Raymond James & Associates Lowers Stake in Performance Food Group (NYSE:PFGC)

Raymond James & Associates cut its holdings in Performance Food Group (NYSE:PFGC) by 5.7% during the second quarter, HoldingsChannel reports. The firm owned 182,843 shares of the food distribution company’s stock after selling 11,099 shares during the period. Raymond James & Associates’ holdings in Performance Food Group were worth $12,088,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PFGC. Signaturefd LLC grew its holdings in shares of Performance Food Group by 38.8% during the fourth quarter. Signaturefd LLC now owns 512 shares of the food distribution company’s stock worth $35,000 after buying an additional 143 shares during the last quarter. Hanlon Investment Management Inc. grew its stake in shares of Performance Food Group by 1.4% in the 1st quarter. Hanlon Investment Management Inc. now owns 14,011 shares of the food distribution company’s stock valued at $1,046,000 after purchasing an additional 194 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in shares of Performance Food Group by 1.9% in the first quarter. First Eagle Investment Management LLC now owns 10,971 shares of the food distribution company’s stock valued at $819,000 after purchasing an additional 200 shares during the period. QRG Capital Management Inc. raised its stake in shares of Performance Food Group by 5.8% during the first quarter. QRG Capital Management Inc. now owns 4,243 shares of the food distribution company’s stock worth $317,000 after purchasing an additional 233 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Performance Food Group by 65.2% during the second quarter. GAMMA Investing LLC now owns 884 shares of the food distribution company’s stock worth $58,000 after purchasing an additional 349 shares during the period. 96.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PFGC has been the topic of several recent research reports. Jefferies Financial Group boosted their price objective on shares of Performance Food Group from $84.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Truist Financial boosted their price target on shares of Performance Food Group from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Morgan Stanley reduced their price objective on shares of Performance Food Group from $80.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Barclays boosted their target price on Performance Food Group from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target 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 investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Performance Food Group has a consensus rating of “Moderate Buy” and a consensus price target of $86.38.

Performance Food Group Stock Performance

NYSE:PFGC opened at $74.71 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.64 and a quick ratio of 0.76. The firm has a market cap of $11.63 billion, a PE ratio of 27.88, a P/E/G ratio of 0.92 and a beta of 1.42. The firm has a 50 day simple moving average of $67.09 and a 200-day simple moving average of $70.37. Performance Food Group has a 1-year low of $52.92 and a 1-year high of $78.54.

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

Insider Activity at Performance Food Group

In other Performance Food Group news, Director Kimberly Grant sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $73.61, for a total value of $294,440.00. Following the sale, the director now directly owns 10,184 shares of the company’s stock, valued at approximately $749,644.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Kimberly Grant sold 4,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $73.61, for a total transaction of $294,440.00. Following the transaction, the director now directly owns 10,184 shares in the company, valued at approximately $749,644.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider George L. Holm sold 63,500 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $73.53, for a total transaction of $4,669,155.00. Following the completion of the sale, the insider now directly owns 531,556 shares in the company, valued at $39,085,312.68. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.