Geode Capital Management LLC Has $252.21 Million Holdings in Performance Food Group Company $PFGC

Key Points

• Geode Capital Management increased its stake in Performance Food Group by 1.3% in the fourth quarter, bringing its holding to 2.8 million shares valued at about $252.2 million.
• Performance Food Group reported better-than-expected quarterly results, with EPS of $0.80 versus $0.77 expected and revenue of $16.29 billion versus $16.17 billion projected, while revenue rose 6.4% year over year.
• Wall Street remains broadly positive on PFGC, with 10 Buy ratings and a consensus Moderate Buy view; several firms also raised price targets, including Barclays and Citigroup.

Geode Capital Management LLC lifted its holdings in Performance Food Group Company (NYSE:PFGC - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,803,918 shares of the food distribution company's stock after purchasing an additional 36,031 shares during the period. Geode Capital Management LLC owned 1.79% of Performance Food Group worth $252,207,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PFGC. Torren Management LLC bought a new stake in Performance Food Group during the fourth quarter valued at about $41,000. Lloyd Advisory Services LLC. bought a new stake in Performance Food Group during the fourth quarter valued at about $43,000. Clearstead Advisors LLC boosted its holdings in Performance Food Group by 132.9% during the fourth quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company's stock valued at $53,000 after acquiring an additional 335 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Performance Food Group by 440.2% during the second quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company's stock valued at $58,000 after acquiring an additional 537 shares during the period. Finally, AlphaQuest LLC boosted its holdings in Performance Food Group by 76.0% during the third quarter. AlphaQuest LLC now owns 667 shares of the food distribution company's stock valued at $69,000 after acquiring an additional 288 shares during the period. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Stock Performance

NYSE PFGC opened at $96.19 on Wednesday. The stock has a market cap of $15.11 billion, a P/E ratio of 45.80, a PEG ratio of 1.53 and a beta of 0.93. The company's 50-day simple moving average is $90.24 and its 200 day simple moving average is $92.07. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $109.05. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The firm had revenue of $16.29 billion for the quarter, compared to analysts' expectations of $16.17 billion. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The company's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.79 earnings per share. As a group, research analysts forecast that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PFGC has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. UBS Group cut their price objective on shares of Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a research report on Thursday, February 5th. Citigroup upped their price objective on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a research report on Friday, March 27th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $123.00 price objective on shares of Performance Food Group in a research report on Thursday, May 7th. Ten equities 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.00.

Insider Activity at Performance Food Group

In other news, Director Kimberly Grant sold 2,500 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total value of $237,500.00. Following the transaction, the director owned 11,935 shares of the company's stock, valued at approximately $1,133,825. This trade represents a 17.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider A Brent King sold 5,641 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $96.63, for a total transaction of $545,089.83. Following the completion of the transaction, the insider directly owned 57,211 shares in the company, valued at approximately $5,528,298.93. The trade was a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,891 shares of company stock valued at $1,232,460 over the last ninety days. Company insiders own 4.50% of the company's stock.

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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