Performance Food Group Company $PFGC is Sunriver Management LLC's 10th Largest Position

Key Points

• Sunriver Management LLC cut its PFGC stake by 24% in the first quarter, leaving it with 345,211 shares worth about $29.6 million. Performance Food Group now makes up 5.0% of Sunriver’s portfolio and is its 10th-largest holding.
• Performance Food Group reported solid quarterly results, posting EPS of $0.80 versus estimates of $0.77 and revenue of $16.29 billion, which topped expectations. Revenue rose 6.4% year over year.
• Wall Street remains cautiously upbeat on PFGC, with 11 analysts rating it a Buy and two a Hold. The consensus price target is $123.82, above the stock’s recent price of $111.45.

Sunriver Management LLC decreased its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 24.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 345,211 shares of the food distribution company's stock after selling 109,104 shares during the quarter. Performance Food Group comprises 5.0% of Sunriver Management LLC's holdings, making the stock its 10th biggest position. Sunriver Management LLC owned approximately 0.22% of Performance Food Group worth $29,571,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bollard Group LLC acquired a new stake in Performance Food Group during the 1st quarter valued at approximately $2,346,000. Inceptionr LLC increased its stake in shares of Performance Food Group by 51.4% in the first quarter. Inceptionr LLC now owns 15,117 shares of the food distribution company's stock worth $1,295,000 after acquiring an additional 5,130 shares during the period. RMG Wealth Management LLC purchased a new position in shares of Performance Food Group during the first quarter worth $192,000. Sei Investments Co. raised its holdings in shares of Performance Food Group by 11.3% during the first quarter. Sei Investments Co. now owns 272,089 shares of the food distribution company's stock worth $23,307,000 after purchasing an additional 27,585 shares during the last quarter. Finally, State of Wyoming lifted its position in Performance Food Group by 8.0% during the first quarter. State of Wyoming now owns 13,305 shares of the food distribution company's stock valued at $1,140,000 after purchasing an additional 982 shares during the period. Hedge funds and other institutional investors own 96.87% of the company's stock.

Insider Transactions at Performance Food Group

In related news, insider A Brent King sold 6,111 shares of Performance Food Group stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $105.00, for a total value of $641,655.00. Following the sale, the insider directly owned 44,260 shares in the company, valued at approximately $4,647,300. The trade was a 12.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Erika T. Davis sold 2,595 shares of the business's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $110.00, for a total value of $285,450.00. Following the sale, the insider owned 40,446 shares of the company's stock, valued at approximately $4,449,060. This trade represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 30,187 shares of company stock valued at $3,027,315. 4.50% of the stock is currently owned by corporate insiders.

Performance Food Group Price Performance

Performance Food Group stock opened at $111.45 on Friday. The stock has a market capitalization of $17.51 billion, a P/E ratio of 53.07, a P/E/G ratio of 1.38 and a beta of 0.91. The company's fifty day moving average price is $104.68 and its 200 day moving average price is $95.86. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.68 and a current ratio of 1.52. Performance Food Group Company has a 1 year low of $80.82 and a 1 year high of $116.42.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $16.29 billion during the quarter, compared to analysts' expectations of $16.17 billion. During the same quarter in the previous year, the company earned $0.79 earnings per share. The company's quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts anticipate that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PFGC. Citigroup upped their target price on Performance Food Group from $135.00 to $143.00 and gave the stock a "buy" rating in a research note on Wednesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Performance Food Group in a research report on Wednesday, June 24th. Zacks Research raised Performance Food Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Barclays upped their price objective on Performance Food Group from $105.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $123.00 target price on shares of Performance Food Group in a report on Thursday, May 7th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $123.82.

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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