Nicolet Advisory Services LLC Sells 2,970 Shares of Performance Food Group Company (NYSE:PFGC)

Key Points

• Nicolet Advisory Services LLC reduced its stake in Performance Food Group Company by 37.1% during the first quarter, now owning 5,038 shares valued at $380,000.
• Performance Food Group recently reported quarterly earnings per share of $0.79, falling short of analysts' expectations of $0.86, with revenues of $15.31 billion.
• Many institutional investors have increased their stakes in the company, with 96.87% of the stock now owned by such investors, including a 746.2% increase from SG Americas Securities LLC.

Nicolet Advisory Services LLC lessened its holdings in Performance Food Group Company (NYSE:PFGC - Free Report) by 37.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,038 shares of the food distribution company's stock after selling 2,970 shares during the quarter. Nicolet Advisory Services LLC's holdings in Performance Food Group were worth $380,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PFGC. Victory Capital Management Inc. boosted its position in shares of Performance Food Group by 59.3% in the first quarter. Victory Capital Management Inc. now owns 6,229,169 shares of the food distribution company's stock valued at $489,800,000 after acquiring an additional 2,318,763 shares during the period. Junto Capital Management LP raised its stake in Performance Food Group by 419.9% in the fourth quarter. Junto Capital Management LP now owns 1,406,080 shares of the food distribution company's stock valued at $118,884,000 after purchasing an additional 1,135,641 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Performance Food Group by 30.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,111,242 shares of the food distribution company's stock valued at $178,506,000 after purchasing an additional 498,554 shares in the last quarter. Freestone Grove Partners LP acquired a new position in Performance Food Group in the fourth quarter valued at about $35,250,000. Finally, Assenagon Asset Management S.A. raised its stake in Performance Food Group by 55.2% in the first quarter. Assenagon Asset Management S.A. now owns 1,003,697 shares of the food distribution company's stock valued at $78,921,000 after purchasing an additional 357,153 shares in the last quarter. Institutional investors own 96.87% of the company's stock.

Insiders Place Their Bets

In related news, insider Donald S. Bulmer sold 2,404 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $90.00, for a total value of $216,360.00. Following the sale, the insider directly owned 51,350 shares in the company, valued at $4,621,500. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Craig Howard Hoskins sold 14,285 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $83.70, for a total value of $1,195,654.50. Following the completion of the sale, the insider owned 138,008 shares in the company, valued at $11,551,269.60. The trade was a 9.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,172 shares of company stock valued at $7,534,748 over the last three months. Insiders own 2.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Sanford C. Bernstein set a $112.00 price target on Performance Food Group and gave the company an "overweight" rating in a research note on Thursday, May 29th. 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 research note on Thursday, May 8th. Barclays boosted their price target on Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. UBS Group boosted their price target on Performance Food Group from $103.00 to $110.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Finally, Citigroup assumed coverage on Performance Food Group in a research note on Thursday, May 22nd. They issued a "buy" rating and a $121.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Performance Food Group Trading Up 0.6%

Shares of Performance Food Group stock traded up $0.59 on Wednesday, hitting $98.78. The stock had a trading volume of 1,311,612 shares, compared to its average volume of 1,268,641. The stock has a 50 day moving average of $91.80 and a 200 day moving average of $85.39. Performance Food Group Company has a twelve month low of $64.15 and a twelve month 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. The firm has a market capitalization of $15.42 billion, a P/E ratio of 41.21, a PEG ratio of 1.38 and a beta of 1.20.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The food distribution company reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.07). Performance Food Group had a net margin of 0.61% and a return on equity of 16.17%. The firm had revenue of $15.31 billion during the quarter, compared to analyst estimates of $15.41 billion. During the same period in the prior year, the company earned $0.80 EPS. The business's quarterly revenue was up 10.5% compared to the same quarter last year. Sell-side analysts expect that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

About Performance Food Group

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.