Performance Food Group Company $PFGC Shares Bought by CenterBook Partners LP

Key Points

• CenterBook Partners LP boosted its stake in Performance Food Group by 438.1% in the fourth quarter, ending with 27,460 shares valued at about $2.47 million.
• Performance Food Group reported better-than-expected quarterly results, earning $0.80 per share on revenue of $16.29 billion, both slightly ahead of Wall Street estimates.
• Analysts remain generally positive on PFGC, with 10 Buy ratings and 2 Hold ratings; the consensus view is Moderate Buy with an average price target of $119.00.

CenterBook Partners LP increased its stake in Performance Food Group Company (NYSE:PFGC - Free Report) by 438.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,460 shares of the food distribution company's stock after purchasing an additional 22,357 shares during the quarter. CenterBook Partners LP's holdings in Performance Food Group were worth $2,469,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PFGC. Torren Management LLC purchased a new stake in shares of Performance Food Group during the 4th quarter worth approximately $41,000. Lloyd Advisory Services LLC. purchased a new position in shares of Performance Food Group during the 4th quarter worth approximately $43,000. Clearstead Advisors LLC lifted its stake in Performance Food Group by 132.9% in the 4th quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company's stock valued at $53,000 after buying an additional 335 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Performance Food Group by 440.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company's stock valued at $58,000 after buying an additional 537 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in shares of Performance Food Group in the fourth quarter worth $62,000. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Price Performance

PFGC stock opened at $99.73 on Wednesday. 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 $109.05. The stock has a 50-day simple moving average of $91.82 and a 200-day simple moving average of $92.15. The firm has a market cap of $15.67 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 1.52 and a beta of 0.93.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted 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 for the quarter, compared to analysts' expectations of $16.17 billion. During the same period in the previous year, the company posted $0.79 earnings per share. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts predict that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PFGC. Citigroup upped their target price on shares of Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a research report on Friday, March 27th. Zacks Research upgraded Performance Food Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Barclays raised their target price on shares of 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 price target on shares of Performance Food Group in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $119.00.

Insiders Place Their Bets

In other Performance Food Group news, insider A Brent King sold 5,641 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $96.63, for a total transaction of $545,089.83. Following the completion of the transaction, the insider directly owned 57,211 shares of the company's stock, valued at $5,528,298.93. This trade represents a 8.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erika T. Davis sold 1,750 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $95.00, for a total transaction of $166,250.00. Following the completion of the sale, the insider directly owned 44,791 shares of the company's stock, valued at $4,255,145. The trade was a 3.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 12,891 shares of company stock worth $1,232,460. Company insiders own 4.50% of the company's stock.

Performance Food Group 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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