Nuveen LLC Purchases Shares of 883,329 Performance Food Group Company (NYSE:PFGC)

Key Points

• Nuveen LLC has made a significant investment of approximately $69.46 million in Performance Food Group, acquiring about 883,329 shares, which is around 0.57% of the company.
• Insiders have been active, with key insider Erika T. Davis selling 8,200 shares, representing a decrease in ownership, as insiders collectively sold 65,059 shares valued at $5.86 million over the last 90 days.
• Performance Food Group recently reported better-than-expected quarterly earnings of $1.55 per share, surpassing estimates and showing a year-over-year revenue increase of 11.2%.

Nuveen LLC acquired a new stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 883,329 shares of the food distribution company's stock, valued at approximately $69,456,000. Nuveen LLC owned 0.57% of Performance Food Group at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Capital World Investors boosted its holdings in Performance Food Group by 0.7% during 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 in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Performance Food Group by 59.3% during the 1st quarter. Victory Capital Management Inc. now owns 6,229,169 shares of the food distribution company's stock valued at $489,800,000 after purchasing an additional 2,318,763 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Performance Food Group by 40.8% during the 1st quarter. JPMorgan Chase & Co. now owns 5,187,869 shares of the food distribution company's stock valued at $407,922,000 after purchasing an additional 1,503,703 shares in the last quarter. Eminence Capital LP raised its holdings in shares of Performance Food Group by 3.2% during the 4th quarter. Eminence Capital LP now owns 2,579,368 shares of the food distribution company's stock valued at $218,086,000 after purchasing an additional 79,591 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Performance Food Group by 30.9% during the 4th 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. Institutional investors and hedge funds own 96.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company set a $115.00 price target on shares of Performance Food Group and gave the company an "overweight" rating in a report on Wednesday. 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 target price on shares of Performance Food Group from $112.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday. Wall Street Zen lowered shares of Performance Food Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Finally, UBS Group reiterated a "buy" rating and issued a $120.00 target price (up from $110.00) on shares of Performance Food Group in a research note on Thursday. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Performance Food Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.00.

Performance Food Group Stock Performance

NYSE PFGC traded down $2.75 during midday trading on Friday, hitting $98.00. The company had a trading volume of 2,226,383 shares, compared to its average volume of 1,826,174. The company has a quick ratio of 0.73, a current ratio of 1.58 and a debt-to-equity ratio of 1.51. The stock has a market cap of $15.34 billion, a price-to-earnings ratio of 45.16, a P/E/G ratio of 1.37 and a beta of 1.20. The firm has a fifty day simple moving average of $93.38 and a two-hundred day simple moving average of $85.91. Performance Food Group Company has a fifty-two week low of $68.39 and a fifty-two week high of $103.50.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The food distribution company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.10. Performance Food Group had a net margin of 0.54% and a return on equity of 16.23%. The company had revenue of $16.94 billion for the quarter, compared to analyst estimates of $16.85 billion. During the same period last year, the business posted $1.45 EPS. The business's quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts forecast that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Insider Activity

In other Performance Food Group news, insider Donald S. Bulmer sold 2,404 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $90.00, for a total transaction of $216,360.00. Following the completion of the transaction, the insider owned 51,350 shares in the company, valued at $4,621,500. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Hugh Patrick Hatcher sold 2,000 shares of the firm's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $95.00, for a total transaction of $190,000.00. Following the transaction, the insider owned 35,239 shares of the company's stock, valued at approximately $3,347,705. This represents a 5.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,059 shares of company stock valued at $5,861,405. 2.80% of the stock is owned by company insiders.

Performance Food Group 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.