TimesSquare Capital Management LLC Makes New $94.24 Million Investment in Performance Food Group Company $PFGC

Key Points

• TimesSquare Capital Management purchased 842,975 shares of Performance Food Group valued at approximately $94.24 million, representing about 0.54% of the company and 1.4% of its portfolio.
• Institutional investors own 96.87% of PFGC, while company insiders sold 27,187 shares worth roughly $2.74 million over the past three months.
• Performance Food Group narrowly missed quarterly earnings expectations, reporting $1.59 per share versus $1.60 expected, although revenue rose 6.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $126.90.

TimesSquare Capital Management LLC purchased a new position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 842,975 shares of the food distribution company's stock, valued at approximately $94,236,000. Performance Food Group accounts for approximately 1.4% of TimesSquare Capital Management LLC's investment portfolio, making the stock its 16th biggest holding. TimesSquare Capital Management LLC owned approximately 0.54% of Performance Food Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PFGC. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Performance Food Group during the second quarter valued at about $51,000. OneDigital Investment Advisors LLC acquired a new position in shares of Performance Food Group during the second quarter worth $299,000. Global Retirement Partners LLC acquired a new stake in shares of Performance Food Group during the second quarter valued at about $173,000. Bank of New York Mellon Corp acquired a new position in shares of Performance Food Group in the 2nd quarter valued at approximately $105,756,000. Finally, State of Wyoming acquired a new stake in Performance Food Group in the second quarter valued at $1,387,000. Institutional investors and hedge funds own 96.87% of the company's stock.

Insiders Place Their Bets

In other news, insider A Brent King sold 6,111 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $105.00, for a total transaction of $641,655.00. Following the completion of the transaction, the insider owned 44,260 shares in the company, valued at approximately $4,647,300. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erika T. Davis sold 2,595 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $110.00, for a total transaction of $285,450.00. Following the completion of the sale, the insider directly owned 40,446 shares in the company, valued at approximately $4,449,060. This trade represents a 6.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 27,187 shares of company stock valued at $2,743,695 over the last three months. Company insiders own 4.50% of the company's stock.

Performance Food Group Stock Performance

Shares of PFGC stock opened at $104.38 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 1.51 and a debt-to-equity ratio of 1.34. The business has a 50 day moving average of $109.93 and a two-hundred day moving average of $98.04. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47. The company has a market cap of $16.44 billion, a P/E ratio of 45.58, a PEG ratio of 1.38 and a beta of 0.91.

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 for the quarter, missing analysts' consensus estimates of $1.60 by ($0.01). Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The company had revenue of $18.03 billion for the quarter, compared to analyst estimates of $18.11 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. The firm's revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, analysts anticipate that Performance Food Group Company will post 5.58 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Citigroup raised their price objective on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a "buy" rating in a report on Thursday. Weiss Ratings raised Performance Food Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Guggenheim upped their price objective on Performance Food Group from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Morgan Stanley lifted their target price on Performance Food Group from $120.00 to $131.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Performance Food Group in a report on Thursday. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Performance Food Group currently has an average rating of "Moderate Buy" and an average price target of $126.90.

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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