The Manufacturers Life Insurance Company Buys 14,241 Shares of Performance Food Group Company $PFGC

Key Points

• The Manufacturers Life Insurance Company increased its Performance Food Group stake by 15.8% in the first quarter, purchasing 14,241 shares and bringing its holdings to 104,201 shares worth approximately $8.9 million. Institutional investors and hedge funds collectively own 96.87% of PFGC.
• Analysts remain broadly positive, with 11 Buy ratings and two Holds, resulting in a “Moderate Buy” consensus and an average price target of $123.82. Citigroup and Wells Fargo recently raised their price targets to $143 and $130, respectively.
• Performance Food Group reported quarterly EPS of $0.80, beating estimates of $0.77, while revenue rose 6.4% year over year to $16.29 billion. Shares opened at $112.22, near their 52-week high of $117.47, although insiders sold 30,187 shares worth about $3.0 million over the past three months.

The Manufacturers Life Insurance Company boosted its stake in Performance Food Group Company (NYSE:PFGC - Free Report) by 15.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,201 shares of the food distribution company's stock after buying an additional 14,241 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Performance Food Group worth $8,926,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Performance Food Group in the 4th quarter valued at $208,170,000. Wellington Management Group LLP grew its holdings in shares of Performance Food Group by 46.2% in the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock worth $646,447,000 after purchasing an additional 1,964,799 shares during the last quarter. Invesco Ltd. increased its position in shares of Performance Food Group by 79.1% during the 3rd 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 in the last quarter. Eminence Capital LP increased its position in shares of Performance Food Group by 60.5% during the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company's stock worth $238,050,000 after purchasing an additional 998,249 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in Performance Food Group during the 4th quarter valued at about $81,020,000. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Kimberly Grant sold 2,500 shares of Performance Food Group stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the transaction, the director owned 11,935 shares of the company's stock, valued at $1,133,825. This trade represents a 17.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider A Brent King sold 6,111 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $105.00, for a total transaction of $641,655.00. Following the transaction, the insider owned 44,260 shares of the company's stock, valued at approximately $4,647,300. This represents a 12.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 30,187 shares of company stock worth $3,027,315. Corporate insiders own 4.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PFGC shares. Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Citigroup boosted their target price on Performance Food Group from $135.00 to $143.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. TD Cowen assumed coverage on Performance Food Group in a research report on Tuesday, July 7th. They set a "buy" rating and a $128.00 price target on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a report on Wednesday, June 24th. Finally, Wells Fargo & Company boosted their price objective on Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $123.82.

Performance Food Group Stock Performance

Shares of Performance Food Group stock opened at $112.22 on Wednesday. The firm has a fifty day moving average of $107.50 and a two-hundred day moving average of $97.13. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.68 and a current ratio of 1.52. The stock has a market capitalization of $17.63 billion, a price-to-earnings ratio of 53.44, a PEG ratio of 1.44 and a beta of 0.91. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $16.29 billion for the quarter, compared to analyst estimates of $16.17 billion. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The firm's revenue was up 6.4% on a year-over-year basis. During the same period last year, the company earned $0.79 EPS. As a group, equities research analysts predict that Performance Food Group Company will post 4.57 EPS for the current year.

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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