Zions Bancorporation National Association UT Takes $2.99 Million Position in Performance Food Group Company (NYSE:PFGC)

Key Points

• Zions Bancorporation has acquired a new stake in Performance Food Group valued at approximately $2.99 million, purchasing 37,996 shares in the first quarter.
• The company reported an EPS of $0.79 for the latest quarter, missing estimates and showing a revenue of $15.31 billion, which fell short of the forecasted $15.41 billion.
• Analysts have given the stock a “Moderate Buy” rating with an average target price of $100.31, following recent upgrades from firms like UBS Group and Barclays.

Zions Bancorporation National Association UT acquired a new position in Performance Food Group Company (NYSE:PFGC - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 37,996 shares of the food distribution company's stock, valued at approximately $2,988,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Stifel Financial Corp lifted its holdings in shares of Performance Food Group by 4.6% in the 4th quarter. Stifel Financial Corp now owns 2,934 shares of the food distribution company's stock valued at $248,000 after purchasing an additional 130 shares during the last quarter. CWM LLC lifted its holdings in shares of Performance Food Group by 8.6% in the 1st quarter. CWM LLC now owns 2,332 shares of the food distribution company's stock valued at $183,000 after purchasing an additional 185 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Performance Food Group by 4.7% in the 1st quarter. QRG Capital Management Inc. now owns 4,656 shares of the food distribution company's stock valued at $366,000 after purchasing an additional 208 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in Performance Food Group by 6.9% during the 1st quarter. Valeo Financial Advisors LLC now owns 3,260 shares of the food distribution company's stock worth $256,000 after acquiring an additional 209 shares during the period. Finally, Fifth Third Bancorp lifted its position in Performance Food Group by 26.1% during the 1st quarter. Fifth Third Bancorp now owns 1,144 shares of the food distribution company's stock worth $90,000 after acquiring an additional 237 shares during the period. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Performance Food Group Stock Up 0.5%

Shares of PFGC traded up $0.48 during midday trading on Monday, reaching $97.42. 1,651,768 shares of the company were exchanged, compared to its average volume of 2,014,400. The stock has a 50-day moving average price of $92.46 and a 200-day moving average price of $85.62. The company has a market cap of $15.21 billion, a price-to-earnings ratio of 22.13, a P/E/G ratio of 1.34 and a beta of 1.20. Performance Food Group Company has a 1-year low of $64.92 and a 1-year high of $103.50. The company has a current ratio of 1.61, a quick ratio of 0.73 and a debt-to-equity ratio of 1.49.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider Erika T. Davis sold 8,200 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $89.72, for a total transaction of $735,704.00. Following the transaction, the insider owned 46,722 shares in the company, valued at $4,191,897.84. The trade was a 14.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Hugh Patrick Hatcher sold 2,000 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $95.00, for a total value of $190,000.00. Following the completion of the transaction, the insider owned 35,239 shares in the company, valued at approximately $3,347,705. This trade represents a 5.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,172 shares of company stock valued at $7,534,748 over the last 90 days. Corporate insiders own 2.80% of the company's stock.

Analysts Set New Price Targets

PFGC has been the subject of several recent analyst reports. Wall Street Zen cut Performance Food Group from a "buy" rating to a "hold" rating in a report on Sunday, July 6th. Sanford C. Bernstein set a $112.00 price objective on Performance Food Group and gave the company an "overweight" rating in a research note on Thursday, May 29th. Morgan Stanley raised their price objective on Performance Food Group from $93.00 to $96.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Truist Financial dropped their price objective on Performance Food Group from $104.00 to $101.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Barclays raised their price objective on Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Performance Food Group has an average rating of "Moderate Buy" and an average target price of $100.31.

Performance Food Group Profile

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.