Corient Private Wealth LP Invests $3.53 Million in Performance Food Group Company $PFGC

Key Points

• Corient Private Wealth purchased 31,604 shares of Performance Food Group, valued at approximately $3.53 million, during the second quarter. Institutional investors collectively own 96.87% of PFGC’s outstanding stock.
• PFGC recently reported quarterly revenue of $18.03 billion, up 6.7% year over year, but earnings per share of $1.59 narrowly missed estimates of $1.60. The stock opened at $99.15, below its 50-day moving average of $109.86.
• Analysts maintain a broadly positive outlook, with 12 Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $126.90. Meanwhile, insiders sold 54,750 shares worth about $5.72 million over the past 90 days.

Corient Private Wealth LP bought a new stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 31,604 shares of the food distribution company's stock, valued at approximately $3,533,000.

A number of other institutional investors also recently added to or reduced their stakes in PFGC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Performance Food Group by 0.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company's stock valued at $3,372,000 after purchasing an additional 121 shares during the period. HB Wealth Management LLC lifted its holdings in Performance Food Group by 3.8% in the first quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company's stock worth $285,000 after purchasing an additional 122 shares during the period. Arax Advisory Partners lifted its holdings in Performance Food Group by 7.4% in the fourth quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company's stock worth $184,000 after purchasing an additional 140 shares during the period. Smartleaf Asset Management LLC grew its position in Performance Food Group by 16.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company's stock valued at $91,000 after buying an additional 143 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its position in Performance Food Group by 6.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 2,701 shares of the food distribution company's stock valued at $243,000 after buying an additional 173 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Stock Down 0.0%

NYSE PFGC opened at $99.15 on Wednesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. The company's 50 day simple moving average is $109.86 and its 200 day simple moving average is $98.76. Performance Food Group Company has a 12 month low of $80.82 and a 12 month high of $117.47. The company has a market capitalization of $15.62 billion, a P/E ratio of 43.30, a PEG ratio of 1.27 and a beta of 0.88.

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

Insider Buying and Selling

In related news, insider Donald S. Bulmer sold 1,353 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 value of $142,457.37. Following the transaction, the insider directly owned 52,938 shares in the company, valued at $5,573,842.02. The trade was a 2.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider A Brent King sold 1,320 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total value of $138,982.80. Following the sale, the insider directly owned 44,216 shares in the company, valued at $4,655,502.64. This trade represents a 2.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 54,750 shares of company stock valued at $5,722,370. 4.50% of the stock is owned by insiders.

Analysts Set New Price Targets

PFGC has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $133.00 price objective on shares of Performance Food Group in a report on Thursday, August 13th. Barclays upped their target price 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. 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 note on Wednesday, July 15th. Guggenheim lifted their price target on Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Monday, June 29th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Performance Food Group in a research note on Thursday, August 13th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $126.90.

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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