Performance Food Group Company $PFGC Shares Sold by VELA Investment Management LLC

Key Points

• VELA Investment Management LLC cut its stake in Performance Food Group by 27.9% in Q4, selling 12,089 shares and leaving it with 31,194 shares worth about $2.81 million; institutional investors now own roughly 96.87% of the company.
• Performance Food Group missed quarterly EPS expectations, reporting $0.98 vs. $1.07 estimated and revenue of $16.44 billion (vs. $16.54 billion expected), although revenue was up 5.2% year-over-year and net margin remained thin at 0.52%.
• Analysts are generally positive—nine Buys and two Holds—giving a consensus rating of "Moderate Buy" with an average price target of $116.44, while the stock trades near $88.72 (12‑month range $77.44–$109.05), implying potential upside.

VELA Investment Management LLC lessened its stake in Performance Food Group Company (NYSE:PFGC - Free Report) by 27.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,194 shares of the food distribution company's stock after selling 12,089 shares during the quarter. VELA Investment Management LLC's holdings in Performance Food Group were worth $2,805,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Root Financial Partners LLC bought a new stake in shares of Performance Food Group during the third quarter valued at approximately $39,000. Torren Management LLC bought a new stake in shares of Performance Food Group during the fourth quarter valued at approximately $41,000. Eastern Bank bought a new stake in shares of Performance Food Group during the third quarter valued at approximately $47,000. Mather Group LLC. bought a new stake in shares of Performance Food Group during the third quarter valued at approximately $55,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Performance Food Group by 440.2% during the second 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 during the last quarter. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Stock Down 2.0%

PFGC stock opened at $88.72 on Friday. Performance Food Group Company has a 12 month low of $77.44 and a 12 month high of $109.05. The firm has a market cap of $13.91 billion, a PE ratio of 40.33, a P/E/G ratio of 1.39 and a beta of 0.92. The firm has a 50 day simple moving average of $88.62 and a 200 day simple moving average of $92.76. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.60 and a quick ratio of 0.68.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its earnings results on Wednesday, February 4th. The food distribution company reported $0.98 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.09). Performance Food Group had a net margin of 0.52% and a return on equity of 15.64%. The business had revenue of $16.44 billion for the quarter, compared to analyst estimates of $16.54 billion. During the same period in the prior year, the company earned $0.98 earnings per share. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. Equities research analysts forecast that Performance Food Group Company will post 4.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PFGC. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Performance Food Group in a report on Thursday, February 5th. Morgan Stanley cut their price target on Performance Food Group from $123.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, February 5th. Citigroup cut their price target on Performance Food Group from $127.00 to $126.00 and set a "buy" rating on the stock in a report on Friday, February 6th. Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Finally, UBS Group cut their price target on shares of Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $116.44.

Insider Activity at Performance Food Group

In related news, insider Chasity D. Grosh sold 1,843 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total value of $169,611.29. Following the completion of the sale, the insider owned 6,601 shares in the company, valued at approximately $607,490.03. This represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.

Want to see what other hedge funds are holding PFGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Performance Food Group Company (NYSE:PFGC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.