter worth about $1,576,983,000. Wellington Management Group LLP boosted its holdings 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 worth $646,447,000 after buying an additional 1,964,799 shares during the last quarter. Geode Capital Management LLC increased its stake in 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 worth $252,207,000 after buying an additional 36,031 shares in the last quarter. Finally, Eminence Capital LP raised its holdings in shares of Performance Food Group by 60.5% during 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 during the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 838 shares of Performance Food Group stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $104.64, for a total value of $87,688.32. Following the sale, the insider owned 8,142 shares in the company, valued at $851,978.88. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider A Brent King sold 6,111 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $105.00, for a total value of $641,655.00. Following the completion of the transaction, the insider directly owned 44,260 shares in the company, valued at approximately $4,647,300. This trade represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 28,583 shares of company stock worth $2,913,872. Insiders own 4.50% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Barclays boosted their price target 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. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $133.00 target price on shares of Performance Food Group 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. BMO Capital Markets reiterated an "outperform" rating on shares of Performance Food Group in a research report on Thursday, August 13th. Finally, Weiss Ratings raised shares of Performance Food Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 13th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $126.90.

Performance Food Group Trading Up 0.0%

Shares of PFGC opened at $104.99 on Monday. Performance Food Group Company has a 12-month low of $80.82 and a 12-month high of $117.47. The firm has a market capitalization of $16.54 billion, a P/E ratio of 45.85, a P/E/G ratio of 1.35 and a beta of 0.91. The firm has a 50-day moving average price of $110.09 and a 200 day moving average price of $98.26. The company has a current ratio of 1.51, a quick ratio of 0.67 and a debt-to-equity ratio of 1.34.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its earnings results 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 return on equity of 15.15% and a net margin of 0.53%.The firm had revenue of $18.03 billion for the quarter, compared to analysts' expectations of $18.11 billion. During the same period last year, the firm earned $0.84 earnings per share. Performance Food Group's revenue for the quarter was up 6.7% on a year-over-year basis. Sell-side analysts forecast that Performance Food Group Company will post 5.58 EPS for the current 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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