Eminence Capital LP Grows Stake in Performance Food Group Company $PFGC

Key Points

• Eminence Capital LP increased its stake in Performance Food Group by 60.5% in the fourth quarter, adding 998,249 shares and bringing its total holding to 2,647,353 shares worth about $238.1 million.
• Other institutional investors also raised or initiated positions, and institutional ownership now stands at 96.87%, showing strong Wall Street interest in the stock.
• Performance Food Group recently beat earnings expectations, reporting $0.80 EPS on $16.29 billion in revenue, while analysts remain broadly positive with a Moderate Buy rating and an average price target of $119.

Eminence Capital LP grew its holdings in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 60.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,647,353 shares of the food distribution company's stock after acquiring an additional 998,249 shares during the quarter. Performance Food Group comprises approximately 3.8% of Eminence Capital LP's holdings, making the stock its 9th largest position. Eminence Capital LP owned approximately 1.69% of Performance Food Group worth $238,050,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Engineers Gate Manager LP boosted its position in shares of Performance Food Group by 1.8% during the 4th quarter. Engineers Gate Manager LP now owns 401,342 shares of the food distribution company's stock valued at $36,089,000 after purchasing an additional 6,904 shares in the last quarter. Cinctive Capital Management LP purchased a new stake in shares of Performance Food Group during the fourth quarter valued at $1,242,000. Aristotle Atlantic Partners LLC purchased a new position in Performance Food Group in the 4th quarter worth about $3,313,000. Atreides Management LP purchased a new stake in Performance Food Group during the fourth quarter valued at about $11,321,000. Finally, Balyasny Asset Management L.P. boosted its stake in Performance Food Group by 103.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,514,841 shares of the food distribution company's stock worth $136,215,000 after purchasing an additional 769,013 shares during the period. Institutional investors own 96.87% of the company's stock.

Insiders Place Their Bets

In other Performance Food Group news, Director Kimberly Grant sold 2,500 shares of the firm's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total value of $237,500.00. Following the sale, the director directly owned 11,935 shares in the company, valued at $1,133,825. This trade represents a 17.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $283,620.00. Following the transaction, the insider owned 44,655 shares in the company, valued at approximately $4,221,683.70. The trade was a 6.30% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 27,592 shares of company stock valued at $2,741,865. Corporate insiders own 4.50% of the company's stock.

Performance Food Group Price Performance

NYSE PFGC opened at $103.23 on Thursday. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $109.05. The company has a fifty day simple moving average of $94.09 and a 200 day simple moving average of $92.48. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The company has a market cap of $16.22 billion, a P/E ratio of 49.16, a P/E/G ratio of 1.64 and a beta of 0.93.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The firm had revenue of $16.29 billion during the quarter, compared to analyst estimates of $16.17 billion. During the same quarter in the previous year, the business earned $0.79 EPS. The business's revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts predict that Performance Food Group Company will post 4.57 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PFGC. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $123.00 price objective on shares of Performance Food Group in a research report on Thursday, May 7th. Citigroup lifted their target price on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a research report on Friday, March 27th. Finally, Barclays upped their price target on Performance Food Group from $105.00 to $115.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Performance Food Group currently has an average rating of "Moderate Buy" and an average price target of $119.00.

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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