Performance Food Group Company $PFGC Holdings Decreased by Kennedy Capital Management LLC

Key Points

• Kennedy Capital Management cut its stake in Performance Food Group by 17.7% in Q3, selling 41,415 shares and finishing the quarter with 193,178 shares (about 0.12% of the company) worth roughly $20.1 million.
• Major institutions like Invesco, UBS, Norges Bank, MFS and Arrowstreet materially increased or initiated positions—adding hundreds of millions in holdings—and institutional investors now own about 96.87% of PFGC.
• Performance Food Group missed the quarter (EPS $0.98 vs. $1.07 estimate; revenue $16.44B vs. $16.54B), but the stock retains a consensus "Moderate Buy" rating with an average target of $116.44 amid some recent price-target cuts by Morgan Stanley and UBS.

Kennedy Capital Management LLC lowered its stake in Performance Food Group Company (NYSE:PFGC - Free Report) by 17.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 193,178 shares of the food distribution company's stock after selling 41,415 shares during the quarter. Kennedy Capital Management LLC owned about 0.12% of Performance Food Group worth $20,098,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PFGC. Norges Bank bought a new stake in shares of Performance Food Group during the 2nd quarter worth about $163,954,000. Massachusetts Financial Services Co. MA bought a new position in shares of Performance Food Group in the third quarter valued at approximately $152,717,000. Invesco Ltd. boosted its holdings in shares of Performance Food Group by 79.1% in the third quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company's stock valued at $275,400,000 after acquiring an additional 1,168,869 shares in the last quarter. UBS Group AG increased its stake in shares of Performance Food Group by 246.4% during the third quarter. UBS Group AG now owns 1,158,288 shares of the food distribution company's stock valued at $120,508,000 after acquiring an additional 823,882 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Performance Food Group by 194.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 833,228 shares of the food distribution company's stock worth $86,689,000 after purchasing an additional 550,551 shares in the last quarter. Institutional investors own 96.87% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PFGC shares. Morgan Stanley decreased their price target on Performance Food Group from $123.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, February 5th. UBS Group decreased their target price on Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a research note on Thursday, February 5th. Guggenheim reaffirmed a "buy" rating on shares of Performance Food Group in a report on Thursday, December 18th. Zacks Research cut shares of Performance Food Group from a "hold" rating to a "strong sell" rating in a research report on Friday, February 6th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Performance Food Group in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Performance Food Group currently has an average rating of "Moderate Buy" and a consensus target price of $116.44.

Performance Food Group Stock Up 0.3%

NYSE PFGC traded up $0.30 during trading on Friday, reaching $87.52. 76,571 shares of the company's stock were exchanged, compared to its average volume of 2,549,553. Performance Food Group Company has a fifty-two week low of $68.39 and a fifty-two week high of $109.05. The firm has a market capitalization of $13.72 billion, a PE ratio of 39.69, a P/E/G ratio of 1.24 and a beta of 0.91. The company has a current ratio of 1.60, a quick ratio of 0.68 and a debt-to-equity ratio of 1.45. The company's fifty day simple moving average is $93.42 and its 200-day simple moving average is $96.82.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.09). The company had revenue of $16.44 billion during the quarter, compared to analyst estimates of $16.54 billion. Performance Food Group had a net margin of 0.52% and a return on equity of 15.64%. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 EPS. Sell-side analysts predict that Performance Food Group Company will post 4.58 EPS for the current year.

Insider Activity

In related news, insider Chasity D. Grosh sold 1,843 shares of Performance Food Group stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $92.03, for a total transaction of $169,611.29. Following the completion of the sale, the insider owned 6,601 shares of the company's stock, valued at approximately $607,490.03. This trade represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.50% of the company's stock.

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.

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