MUFG Securities EMEA plc Makes New $1.80 Million Investment in Performance Food Group Company $PFGC

Key Points

• MUFG Securities EMEA plc initiated a new stake in Performance Food Group, buying 20,000 shares worth about $1.8 million in the fourth quarter.
• Performance Food Group 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.
• Analysts remain broadly constructive on the stock: the consensus rating is Moderate Buy with a $119 average price target, while several firms recently raised or reaffirmed positive ratings.

MUFG Securities EMEA plc acquired a new position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 20,000 shares of the food distribution company's stock, valued at approximately $1,798,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors boosted its position in Performance Food Group by 0.8% during the third quarter. Capital World Investors now owns 22,446,853 shares of the food distribution company's stock worth $2,335,371,000 after purchasing an additional 185,624 shares during the period. Wellington Management Group LLP boosted its position in Performance Food Group by 46.2% during the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock worth $646,447,000 after purchasing an additional 1,964,799 shares during the period. Geode Capital Management LLC boosted its position in Performance Food Group by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company's stock worth $252,207,000 after purchasing an additional 36,031 shares during the period. Invesco Ltd. lifted its holdings in shares of Performance Food Group by 79.1% during the third quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock worth $275,400,000 after buying an additional 1,168,869 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Performance Food Group in the fourth quarter valued at about $208,170,000. 96.87% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Hugh Patrick Hatcher sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total value of $283,620.00. Following the sale, the insider directly owned 44,655 shares in the company, valued at approximately $4,221,683.70. This trade represents a 6.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Erika T. Davis sold 1,750 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $95.00, for a total transaction of $166,250.00. Following the completion of the sale, the insider owned 44,791 shares in the company, valued at approximately $4,255,145. The trade was a 3.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 7,250 shares of company stock worth $687,370. Corporate insiders own 4.50% of the company's stock.

Performance Food Group Trading Down 0.7%

Shares of Performance Food Group stock opened at $97.51 on Tuesday. The company has a market capitalization of $15.32 billion, a price-to-earnings ratio of 46.43, a PEG ratio of 1.54 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. Performance Food Group Company has a 12-month low of $80.82 and a 12-month high of $109.05. The firm's 50-day moving average price is $90.24 and its two-hundred day moving average price is $92.07.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. The firm had revenue of $16.29 billion for the quarter, compared to the consensus estimate of $16.17 billion. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The business's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 earnings per share. On average, analysts forecast that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PFGC. Citigroup boosted their target price on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Sanford C. Bernstein reissued an "outperform" rating on shares of Performance Food Group in a research report on Thursday, February 5th. Barclays boosted their target price on shares of Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, Morgan Stanley reduced their target price on shares of 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. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.00.

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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