Hsbc Holdings PLC Has $252,000 Stock Holdings in Performance Food Group Company $PFGC

Key Points

• HSBC Holdings cut its Performance Food Group stake by 86.2% in the second quarter, leaving it with 2,257 shares worth approximately $252,000. Institutional investors and hedge funds collectively own 96.87% of PFGC.
• Performance Food Group reported quarterly revenue of $18.03 billion, up 6.7% year over year, but earnings of $1.59 per share narrowly missed analyst estimates. Insiders have sold 43,049 shares worth about $4.51 million over the past 90 days.
• Despite the stock opening at $91.04—below its 50-day moving average—analysts remain broadly positive, with 11 Buy ratings and two Holds and an average price target of $126.40.

Hsbc Holdings PLC trimmed its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 86.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,257 shares of the food distribution company's stock after selling 14,065 shares during the quarter. Hsbc Holdings PLC's holdings in Performance Food Group were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Field & Main Bank acquired a new position in shares of Performance Food Group in the 2nd quarter worth approximately $56,000. Beacon Pointe Advisors LLC bought a new stake in Performance Food Group in the second quarter valued at $670,000. Empowered Funds LLC bought a new stake in Performance Food Group in the second quarter valued at $3,500,000. United Capital Financial Advisors LLC acquired a new position in Performance Food Group during the second quarter worth $245,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Performance Food Group during the second quarter worth $4,793,000. 96.87% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Performance Food Group

In other news, insider Hugh Hatcher sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $99.18, for a total transaction of $297,540.00. Following the transaction, the insider directly owned 58,167 shares in the company, valued at approximately $5,769,003.06. This represents a 4.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erika T. Davis sold 1,320 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total transaction of $138,982.80. Following the sale, the insider directly owned 40,402 shares in the company, valued at $4,253,926.58. This trade represents a 3.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 43,049 shares of company stock worth $4,510,505. Corporate insiders own 4.50% of the company's stock.

Performance Food Group Price Performance

Performance Food Group stock opened at $91.04 on Thursday. The business's fifty day moving average is $106.32 and its two-hundred day moving average is $98.62. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51. The firm has a market cap of $14.34 billion, a P/E ratio of 39.76, a P/E/G ratio of 1.14 and a beta of 0.88. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its earnings results on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share for the quarter, missing analysts' consensus estimates of $1.60 by ($0.01). The business had revenue of $18.03 billion during the quarter, compared to analyst estimates of $18.11 billion. Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The business's quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. Equities research analysts forecast that Performance Food Group Company will post 5.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PFGC shares. Guggenheim lifted their price objective on Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 29th. BMO Capital Markets reiterated an "outperform" rating on shares of Performance Food Group in a research report on Thursday, August 13th. UBS Group cut their price target on shares of Performance Food Group from $132.00 to $130.00 and set a "buy" rating for the company in a report on Friday, August 14th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $133.00 price target on shares of Performance Food Group in a research report on Thursday, August 13th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Performance Food Group in a research note on Thursday, August 13th. Eleven 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 company presently has an average rating of "Moderate Buy" and an average price target of $126.40.

Performance Food Group Company Profile

Performance Food Group Company NYSE: PFGC is a food and food-related products distributor serving businesses across the United States and Canada. The company supplies restaurants, foodservice operators, schools, healthcare facilities, hospitality businesses, vending and entertainment venues, and convenience stores.

Performance Food Group operates through three primary businesses: Foodservice, Vistar and Convenience. Its offerings include fresh and frozen foods, dry groceries, beverages, ingredients, disposable supplies, and specialty products such as candy, snacks and theater concessions.

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