HB Wealth Management LLC Acquires New Stake in Performance Food Group Company (NYSE:PFGC)

Key Points

• HB Wealth Management LLC acquired a new stake in Performance Food Group, purchasing 3,322 shares valued at approximately $261,000 during the first quarter.
• Performance Food Group experienced a 10.5% year-over-year revenue increase, reporting $15.31 billion for the quarter, although it missed the consensus estimate.
• Multiple institutional investors increased their stakes in Performance Food Group, with 96.87% of the stock now owned by institutional holders, indicating strong institutional interest in the company.

HB Wealth Management LLC bought a new stake in Performance Food Group Company (NYSE:PFGC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,322 shares of the food distribution company's stock, valued at approximately $261,000.

Several other hedge funds have also recently made changes to their positions in the company. Commonwealth Equity Services LLC purchased a new position in Performance Food Group in the 4th quarter worth approximately $230,000. LPL Financial LLC lifted its position in Performance Food Group by 37.1% in the fourth quarter. LPL Financial LLC now owns 93,183 shares of the food distribution company's stock valued at $7,992,000 after acquiring an additional 25,192 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in Performance Food Group by 10.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 23,336 shares of the food distribution company's stock valued at $1,973,000 after purchasing an additional 2,237 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Performance Food Group by 6.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,222 shares of the food distribution company's stock worth $949,000 after acquiring an additional 687 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Performance Food Group by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 226,531 shares of the food distribution company's stock worth $19,153,000 after acquiring an additional 2,064 shares during the period. 96.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on PFGC shares. Sanford C. Bernstein set a $112.00 price target on shares of Performance Food Group and gave the company an "overweight" rating in a report on Thursday, May 29th. Wall Street Zen downgraded shares of Performance Food Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Morgan Stanley raised their price target on shares of Performance Food Group from $93.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Barclays lifted their price objective on shares of Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Citigroup initiated coverage on shares of Performance Food Group in a research note on Thursday, May 22nd. They set a "buy" rating and a $121.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $100.31.

Performance Food Group Price Performance

Shares of NYSE PFGC traded up $0.06 during mid-day trading on Friday, reaching $100.46. The company had a trading volume of 1,038,130 shares, compared to its average volume of 1,865,333. The firm has a market cap of $15.68 billion, a price-to-earnings ratio of 41.86, a PEG ratio of 1.39 and a beta of 1.20. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.73 and a current ratio of 1.61. The business's 50-day simple moving average is $91.26 and its 200 day simple moving average is $85.23. Performance Food Group Company has a one year low of $63.24 and a one year high of $103.50.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The food distribution company reported $0.79 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.07). The company had revenue of $15.31 billion during the quarter, compared to analyst estimates of $15.41 billion. Performance Food Group had a return on equity of 16.17% and a net margin of 0.61%. Performance Food Group's revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share. On average, research analysts predict that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Insider Transactions at Performance Food Group

In related news, insider Hugh Patrick Hatcher sold 2,000 shares of the stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $95.00, for a total transaction of $190,000.00. Following the sale, the insider owned 35,239 shares of the company's stock, valued at approximately $3,347,705. This represents a 5.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Howard Hoskins sold 19,113 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $87.55, for a total value of $1,673,343.15. Following the transaction, the insider owned 152,293 shares in the company, valued at $13,333,252.15. This trade represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,172 shares of company stock valued at $7,534,748. 2.80% of the stock is owned by insiders.

Performance Food Group Profile

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.