Victory Capital Management Inc. Buys 2,318,763 Shares of Performance Food Group Company (NYSE:PFGC)

Victory Capital Management Inc. raised its stake in shares of Performance Food Group Company (NYSE:PFGC - Free Report) by 59.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,229,169 shares of the food distribution company's stock after buying an additional 2,318,763 shares during the period. Performance Food Group comprises about 0.5% of Victory Capital Management Inc.'s investment portfolio, making the stock its 24th biggest holding. Victory Capital Management Inc. owned 3.99% of Performance Food Group worth $489,800,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Performance Food Group during the 4th quarter worth $164,471,000. Junto Capital Management LP lifted its position in Performance Food Group by 419.9% during the 4th quarter. Junto Capital Management LP now owns 1,406,080 shares of the food distribution company's stock worth $118,884,000 after acquiring an additional 1,135,641 shares during the last quarter. Point72 Asset Management L.P. lifted its position in Performance Food Group by 30.9% during the 4th quarter. Point72 Asset Management L.P. now owns 2,111,242 shares of the food distribution company's stock worth $178,506,000 after acquiring an additional 498,554 shares during the last quarter. Freestone Grove Partners LP acquired a new position in Performance Food Group during the 4th quarter worth $35,250,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Performance Food Group by 55.2% during the first quarter. Assenagon Asset Management S.A. now owns 1,003,697 shares of the food distribution company's stock valued at $78,921,000 after buying an additional 357,153 shares during the last quarter. Institutional investors and hedge funds own 96.87% of the company's stock.

Performance Food Group Price Performance

Performance Food Group stock traded up $3.31 during trading hours on Wednesday, hitting $99.96. 3,205,219 shares of the stock were exchanged, compared to its average volume of 1,135,530. Performance Food Group Company has a 12 month low of $63.24 and a 12 month high of $100.51. The business's 50-day moving average is $87.75 and its two-hundred day moving average is $83.91. The stock has a market capitalization of $15.60 billion, a P/E ratio of 41.65, a P/E/G ratio of 1.37 and a beta of 1.15. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.73 and a current ratio of 1.61.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its earnings results on Wednesday, May 7th. The food distribution company reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.86 by ($0.07). Performance Food Group had a return on equity of 16.17% and a net margin of 0.61%. The company had revenue of $15.31 billion for the quarter, compared to analyst estimates of $15.41 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. Performance Food Group's revenue for the quarter was up 10.5% on a year-over-year basis. Equities research analysts expect that Performance Food Group Company will post 4.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Truist Financial lowered their price target on Performance Food Group from $104.00 to $101.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. UBS Group boosted their price target on Performance Food Group from $103.00 to $110.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Citigroup assumed coverage on Performance Food Group in a research note on Thursday, May 22nd. They set a "buy" rating and a $121.00 price target on the stock. Wall Street Zen lowered Performance Food Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Finally, Sanford C. Bernstein set a $112.00 target price on shares of Performance Food Group and gave the company an "overweight" rating in a research note on Thursday, May 29th. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Insiders Place Their Bets

In related news, insider Hugh Patrick Hatcher sold 2,000 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $95.00, for a total value of $190,000.00. Following the transaction, the insider directly owned 35,239 shares in the company, valued at $3,347,705. This represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Erika T. Davis sold 8,200 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $89.72, for a total transaction of $735,704.00. Following the completion of the transaction, the insider owned 46,722 shares in the company, valued at $4,191,897.84. This represents a 14.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,837 shares of company stock valued at $6,901,248 over the last three months. 2.80% of the stock is owned by insiders.

About Performance Food Group

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products.