Performance Food Group Company $PFGC Shares Acquired by Braun Stacey Associates Inc.

Key Points

• Braun Stacey Associates increased its Performance Food Group stake by 23% in the second quarter, acquiring 23,575 additional shares for a total of 126,004 shares valued at approximately $14.1 million. Institutional investors and hedge funds collectively own 96.87% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $126.90.
• Performance Food Group reported quarterly revenue of $18.03 billion, up 6.7% year over year, but narrowly missed earnings expectations with EPS of $1.59 versus the $1.60 consensus estimate. Shares opened at $100.78, down 1.3%.

Braun Stacey Associates Inc. increased its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 23.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,004 shares of the food distribution company's stock after buying an additional 23,575 shares during the quarter. Braun Stacey Associates Inc. owned about 0.08% of Performance Food Group worth $14,086,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Performance Food Group during the 2nd quarter worth about $1,576,983,000. Primecap Management Co. CA purchased a new stake in Performance Food Group during the 2nd quarter valued at about $305,064,000. Norges Bank acquired a new position in shares of Performance Food Group in the fourth quarter valued at about $208,170,000. Wellington Management Group LLP increased its holdings in shares of Performance Food Group by 46.2% in the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock valued at $646,447,000 after purchasing an additional 1,964,799 shares during the period. Finally, Invesco Ltd. raised its stake 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 worth $275,400,000 after purchasing an additional 1,168,869 shares during the last quarter. 96.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. TD Cowen dropped their target price on Performance Food Group from $128.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. UBS Group decreased their price objective on shares of Performance Food Group from $132.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Wells Fargo & Company upped their price objective on shares of Performance Food Group from $115.00 to $130.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Guggenheim increased their price objective on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Finally, Citigroup raised their target price on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Performance Food Group has a consensus rating of "Moderate Buy" and an average price target of $126.90.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Erika T. Davis sold 8,008 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $104.21, for a total value of $834,513.68. Following the completion of the transaction, the insider owned 43,986 shares in the company, valued at approximately $4,583,781.06. This represents a 15.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider A Brent King sold 8,023 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $104.21, for a total transaction of $836,076.83. Following the sale, the insider directly owned 47,800 shares in the company, valued at approximately $4,981,238. The trade was a 14.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 60,391 shares of company stock worth $6,267,460 in the last three months. Company insiders own 4.50% of the company's stock.

Performance Food Group Stock Down 1.3%

Shares of PFGC stock opened at $100.78 on Friday. The stock has a 50 day moving average of $110.04 and a 200 day moving average of $98.59. The company has a current ratio of 1.51, a quick ratio of 0.67 and a debt-to-equity ratio of 1.34. The stock has a market cap of $15.88 billion, a P/E ratio of 44.01, a P/E/G ratio of 1.31 and a beta of 0.91. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $117.47.

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

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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