Principal Financial Group Inc. Sells 90,740 Shares of Performance Food Group (NYSE:PFGC)

Principal Financial Group Inc. lessened its position in Performance Food Group (NYSE:PFGC) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,544,322 shares of the food distribution company’s stock after selling 90,740 shares during the quarter. Principal Financial Group Inc.’s holdings in Performance Food Group were worth $102,095,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in shares of Performance Food Group in the second quarter worth approximately $30,000. Panagora Asset Management Inc. purchased a new stake in Performance Food Group in the second quarter worth $272,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Performance Food Group by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,665 shares of the food distribution company’s stock worth $2,226,000 after purchasing an additional 2,647 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Performance Food Group by 38.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 7,359 shares of the food distribution company’s stock valued at $487,000 after purchasing an additional 2,054 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Performance Food Group by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 1,258,714 shares of the food distribution company’s stock worth $83,214,000 after purchasing an additional 15,981 shares during the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Performance Food Group

In other news, insider George L. Holm sold 63,500 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $73.53, for a total transaction of $4,669,155.00. Following the transaction, the insider now owns 531,556 shares in the company, valued at $39,085,312.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Kimberly Grant sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $73.61, for a total value of $294,440.00. Following the completion of the transaction, the director now owns 10,184 shares in the company, valued at approximately $749,644.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider George L. Holm sold 63,500 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $73.53, for a total value of $4,669,155.00. Following the sale, the insider now owns 531,556 shares in the company, valued at approximately $39,085,312.68. The disclosure for this sale can be found here. Insiders have sold 92,500 shares of company stock valued at $6,829,595 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Performance Food Group Stock Performance

Shares of Performance Food Group stock opened at $74.64 on Friday. The company has a market capitalization of $11.61 billion, a PE ratio of 27.85, a P/E/G ratio of 0.92 and a beta of 1.42. The company has a 50-day simple moving average of $67.78 and a two-hundred day simple moving average of $70.46. Performance Food Group has a one year low of $52.92 and a one year high of $78.54. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 1.64.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings data on Wednesday, August 14th. The food distribution company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.37 by $0.08. The firm had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.25 billion. Performance Food Group had a net margin of 0.75% and a return on equity of 17.03%. Performance Food Group’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.14 EPS. Research analysts expect that Performance Food Group will post 4.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PFGC shares. Wells Fargo & Company boosted their price objective on shares of Performance Food Group from $80.00 to $83.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. StockNews.com raised Performance Food Group from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Barclays lifted their target price on Performance Food Group from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. BMO Capital Markets increased their price target on Performance Food Group from $80.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Performance Food Group from $93.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 15th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Performance Food Group has a consensus rating of “Moderate Buy” and an average target price of $86.38.

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.