JPMorgan Chase & Co. Purchases 1,503,703 Shares of Performance Food Group Company (NYSE:PFGC)

Key Points

• JPMorgan Chase & Co. increased its holdings in Performance Food Group by 40.8% in Q1, now owning over 5 million shares valued at approximately $408 million.
• Other institutional investors made significant purchases, with some raising their stakes by over 476.5%, highlighting strong interest in Performance Food Group.
• Performance Food Group's stock has recently been rated "overweight" or "buy" by multiple brokerages, with target prices ranging from $100 to $121.

JPMorgan Chase & Co. grew its position in Performance Food Group Company (NYSE:PFGC - Free Report) by 40.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,187,869 shares of the food distribution company's stock after acquiring an additional 1,503,703 shares during the quarter. JPMorgan Chase & Co. owned 3.32% of Performance Food Group worth $407,922,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. CENTRAL TRUST Co raised its holdings in shares of Performance Food Group by 476.5% in the 1st quarter. CENTRAL TRUST Co now owns 490 shares of the food distribution company's stock worth $39,000 after buying an additional 405 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Performance Food Group by 203.7% in the 1st quarter. Farther Finance Advisors LLC now owns 498 shares of the food distribution company's stock worth $40,000 after buying an additional 334 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Performance Food Group by 60.9% in the 1st quarter. Signaturefd LLC now owns 830 shares of the food distribution company's stock worth $65,000 after buying an additional 314 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Performance Food Group by 353.5% in the 1st quarter. Golden State Wealth Management LLC now owns 907 shares of the food distribution company's stock worth $71,000 after buying an additional 707 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Performance Food Group by 34,133.3% in the 1st quarter. Versant Capital Management Inc now owns 1,027 shares of the food distribution company's stock worth $81,000 after buying an additional 1,024 shares in the last quarter. Institutional investors own 96.87% of the company's stock.

Performance Food Group Stock Up 0.5%

NYSE PFGC opened at $97.42 on Tuesday. The stock has a fifty day moving average of $92.46 and a 200-day moving average of $85.62. The stock has a market capitalization of $15.21 billion, a P/E ratio of 40.59, a price-to-earnings-growth ratio of 1.34 and a beta of 1.20. Performance Food Group Company has a 52 week low of $64.92 and a 52 week high of $103.50. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.73 and a current ratio of 1.61.

Insider Buying and Selling

In related news, insider Donald S. Bulmer sold 2,404 shares of Performance Food Group stock in a transaction on Friday, May 30th. The stock was sold at an average price of $90.00, for a total transaction of $216,360.00. Following the completion of the sale, the insider directly owned 51,350 shares of the company's stock, valued at $4,621,500. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Erika T. Davis sold 8,200 shares of Performance Food Group stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $89.72, for a total value of $735,704.00. Following the sale, the insider directly owned 46,722 shares of the company's stock, valued at approximately $4,191,897.84. This trade represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 84,172 shares of company stock worth $7,534,748. 2.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PFGC. Barclays increased their target price on Performance Food Group from $100.00 to $112.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Citigroup began coverage on Performance Food Group in a report on Thursday, May 22nd. They issued a "buy" rating and a $121.00 target price for the company. Morgan Stanley increased their target price on Performance Food Group from $93.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Truist Financial dropped their price target on Performance Food Group from $104.00 to $101.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, UBS Group raised their price target on Performance Food Group from $103.00 to $110.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Five equities research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $100.31.

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.

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