Morgan Stanley Reduces Stock Holdings in Performance Food Group Co (NYSE:PFGC)

Morgan Stanley decreased its holdings in Performance Food Group Co (NYSE:PFGC) by 97.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,836 shares of the food distribution company’s stock after selling 456,160 shares during the quarter. Morgan Stanley’s holdings in Performance Food Group were worth $434,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new position in Performance Food Group during the second quarter valued at $45,000. Meeder Asset Management Inc. bought a new stake in shares of Performance Food Group during the 2nd quarter valued at about $54,000. NEXT Financial Group Inc grew its stake in shares of Performance Food Group by 12.9% during the 2nd quarter. NEXT Financial Group Inc now owns 2,114 shares of the food distribution company’s stock valued at $85,000 after purchasing an additional 242 shares during the period. Convergence Investment Partners LLC bought a new stake in shares of Performance Food Group during the 2nd quarter valued at about $185,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC grew its stake in shares of Performance Food Group by 25.3% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 6,840 shares of the food distribution company’s stock valued at $274,000 after purchasing an additional 1,380 shares during the period. 97.26% of the stock is owned by institutional investors.

PFGC has been the subject of a number of recent research reports. Guggenheim restated a “buy” rating and set a $50.00 price target (up from $46.00) on shares of Performance Food Group in a research note on Thursday, August 15th. Zacks Investment Research raised Performance Food Group from a “sell” rating to a “hold” rating in a report on Friday. ValuEngine raised Performance Food Group from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Wells Fargo & Co reissued a “buy” rating on shares of Performance Food Group in a report on Friday, September 27th. Finally, Barclays boosted their price target on Performance Food Group from $44.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Performance Food Group has an average rating of “Buy” and a consensus target price of $48.10.

In other news, insider Patrick T. Hagerty sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $46.57, for a total transaction of $325,990.00. Following the sale, the insider now directly owns 138,406 shares of the company’s stock, valued at approximately $6,445,567.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christine R. Vlahcevic sold 7,879 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $45.27, for a total value of $356,682.33. Following the sale, the insider now directly owns 19,807 shares in the company, valued at $896,662.89. The disclosure for this sale can be found here. Insiders have sold a total of 31,888 shares of company stock worth $1,429,538 over the last ninety days. Insiders own 3.40% of the company’s stock.

NYSE PFGC traded down $0.18 during trading hours on Tuesday, reaching $44.52. The company’s stock had a trading volume of 1,816 shares, compared to its average volume of 587,254. The firm’s 50-day moving average price is $43.99 and its 200-day moving average price is $42.77. The company has a quick ratio of 1.29, a current ratio of 2.07 and a debt-to-equity ratio of 2.02. Performance Food Group Co has a 1 year low of $30.07 and a 1 year high of $47.26. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 1.96 and a beta of 0.60.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results on Wednesday, November 6th. The food distribution company reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.15. The company had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Performance Food Group had a return on equity of 16.71% and a net margin of 0.81%. The firm’s revenue was up 37.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. Equities research analysts anticipate that Performance Food Group Co will post 2.07 EPS for the current fiscal year.

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 in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

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Institutional Ownership by Quarter for Performance Food Group (NYSE:PFGC)

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