Edgestream Partners L.P. Reduces Position in Performance Food Group Company $PFGC

Key Points

• Edgestream Partners L.P. cut its Performance Food Group position by 34.8% in the first quarter, selling 34,441 shares and retaining 64,571 shares valued at approximately $5.5 million. Hedge funds and institutional investors collectively own 96.87% of PFGC.
• Analyst sentiment remains positive, with 11 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $123.82. Recent targets range from $115 to $143.
• PFGC shares opened at $114.67, near their 52-week high of $117.47, while the company’s latest quarterly results topped expectations with adjusted EPS of $0.80 and revenue of $16.29 billion, up 6.4% year over year.

Edgestream Partners L.P. decreased its position in Performance Food Group Company (NYSE:PFGC - Free Report) by 34.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 64,571 shares of the food distribution company's stock after selling 34,441 shares during the period. Edgestream Partners L.P.'s holdings in Performance Food Group were worth $5,531,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Performance Food Group during the 4th quarter valued at $208,170,000. Wellington Management Group LLP increased its position in shares of Performance Food Group by 46.2% in 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 acquiring an additional 1,964,799 shares during the period. Invesco Ltd. increased its position in shares of Performance Food Group by 79.1% in the third 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. Eminence Capital LP raised its stake 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. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Performance Food Group during the fourth quarter valued at about $81,020,000. 96.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Performance Food Group

In related news, insider Erika T. Davis sold 2,595 shares of the company's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $110.00, for a total value of $285,450.00. Following the sale, the insider directly owned 40,446 shares of the company's stock, valued at $4,449,060. This represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total value of $283,620.00. Following the completion of the transaction, the insider owned 44,655 shares of the company's stock, valued at approximately $4,221,683.70. This trade represents a 6.30% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 30,187 shares of company stock worth $3,027,315. 4.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. 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. TD Cowen initiated coverage on Performance Food Group in a research report on Tuesday, July 7th. They set a "buy" rating and a $128.00 price target for the company. Barclays increased their price objective on Performance Food Group from $105.00 to $115.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Citigroup lifted their price objective on Performance Food Group from $135.00 to $143.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $123.00 target price on shares of Performance Food Group in a report on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $123.82.

Performance Food Group Price Performance

PFGC stock opened at $114.67 on Friday. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $117.47. The company has a market cap of $18.01 billion, a P/E ratio of 54.61, a PEG ratio of 1.46 and a beta of 0.91. The firm has a 50-day moving average of $106.30 and a 200 day moving average of $96.68. 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 (NYSE:PFGC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The business had revenue of $16.29 billion for the quarter, compared to analysts' expectations of $16.17 billion. During the same period in the previous year, the firm posted $0.79 EPS. The business's revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts forecast that Performance Food Group Company will post 4.57 EPS for the current year.

Performance Food Group Company Profile

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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