GW&K Investment Management LLC Sells 368,649 Shares of Performance Food Group Company $PFGC

Key Points

• GW&K Investment Management cut its stake in Performance Food Group by 27.0% (sold 368,649 shares), leaving 996,370 shares valued at about $103.7M, representing roughly 0.64% of PFGC and 0.9% of GW&K’s portfolio.
• Other large institutional moves include new stakes by Norges Bank (~$164M) and Massachusetts Financial Services (~$153M) and a 22.1% increase by Primecap, with institutional/hedge funds owning about 96.87% of the stock.
• Performance Food Group missed quarterly EPS ($0.98 vs. $1.07) and slightly missed revenue estimates, prompting several firms to cut targets, although the consensus remains a "Moderate Buy" with an average price target of $116.44.

GW&K Investment Management LLC decreased its holdings in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 27.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 996,370 shares of the food distribution company's stock after selling 368,649 shares during the quarter. Performance Food Group accounts for approximately 0.9% of GW&K Investment Management LLC's investment portfolio, making the stock its 14th largest position. GW&K Investment Management LLC owned 0.64% of Performance Food Group worth $103,663,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Performance Food Group during the 2nd quarter valued at approximately $163,954,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Performance Food Group during the third quarter worth $152,717,000. Primecap Management Co. CA increased its holdings in shares of Performance Food Group by 22.1% during the second quarter. Primecap Management Co. CA now owns 2,571,507 shares of the food distribution company's stock worth $224,930,000 after buying an additional 465,807 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Performance Food Group in the 2nd quarter valued at $24,726,000. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Performance Food Group by 499.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 328,849 shares of the food distribution company's stock valued at $28,764,000 after acquiring an additional 273,997 shares during the last quarter. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on PFGC. UBS Group lowered their target price on Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a report on Thursday, February 5th. Piper Sandler reduced their price target on Performance Food Group from $116.00 to $111.00 and set an "overweight" rating on the stock in a report on Friday, December 12th. Zacks Research lowered shares of Performance Food Group from a "hold" rating to a "strong sell" rating in a report on Friday, February 6th. Barclays cut their target price on shares of Performance Food Group from $120.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 7th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Performance Food Group in a research report on Monday, December 29th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $116.44.

Insiders Place Their Bets

In other news, insider Chasity D. Grosh sold 1,843 shares of the business's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $92.03, for a total value of $169,611.29. Following the transaction, the insider directly owned 6,601 shares of the company's stock, valued at $607,490.03. The trade was a 21.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.50% of the company's stock.

Performance Food Group Stock Performance

NYSE:PFGC opened at $90.78 on Thursday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.68 and a current ratio of 1.60. Performance Food Group Company has a fifty-two week low of $68.39 and a fifty-two week high of $109.05. The company has a 50 day simple moving average of $93.78 and a two-hundred day simple moving average of $97.31. The company has a market capitalization of $14.24 billion, a PE ratio of 41.26, a P/E/G ratio of 1.30 and a beta of 0.91.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The food distribution company reported $0.98 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.09). Performance Food Group had a net margin of 0.52% and a return on equity of 15.64%. The firm had revenue of $16.44 billion during the quarter, compared to the consensus estimate of $16.54 billion. During the same period in the prior year, the company posted $0.98 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts anticipate that Performance Food Group Company will post 4.58 earnings per share for the current 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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