Oppenheimer Asset Management Inc. Buys New Position in Performance Food Group Company $PFGC

Key Points

• Oppenheimer Asset Management initiated a position in Performance Food Group during the second quarter, buying 50,559 shares valued at approximately $5.65 million. Institutional investors collectively own 96.87% of PFGC’s outstanding shares.
• Performance Food Group reported quarterly EPS of $1.59, slightly below the $1.60 consensus estimate, while revenue rose 6.7% year over year to $18.03 billion. The company maintains a projected full-year EPS of $5.58.
• Analyst sentiment remains positive, with 11 Buy ratings and two Holds and an average price target of $126.90. PFGC recently traded at $107.07, while insiders have sold 27,187 shares worth approximately $2.74 million over the past three months.

Oppenheimer Asset Management Inc. purchased a new stake in Performance Food Group Company (NYSE:PFGC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 50,559 shares of the food distribution company's stock, valued at approximately $5,652,000.

A number of other hedge funds have also added to or reduced their stakes in PFGC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Performance Food Group by 0.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company's stock worth $3,372,000 after purchasing an additional 121 shares in the last quarter. HB Wealth Management LLC boosted its stake in shares of Performance Food Group by 3.8% during the 1st quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company's stock valued at $285,000 after purchasing an additional 122 shares in the last quarter. Arax Advisory Partners increased its position in shares of Performance Food Group by 7.4% during the fourth quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company's stock valued at $184,000 after buying an additional 140 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Performance Food Group by 16.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company's stock valued at $91,000 after buying an additional 143 shares during the period. Finally, Cornerstone Wealth Management LLC raised its stake in Performance Food Group by 6.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 2,701 shares of the food distribution company's stock worth $243,000 after buying an additional 173 shares in the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.

Performance Food Group Price Performance

PFGC opened at $107.07 on Friday. The stock has a 50-day moving average price of $109.79 and a 200-day moving average price of $97.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.68. The firm has a market cap of $16.87 billion, a PE ratio of 46.76, a P/E/G ratio of 1.36 and a beta of 0.91. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $117.47.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.01). The firm had revenue of $18.03 billion for the quarter, compared to analysts' expectations of $18.11 billion. Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The business's revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. Sell-side analysts predict that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PFGC has been the subject of several research analyst reports. Guggenheim raised their price objective on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, June 29th. BMO Capital Markets reiterated an "outperform" rating on shares of Performance Food Group in a report on Thursday. Morgan Stanley increased their target price on Performance Food Group from $120.00 to $131.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $133.00 target price on shares of Performance Food Group in a research note on Thursday. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of Performance Food Group in a research report on Thursday. Eleven 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, the company has an average rating of "Moderate Buy" and an average price target of $126.90.

Insider Buying and Selling at Performance Food Group

In related news, insider A Brent King sold 6,111 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $105.00, for a total transaction of $641,655.00. Following the sale, the insider directly owned 44,260 shares of the company's stock, valued at $4,647,300. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kimberly Grant sold 2,500 shares of Performance Food Group stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $95.00, for a total value of $237,500.00. Following the completion of the sale, the director owned 11,935 shares of the company's stock, valued at $1,133,825. The trade was a 17.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 27,187 shares of company stock worth $2,743,695. Insiders own 4.50% of the company's stock.

About Performance Food Group

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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