M&T Bank Corp Purchases 11,029 Shares of Performance Food Group Company $PFGC

Key Points

• M&T Bank Corp increased its stake in Performance Food Group by 331.1% in the fourth quarter, buying 11,029 additional shares and bringing its total holdings to 14,360 shares worth about $1.29 million.
• Performance Food Group reported better-than-expected quarterly results, posting EPS of $0.80 versus the $0.77 estimate and revenue of $16.29 billion, up 6.4% from a year ago.
• Wall Street remains broadly positive on PFGC, with 10 buy ratings and 2 hold ratings, and a consensus price target of $119.00, while the stock recently traded at $93.25.

M&T Bank Corp boosted its position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 331.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,360 shares of the food distribution company's stock after purchasing an additional 11,029 shares during the quarter. M&T Bank Corp's holdings in Performance Food Group were worth $1,291,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Root Financial Partners LLC bought a new stake in Performance Food Group during the 3rd quarter worth about $39,000. Eastern Bank bought a new stake in Performance Food Group during the 3rd quarter worth about $47,000. EverSource Wealth Advisors LLC raised its holdings in Performance Food Group by 440.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company's stock worth $58,000 after purchasing an additional 537 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in Performance Food Group by 55.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 564 shares of the food distribution company's stock worth $59,000 after purchasing an additional 201 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Performance Food Group during the 4th quarter worth about $62,000. 96.87% of the stock is owned by institutional investors.

Performance Food Group Price Performance

Shares of PFGC opened at $93.25 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.68 and a current ratio of 1.52. The stock has a 50 day simple moving average of $88.27 and a 200 day simple moving average of $92.46. Performance Food Group Company has a 52-week low of $80.82 and a 52-week high of $109.05. The firm has a market capitalization of $14.65 billion, a PE ratio of 44.41, a P/E/G ratio of 1.47 and a beta of 0.92.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, beating 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 business had revenue of $16.29 billion during the quarter, compared to analyst estimates of $16.17 billion. During the same period in the previous year, the firm earned $0.79 EPS. Performance Food Group's quarterly revenue was up 6.4% compared to the same quarter last year. Sell-side analysts predict that Performance Food Group Company will post 4.57 EPS for the current fiscal year.

Insider Activity

In related news, insider Chasity D. Grosh sold 1,843 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 6,601 shares in the company, valued at approximately $607,490.03. The trade was a 21.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.50% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PFGC. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $123.00 price objective on shares of Performance Food Group in a report on Thursday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a research note on Friday, March 27th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Performance Food Group in a research note on Thursday, February 5th. UBS Group lowered their price target on Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a research note on Thursday, February 5th. Finally, Citigroup upped their price target on Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $119.00.

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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