M&T Bank Corp Acquires 85,672 Shares of Performance Food Group Company $PFGC

Key Points

• M&T Bank Corp boosted its stake in Performance Food Group by 2,572% in Q4, buying 85,672 shares to hold 89,003 shares (about 0.06% of the company) valued at roughly $8.0 million.
• Institutional ownership is very high at 96.87%, with large managers like Capital World Investors, Wellington and Invesco meaningfully increasing their PFGC positions, indicating strong institutional interest.
• Analysts have a consensus rating of Moderate Buy with a $116.44 price target despite recent target cuts (UBS to $108, Morgan Stanley to $120); PFGC recently missed quarterly EPS expectations and trades near $90 with a P/E around 41.

M&T Bank Corp raised its holdings in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 2,572.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,003 shares of the food distribution company's stock after acquiring an additional 85,672 shares during the quarter. M&T Bank Corp owned about 0.06% of Performance Food Group worth $8,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Capital World Investors raised its holdings in Performance Food Group by 0.8% during the 3rd quarter. Capital World Investors now owns 22,446,853 shares of the food distribution company's stock valued at $2,335,371,000 after acquiring an additional 185,624 shares during the period. Wellington Management Group LLP raised its holdings in Performance Food Group by 46.2% during the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock valued at $646,447,000 after acquiring an additional 1,964,799 shares during the period. Invesco Ltd. raised its holdings in Performance Food Group by 79.1% during the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock valued at $275,400,000 after acquiring an additional 1,168,869 shares during the period. Close Asset Management Ltd raised its holdings in Performance Food Group by 7.5% during the 3rd quarter. Close Asset Management Ltd now owns 2,080,377 shares of the food distribution company's stock valued at $216,536,000 after acquiring an additional 145,387 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Performance Food Group by 0.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,476,273 shares of the food distribution company's stock valued at $132,746,000 after acquiring an additional 8,401 shares during the period. Institutional investors own 96.87% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PFGC shares. Sanford C. Bernstein reissued an "outperform" rating on shares of Performance Food Group in a report on Thursday, February 5th. Zacks Research raised Performance Food Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Weiss Ratings restated a "hold (c)" rating on shares of Performance Food Group in a research report on Friday, March 27th. UBS Group reduced their target price on Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a research report on Thursday, February 5th. Finally, Morgan Stanley reduced their target price on 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 research analysts have rated the stock with a Buy rating and two have given 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 a consensus price target of $116.44.

Performance Food Group Price Performance

Performance Food Group stock opened at $90.21 on Friday. Performance Food Group Company has a 52 week low of $77.44 and a 52 week high of $109.05. The business has a 50-day simple moving average of $89.37 and a 200 day simple moving average of $93.14. The company has a quick ratio of 0.68, a current ratio of 1.60 and a debt-to-equity ratio of 1.45. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of 41.01, a PEG ratio of 1.42 and a beta of 0.94.

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

Insider Buying and Selling

In related news, insider Chasity D. Grosh sold 1,843 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $92.03, for a total value of $169,611.29. Following the transaction, the insider owned 6,601 shares of the company's stock, valued at $607,490.03. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.50% of the stock is currently owned by corporate insiders.

Performance Food Group Profile

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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