TimesSquare Capital Management LLC Increases Stock Holdings in Performance Food Group Company $PFGC

Key Points

• TimesSquare Capital Management increased its stake in Performance Food Group by 28.9% in the fourth quarter, ending with 853,970 shares worth about $76.8 million.
• Several other hedge funds also boosted or initiated positions in PFGC, and institutional investors now own 96.87% of the company.
• Performance Food Group posted better-than-expected quarterly results with EPS of $0.80 and revenue of $16.29 billion, while analysts currently rate the stock a Moderate Buy with a $119 price target.

TimesSquare Capital Management LLC lifted its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 28.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 853,970 shares of the food distribution company's stock after buying an additional 191,585 shares during the quarter. Performance Food Group accounts for approximately 1.2% of TimesSquare Capital Management LLC's holdings, making the stock its 27th largest holding. TimesSquare Capital Management LLC owned about 0.54% of Performance Food Group worth $76,789,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PFGC. Goldman Sachs Group Inc. grew its stake in Performance Food Group by 30.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company's stock valued at $62,266,000 after purchasing an additional 184,066 shares in the last quarter. Empowered Funds LLC acquired a new stake in Performance Food Group during the 1st quarter valued at approximately $359,000. EverSource Wealth Advisors LLC grew its stake in Performance Food Group by 440.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company's stock valued at $58,000 after purchasing an additional 537 shares in the last quarter. Marshall Wace LLP acquired a new stake in Performance Food Group during the 2nd quarter valued at approximately $230,000. Finally, Qube Research & Technologies Ltd grew its stake in Performance Food Group by 499.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 328,849 shares of the food distribution company's stock valued at $28,764,000 after purchasing an additional 273,997 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company's stock.

Insider Activity at Performance Food Group

In other news, insider Hugh Patrick Hatcher sold 3,000 shares of Performance Food Group stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $94.54, for a total value of $283,620.00. Following the completion of the transaction, the insider owned 44,655 shares in the company, valued at approximately $4,221,683.70. This trade represents a 6.30% 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. Insiders own 4.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PFGC. UBS Group lowered their price objective on Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a research note on Thursday, February 5th. Citigroup raised their price objective on Performance Food Group from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Weiss Ratings restated a "hold (c)" rating on shares of Performance Food Group in a research note on Friday, March 27th. Barclays raised their price objective on Performance Food Group from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $123.00 price objective on shares of Performance Food Group in a research note on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.00.

Performance Food Group Price Performance

Shares of PFGC opened at $96.12 on Tuesday. The firm has a market cap of $15.10 billion, a price-to-earnings ratio of 45.77, a PEG ratio of 1.50 and a beta of 0.92. The stock has a 50 day moving average of $88.49 and a 200-day moving average of $92.18. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $109.05.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its earnings results on Wednesday, May 6th. The food distribution company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. The company had revenue of $16.29 billion during 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 business's revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. As a group, analysts forecast that Performance Food Group Company will post 4.57 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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