Jennison Associates LLC Reduces Holdings in Performance Food Group Company $PFGC

Key Points

• Jennison Associates cut its stake in Performance Food Group by 20.9%, selling 325,300 shares and retaining 1,231,691 shares (about 0.79% of the company) valued at roughly $110.8 million.
• Insider Chasity D. Grosh sold 1,843 shares at an average price of $92.03 (≈$169,611), reducing her ownership by 21.83%; insiders now own about 4.5% of the stock.
• Performance Food Group missed quarterly EPS estimates ($0.98 vs. $1.07) and reported revenue slightly below consensus ($16.44B vs. $16.54B); the stock has a market cap of ~$14.2B, a P/E of 41.15, and a consensus analyst rating of Moderate Buy with a $116.44 price target.

Jennison Associates LLC decreased its holdings in Performance Food Group Company (NYSE:PFGC - Free Report) by 20.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,231,691 shares of the food distribution company's stock after selling 325,300 shares during the quarter. Jennison Associates LLC owned 0.79% of Performance Food Group worth $110,754,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PFGC. Root Financial Partners LLC purchased a new position in shares of Performance Food Group in the third quarter worth approximately $39,000. Torren Management LLC purchased a new position in shares of Performance Food Group in the fourth quarter worth approximately $41,000. Eastern Bank purchased a new position in shares of Performance Food Group in the third quarter worth approximately $47,000. Mather Group LLC. purchased a new position in shares of Performance Food Group in the third quarter worth approximately $55,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Performance Food Group by 440.2% in the second quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company's stock worth $58,000 after buying an additional 537 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company's stock.

Insider Buying and Selling at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 1,843 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total value of $169,611.29. Following the completion of the transaction, the insider directly owned 6,601 shares in the company, valued at $607,490.03. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.50% of the stock is currently owned by insiders.

Performance Food Group Stock Performance

PFGC opened at $90.53 on Friday. The firm has a market cap of $14.20 billion, a P/E ratio of 41.15, a PEG ratio of 1.38 and a beta of 0.94. Performance Food Group Company has a 1-year low of $77.44 and a 1-year high of $109.05. The company has a 50 day simple moving average of $88.62 and a two-hundred day simple moving average of $92.82. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.60 and a quick ratio of 0.68.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.09). The firm had revenue of $16.44 billion during the quarter, compared to the consensus estimate of $16.54 billion. Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 earnings per share. Equities analysts forecast that Performance Food Group Company will post 4.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Barclays dropped their price objective on shares of Performance Food Group from $120.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, January 7th. Sanford C. Bernstein reissued an "outperform" rating on shares of Performance Food Group in a report on Thursday, February 5th. UBS Group dropped their price objective on shares of Performance Food Group from $120.00 to $108.00 and set a "buy" rating on the stock in a report on Thursday, February 5th. Zacks Research upgraded shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, Morgan Stanley dropped their price target on shares of Performance Food Group from $123.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Performance Food Group has a consensus rating of "Moderate Buy" and a consensus price target of $116.44.

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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