Norges Bank Invests $208.17 Million in Performance Food Group Company $PFGC

Key Points

• Norges Bank opened a new position in Performance Food Group during the fourth quarter, buying 2.32 million shares valued at about $208.17 million. The stake represented roughly 1.48% of the company.
• Wall Street sentiment remains positive, with 10 analysts rating PFGC a Buy and two rating it Hold. The consensus view is Moderate Buy, with an average price target of $119.
• Performance Food Group reported better-than-expected quarterly earnings, posting EPS of $0.80 versus the $0.77 estimate and revenue of $16.29 billion, up 6.4% year over year. Despite the solid results, insiders recently sold shares and the stock was trading down 1.4% on the day mentioned.

Norges Bank acquired a new position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,315,060 shares of the food distribution company's stock, valued at approximately $208,170,000. Norges Bank owned 1.48% of Performance Food Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PFGC. Goldman Sachs Group Inc. grew its stake in shares of Performance Food Group by 30.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company's stock worth $62,266,000 after purchasing an additional 184,066 shares during the period. Empowered Funds LLC acquired a new stake in shares of Performance Food Group during the 1st quarter worth approximately $359,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 period. Marshall Wace LLP acquired a new stake in shares of Performance Food Group during the 2nd quarter worth approximately $230,000. Finally, Qube Research & Technologies Ltd grew its stake in shares of Performance Food Group by 499.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 328,849 shares of the food distribution company's stock worth $28,764,000 after purchasing an additional 273,997 shares during the period. Institutional investors and hedge funds own 96.87% of the company's stock.

Analyst Upgrades and Downgrades

PFGC has been the topic of a number of research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Performance Food Group in a research note on Friday, March 27th. Citigroup lifted their price target on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $123.00 price target on shares of Performance Food Group in a research note on Thursday, May 7th. Barclays lifted their price target on shares of Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Performance Food Group presently has an average rating of "Moderate Buy" and a consensus price target of $119.00.

Insider Buying and Selling

In other news, insider Erika T. Davis sold 1,750 shares of Performance Food Group stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $95.00, for a total transaction of $166,250.00. Following the transaction, the insider owned 44,791 shares in the company, valued at $4,255,145. The trade was a 3.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider A Brent King sold 5,641 shares of Performance Food Group stock in a transaction on Monday, June 1st. The stock was sold at an average price of $96.63, for a total value of $545,089.83. Following the transaction, the insider owned 57,211 shares in the company, valued at approximately $5,528,298.93. This represents a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,891 shares of company stock worth $1,232,460 in the last quarter. 4.50% of the stock is currently owned by insiders.

Performance Food Group Trading Down 1.4%

Shares of PFGC opened at $96.19 on Wednesday. Performance Food Group Company has a 52-week low of $80.82 and a 52-week high of $109.05. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. The firm's fifty day moving average is $90.24 and its two-hundred day moving average is $92.07. The stock has a market cap of $15.11 billion, a PE ratio of 45.80, a price-to-earnings-growth ratio of 1.53 and a beta of 0.93.

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

Performance Food Group Company 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.

Want to see what other hedge funds are holding PFGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Performance Food Group Company (NYSE:PFGC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.