Goldman Sachs Group Inc. Acquires 121,202 Shares of Performance Food Group Company $PFGC

Key Points

• Goldman Sachs increased its stake in Performance Food Group by 9.5% in the fourth quarter, buying 121,202 additional shares and bringing its total holdings to 1.4 million shares worth about $126 million.
• Other institutions remain heavily invested in PFGC, with Norges Bank, Wellington Management, Invesco, Eurizon Capital, and UBS all adding or establishing large positions; institutional investors now own 96.87% of the stock.
• Performance Food Group beat expectations in its latest earnings report, posting $0.80 EPS on revenue of $16.29 billion, while analysts currently rate the stock a “Moderate Buy” with an average price target of $119.

Goldman Sachs Group Inc. increased its holdings in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 9.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,400,934 shares of the food distribution company's stock after purchasing an additional 121,202 shares during the quarter. Goldman Sachs Group Inc. owned 0.89% of Performance Food Group worth $125,972,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of PFGC. Norges Bank bought a new stake in Performance Food Group during the 4th quarter worth approximately $208,170,000. Wellington Management Group LLP increased its stake in Performance Food Group by 46.2% during 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 purchasing an additional 1,964,799 shares in the last quarter. Invesco Ltd. boosted its position in Performance Food Group by 79.1% during the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock worth $275,400,000 after acquiring an additional 1,168,869 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Performance Food Group during the 4th quarter worth approximately $81,020,000. Finally, UBS Group AG boosted its position in Performance Food Group by 246.4% during the 3rd quarter. UBS Group AG now owns 1,158,288 shares of the food distribution company's stock worth $120,508,000 after acquiring an additional 823,882 shares during the last quarter. 96.87% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Hugh Patrick Hatcher sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total transaction of $283,620.00. Following the sale, the insider owned 44,655 shares in the company, valued at $4,221,683.70. This represents a 6.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider A Brent King sold 5,641 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $96.63, for a total value of $545,089.83. Following the sale, the insider owned 57,211 shares in the company, valued at approximately $5,528,298.93. This represents a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 12,891 shares of company stock worth $1,232,460. 4.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PFGC. 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 report on Thursday, May 7th. Citigroup upped their price target on Performance Food Group from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Zacks Research raised 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, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $123.00 price target on shares of Performance Food Group in a research report on Thursday, May 7th. Ten 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 target price of $119.00.

Performance Food Group Trading Up 0.3%

Shares of Performance Food Group stock opened at $97.37 on Tuesday. Performance Food Group Company has a 12-month low of $80.82 and a 12-month high of $109.05. The stock has a market cap of $15.30 billion, a P/E ratio of 46.37, a P/E/G ratio of 1.52 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. The business's 50 day moving average is $91.49 and its 200-day moving average is $92.11.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $16.29 billion for the quarter, compared to analysts' expectations of $16.17 billion. During the same quarter in the prior year, the business posted $0.79 EPS. The business's revenue was up 6.4% compared to the same quarter last year. Equities research analysts predict that Performance Food Group Company will post 4.57 earnings per share for the current fiscal 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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