Jennison Associates LLC Sells 365,108 Shares of Performance Food Group Company $PFGC

Key Points

• Jennison Associates LLC cut its Performance Food Group stake by 29.6% in the first quarter, selling 365,108 shares and leaving it with 866,583 shares valued at about $74.2 million.
• Performance Food Group recently reported better-than-expected quarterly results, with EPS of $0.80 versus $0.77 expected and revenue of $16.29 billion, up 6.4% year over year.
• Wall Street remains largely positive on PFGC, with 11 Buy ratings and 2 Hold ratings, and a consensus price target of $123.09 after several analysts raised their targets.

Jennison Associates LLC lowered its holdings in Performance Food Group Company (NYSE:PFGC - Free Report) by 29.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 866,583 shares of the food distribution company's stock after selling 365,108 shares during the quarter. Jennison Associates LLC owned approximately 0.55% of Performance Food Group worth $74,231,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PFGC. Goldman Sachs Group Inc. lifted its holdings in Performance Food Group by 9.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,400,934 shares of the food distribution company's stock worth $125,972,000 after buying an additional 121,202 shares during the period. Assenagon Asset Management S.A. boosted its position in Performance Food Group by 10.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 490,701 shares of the food distribution company's stock valued at $44,124,000 after acquiring an additional 45,867 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Performance Food Group by 7.3% in the 4th quarter. Kennedy Capital Management LLC now owns 207,351 shares of the food distribution company's stock valued at $18,645,000 after acquiring an additional 14,173 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Performance Food Group by 37.7% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 441,146 shares of the food distribution company's stock valued at $39,668,000 after acquiring an additional 120,725 shares during the period. Finally, Factory Mutual Insurance Co. raised its position in shares of Performance Food Group by 122.2% in the 4th quarter. Factory Mutual Insurance Co. now owns 200,000 shares of the food distribution company's stock worth $17,984,000 after acquiring an additional 110,000 shares in the last quarter. Hedge funds and other institutional investors own 96.87% of the company's stock.

Performance Food Group Stock Performance

Shares of PFGC opened at $111.82 on Monday. Performance Food Group Company has a 12 month low of $80.82 and a 12 month high of $116.42. The stock has a fifty day moving average price of $103.18 and a 200-day moving average price of $95.17. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The firm has a market cap of $17.57 billion, a PE ratio of 53.25, a P/E/G ratio of 1.40 and a beta of 0.91.

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

Insiders Place Their Bets

In other news, Director Kimberly Grant sold 2,500 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the transaction, the director owned 11,935 shares in the company, valued at $1,133,825. This represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider A Brent King sold 6,111 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $105.00, for a total transaction of $641,655.00. Following the completion of the transaction, the insider directly owned 44,260 shares of the company's stock, valued at $4,647,300. The trade was a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,187 shares of company stock worth $3,027,315 in the last three months. Insiders own 4.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. TD Cowen assumed coverage on Performance Food Group in a research note on Tuesday, July 7th. They set a "buy" rating and a $128.00 price objective for the company. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $123.00 target price on shares of Performance Food Group in a research note on Thursday, May 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Performance Food Group in a report on Wednesday, June 24th. Morgan Stanley increased their price target on shares of Performance Food Group from $120.00 to $131.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Wells Fargo & Company raised their price target on shares of Performance Food Group from $115.00 to $130.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $123.09.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.