Nicolet Advisory Services LLC Reduces Position in 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 trimmed its holdings in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 37.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,038 shares of the food distribution company's stock after selling 2,970 shares during the period. Nicolet Advisory Services LLC's holdings in Performance Food Group were worth $380,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Capital World Investors lifted its holdings in Performance Food Group by 0.7% in the fourth quarter. Capital World Investors now owns 21,878,285 shares of the food distribution company's stock worth $1,849,809,000 after buying an additional 157,987 shares during the period. FMR LLC lifted its holdings in Performance Food Group by 0.6% in the fourth quarter. FMR LLC now owns 13,391,257 shares of the food distribution company's stock worth $1,132,231,000 after buying an additional 78,855 shares during the period. Victory Capital Management Inc. lifted its holdings in 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 worth $489,800,000 after buying an additional 2,318,763 shares during the period. Eminence Capital LP lifted its holdings in Performance Food Group by 3.2% in the fourth quarter. Eminence Capital LP now owns 2,579,368 shares of the food distribution company's stock worth $218,086,000 after buying an additional 79,591 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings 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 worth $178,506,000 after buying an additional 498,554 shares during the period. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Performance Food Group

In other news, insider Hugh Patrick Hatcher sold 2,000 shares of the business's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $95.00, for a total value of $190,000.00. Following the sale, the insider directly owned 35,239 shares in the company, valued at $3,347,705. The trade was a 5.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider A Brent King sold 12,866 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $90.02, for a total transaction of $1,158,197.32. Following the completion of the sale, the insider owned 60,952 shares in the company, valued at approximately $5,486,899.04. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,172 shares of company stock worth $7,534,748 in the last 90 days. Company insiders own 2.80% of the company's stock.

Performance Food Group Stock Performance

NYSE:PFGC traded down $0.61 during mid-day trading on Monday, hitting $99.89. 1,311,047 shares of the company traded hands, compared to its average volume of 1,865,333. The company has a quick ratio of 0.73, a current ratio of 1.61 and a debt-to-equity ratio of 1.49. The stock's fifty day moving average price is $91.26 and its 200-day moving average price is $85.22. The firm has a market cap of $15.59 billion, a price-to-earnings ratio of 41.62, a price-to-earnings-growth ratio of 1.39 and a beta of 1.20. Performance Food Group Company has a one year low of $63.24 and a one year high of $103.50.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its earnings results on Wednesday, May 7th. The food distribution company reported $0.79 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $15.41 billion. During the same quarter last year, the firm posted $0.80 EPS. The firm's quarterly revenue was up 10.5% compared to the same quarter last year. Research analysts anticipate that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on PFGC. UBS Group raised their price objective on shares of Performance Food Group from $103.00 to $110.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Morgan Stanley raised their target price on shares of Performance Food Group from $93.00 to $96.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Barclays raised their price target on shares of Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Citigroup initiated coverage on shares of Performance Food Group in a research report on Thursday, May 22nd. They set a "buy" rating and a $121.00 price target for the company. Finally, Truist Financial reduced their price target on shares of Performance Food Group from $104.00 to $101.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Performance Food Group Company Profile

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.