Montanova Capital LLC Lowers Stock Holdings in Performance Food Group Company $PFGC

Key Points

• Montanova Capital cut its Performance Food Group stake by 96.2% in the second quarter, selling 372,175 shares and retaining 14,710 shares valued at $1.64 million.
• Institutional investors own 96.87% of PFGC, with BlackRock and Eurizon Capital among firms that recently initiated positions, while several other institutions increased their holdings.
• Wall Street maintains a favorable outlook, with 12 Buy ratings and one Hold, an overall “Moderate Buy” consensus, and an average price target of $126.90. The company slightly missed quarterly EPS and revenue estimates despite 6.7% year-over-year revenue growth.

Montanova Capital LLC trimmed its position in Performance Food Group Company (NYSE:PFGC - Free Report) by 96.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,710 shares of the food distribution company's stock after selling 372,175 shares during the quarter. Montanova Capital LLC's holdings in Performance Food Group were worth $1,644,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PFGC. BlackRock Inc. purchased a new position in Performance Food Group in the 2nd quarter worth $1,576,983,000. Goldman Sachs Group Inc. grew its stake in Performance Food Group by 9.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,400,934 shares of the food distribution company's stock valued at $125,972,000 after purchasing an additional 121,202 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Performance Food Group by 7.3% in the fourth quarter. Kennedy Capital Management LLC now owns 207,351 shares of the food distribution company's stock valued at $18,645,000 after purchasing an additional 14,173 shares during the period. Hsbc Holdings PLC raised its stake in shares of Performance Food Group by 30.9% in the fourth quarter. Hsbc Holdings PLC now owns 48,951 shares of the food distribution company's stock worth $4,408,000 after purchasing an additional 11,569 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Performance Food Group in the fourth quarter valued at approximately $81,020,000. 96.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PFGC. Citigroup boosted their price objective on Performance Food Group from $143.00 to $144.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $133.00 target price on shares of Performance Food Group in a research note on Thursday, August 13th. TD Cowen dropped their price target on shares of Performance Food Group from $128.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. UBS Group cut their price objective 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. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Performance Food Group in a report on Thursday, August 13th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $126.90.

Performance Food Group Price Performance

Shares of NYSE PFGC opened at $99.19 on Tuesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67. The company has a market cap of $15.63 billion, a price-to-earnings ratio of 43.31, a price-to-earnings-growth ratio of 1.30 and a beta of 0.91. The stock's 50-day moving average is $109.97 and its two-hundred day moving average is $98.70. Performance Food Group Company has a 1-year low of $80.82 and a 1-year high of $117.47.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.01). Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The company had revenue of $18.03 billion during the quarter, compared to analysts' expectations of $18.11 billion. During the same quarter in the previous year, the business posted $0.84 EPS. The business's quarterly revenue was up 6.7% compared to the same quarter last year. Analysts forecast that Performance Food Group Company will post 5.58 EPS for the current fiscal year.

Insider Activity

In related news, insider Erika T. Davis sold 1,320 shares of Performance Food Group stock in a transaction 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider A Brent King sold 1,320 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $138,982.80. Following the completion of the sale, the insider owned 44,216 shares of the company's stock, valued at approximately $4,655,502.64. This represents a 2.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 54,750 shares of company stock valued at $5,722,370 in the last 90 days. Company insiders own 4.50% of the company's stock.

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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