Insider Selling: Performance Food Group (NYSE:PFGC) Insider Sells 1,529 Shares of Stock

Key Points

• Insider sale: Erika Davis sold 1,529 Performance Food Group shares for approximately $160,000, reducing her direct ownership by 2.81% to 52,963 shares.
• Quarterly results: Performance Food Group reported $1.59 in quarterly EPS and $18.03 billion in revenue, narrowly missing analyst expectations, while revenue increased 6.7% year over year.
• Analyst outlook remains positive: Eleven analysts rate the stock a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and a $126.90 price target versus the reported price of $104.05.

Performance Food Group Company (NYSE:PFGC - Get Free Report) insider Erika Davis sold 1,529 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $104.64, for a total value of $159,994.56. Following the transaction, the insider directly owned 52,963 shares of the company's stock, valued at $5,542,048.32. This trade represents a 2.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Performance Food Group Stock Up 0.7%

PFGC stock traded up $0.71 during mid-day trading on Thursday, reaching $104.05. The company had a trading volume of 1,367,628 shares, compared to its average volume of 1,976,401. The company has a market capitalization of $16.39 billion, a price-to-earnings ratio of 45.44, a PEG ratio of 1.34 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. The stock has a 50 day simple moving average of $110.08 and a two-hundred day simple moving average of $98.13. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.51 and a quick ratio of 0.67.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.60 by ($0.01). The company had revenue of $18.03 billion for the quarter, compared to the consensus estimate of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The company's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 EPS. As a group, equities analysts predict that Performance Food Group Company will post 5.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on PFGC. TD Cowen cut their price target on shares of Performance Food Group from $128.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. Citigroup boosted their price objective on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. UBS Group dropped their target price on shares of Performance Food Group from $132.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, August 14th. BMO Capital Markets reiterated an "outperform" rating on shares of Performance Food Group in a research note on Thursday, August 13th. Finally, Wells Fargo & Company lifted their price target on Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.90.

Institutional Investors Weigh In On Performance Food Group

Hedge funds have recently added to or reduced their stakes in the business. Capital World Investors boosted its position in Performance Food Group by 1.0% during the fourth quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company's stock worth $2,037,910,000 after purchasing an additional 216,720 shares during the period. BlackRock Inc. bought a new position in shares of Performance Food Group in the second quarter valued at about $1,576,983,000. Wellington Management Group LLP raised its position in shares of Performance Food Group by 46.2% in the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock valued at $646,447,000 after purchasing an additional 1,964,799 shares during the period. Geode Capital Management LLC lifted its stake in shares of Performance Food Group by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company's stock worth $252,207,000 after buying an additional 36,031 shares during the last quarter. Finally, Primecap Management Co. CA acquired a new stake in shares of Performance Food Group during the 2nd quarter worth about $305,064,000. Institutional investors and hedge funds own 96.87% of the company's stock.

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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