Performance Food Group Company $PFGC Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its stake in Performance Food Group Company (NYSE:PFGC) by 16.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,556,991 shares of the food distribution company’s stock after selling 303,057 shares during the period. Jennison Associates LLC’s holdings in Performance Food Group were worth $161,989,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Performance Food Group during the 2nd quarter valued at about $163,954,000. Massachusetts Financial Services Co. MA purchased a new position in Performance Food Group during the third quarter worth about $152,717,000. Primecap Management Co. CA boosted its holdings in Performance Food Group by 22.1% in the 2nd quarter. Primecap Management Co. CA now owns 2,571,507 shares of the food distribution company’s stock valued at $224,930,000 after purchasing an additional 465,807 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Performance Food Group in the 2nd quarter valued at approximately $24,726,000. Finally, Qube Research & Technologies Ltd grew its position in Performance Food Group by 499.5% in the second quarter. Qube Research & Technologies Ltd now owns 328,849 shares of the food distribution company’s stock worth $28,764,000 after acquiring an additional 273,997 shares during the period. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PFGC. UBS Group reiterated a “buy” rating and set a $120.00 price target on shares of Performance Food Group in a report on Friday, December 19th. Barclays lowered their target price on shares of Performance Food Group from $120.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Morgan Stanley set a $123.00 price target on shares of Performance Food Group in a research note on Tuesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Food Group in a research report on Monday, December 29th. Finally, Sanford C. Bernstein assumed coverage on shares of Performance Food Group in a report on Wednesday, October 22nd. They issued an “outperform” rating and a $130.00 target price for the company. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.22.

Performance Food Group Stock Performance

Shares of Performance Food Group stock opened at $93.80 on Friday. Performance Food Group Company has a one year low of $68.39 and a one year high of $109.05. The company has a market cap of $14.71 billion, a PE ratio of 45.10, a P/E/G ratio of 1.14 and a beta of 0.93. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.70 and a current ratio of 1.67. The business has a 50-day simple moving average of $93.04 and a 200-day simple moving average of $97.84.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, November 5th. The food distribution company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.02. Performance Food Group had a net margin of 0.50% and a return on equity of 15.97%. The firm had revenue of $17.08 billion for the quarter, compared to analysts’ expectations of $16.87 billion. During the same quarter last year, the company earned $1.16 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts forecast that Performance Food Group Company will post 4.58 EPS for the current fiscal year.

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.