122,931 Shares in Performance Food Group Company $PFGC Bought by Palisade Capital Management LP

Palisade Capital Management LP acquired a new stake in Performance Food Group Company (NYSE:PFGC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 122,931 shares of the food distribution company’s stock, valued at approximately $13,742,000. Palisade Capital Management LP owned 0.08% of Performance Food Group as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Legal & General Group Plc acquired a new position in Performance Food Group during the 2nd quarter worth about $24,757,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Performance Food Group in the second quarter valued at about $11,461,000. Cetera Trust Company N.A bought a new position in shares of Performance Food Group during the second quarter worth about $447,000. Algert Global LLC raised its position in shares of Performance Food Group by 26.0% during the second quarter. Algert Global LLC now owns 126,567 shares of the food distribution company’s stock worth $14,149,000 after acquiring an additional 26,090 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Performance Food Group in the second quarter worth approximately $448,000. 96.87% of the stock is owned by institutional investors.

Insider Activity at Performance Food Group

In related news, insider A Brent King sold 8,023 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $104.21, for a total transaction of $836,076.83. Following the transaction, the insider directly owned 47,800 shares of the company’s stock, valued at $4,981,238. This represents a 14.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Donald S. Bulmer sold 10,535 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $105.90, for a total transaction of $1,115,656.50. Following the completion of the sale, the insider owned 54,291 shares of the company’s stock, valued at $5,749,416.90. The trade was a 16.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 60,391 shares of company stock worth $6,267,460 in the last quarter. Company insiders own 4.50% of the company’s stock.

Analyst Ratings Changes

PFGC has been the topic of several analyst reports. Wells Fargo & Company upped their target price on Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Guggenheim raised their price target on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Citigroup boosted their price target on shares of Performance Food Group from $143.00 to $144.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Performance Food Group in a research note on Thursday, August 13th. Finally, Morgan Stanley increased their price objective on shares of Performance Food Group from $120.00 to $131.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Eleven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.90.

Trending Headlines about Performance Food Group

Here are the key news stories impacting Performance Food Group this week:

• Positive Sentiment: Fiscal fourth-quarter sales rose 6.4% year over year to $18.03 billion, while total case volume increased 3.5% and organic case volume grew 1.8%. Net income also climbed 23.4% to $162.3 million, suggesting that growth was not driven solely by pricing. Performance Food sales and earnings article
• Positive Sentiment: Analyst sentiment remains favorable. Citigroup raised its price target to $144, Wells Fargo increased its target to $130, and Deutsche Bank reiterated a buy rating at $133. The stock has a consensus “Moderate Buy” rating and an average target of $126.90, well above recent trading levels.
• Positive Sentiment: Institutional ownership remains high at approximately 96.9%. Reported buying and position increases by California State Teachers’ Retirement System, BlackRock, Primecap Management, Norges Bank and Wellington Management could provide longer-term support for PFGC.
• Neutral Sentiment: Performance Food Group announced the resignation of board member Scott… on August 24. The available report does not provide a reason, making the immediate effect on the company’s outlook unclear. Performance Food Group board resignation
• Negative Sentiment: Multiple insiders sold shares during August 20–25. The largest disclosed transactions included Donald S. Bulmer selling 10,535 shares, Erika T. Davis selling 8,008 shares and A. Brent King selling 8,023 shares, followed by additional smaller sales. Although such transactions may reflect personal or compensation-related decisions, the clustered selling reduces insider ownership and may pressure near-term sentiment.
• Negative Sentiment: Product-cost inflation reached approximately 4.7%, raising concerns about how much reported sales growth reflects pricing rather than underlying demand. In addition, the latest quarterly EPS and revenue results narrowly missed consensus estimates, while PFGC trades below its 50-day moving average and at a relatively elevated earnings multiple.

Performance Food Group Trading Down 0.8%

Shares of PFGC stock opened at $104.94 on Wednesday. Performance Food Group Company has a fifty-two week low of $80.82 and a fifty-two week high of $117.47. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51. The stock has a 50 day simple moving average of $110.14 and a two-hundred day simple moving average of $98.43. The company has a market cap of $16.53 billion, a P/E ratio of 45.82, a PEG ratio of 1.36 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings results 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 business 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%.Performance Food Group’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.84 earnings per share. Research analysts forecast that Performance Food Group Company will post 5.58 earnings per share for the current year.

Performance Food Group 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.