The Manufacturers Life Insurance Company Invests $11.46 Million in Performance Food Group Company $PFGC

The Manufacturers Life Insurance Company purchased a new position in shares of Performance Food Group Company (NYSE:PFGC) during the second quarter, HoldingsChannel reports. The institutional investor purchased 102,527 shares of the food distribution company’s stock, valued at approximately $11,461,000.

Other hedge funds have also modified their holdings of the company. Cedar Mountain Advisors LLC acquired a new position in shares of Performance Food Group in the 1st quarter valued at $28,000. Asset Planning Inc acquired a new position in Performance Food Group during the 1st quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Performance Food Group in the second quarter valued at $51,000. Lloyd Advisory Services LLC. purchased a new position in Performance Food Group in the 4th quarter valued at about $43,000. Finally, Clearstead Advisors LLC grew its stake in shares of Performance Food Group by 132.9% during the fourth quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company’s stock valued at $53,000 after acquiring an additional 335 shares in the last quarter. 96.87% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider A Brent King sold 1,320 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total value of $138,982.80. Following the sale, the insider owned 44,216 shares of the company’s stock, valued at $4,655,502.64. This trade represents a 2.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald S. Bulmer sold 1,353 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total transaction of $142,457.37. Following the completion of the sale, the insider directly owned 52,938 shares in the company, valued at approximately $5,573,842.02. This trade represents a 2.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 60,391 shares of company stock valued at $6,267,460 over the last quarter. Company insiders own 4.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PFGC. Morgan Stanley upped their target price on Performance Food Group from $120.00 to $131.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. UBS Group cut their price target on shares of Performance Food Group from $132.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Wells Fargo & Company increased their price objective on shares of Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Guggenheim boosted their target price on shares of Performance Food Group from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Finally, Barclays upped their target price on shares of Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.90.

Performance Food Group Trading Down 1.3%

NYSE PFGC opened at $100.78 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51. Performance Food Group Company has a one year low of $80.82 and a one year high of $117.47. The company has a 50-day simple moving average of $110.04 and a 200-day simple moving average of $98.59. The firm has a market capitalization of $15.88 billion, a PE ratio of 44.01, a price-to-earnings-growth ratio of 1.30 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last issued its 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). Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The business had revenue of $18.03 billion during the quarter, compared to the consensus estimate of $18.11 billion. During the same period in the prior year, the business earned $0.84 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, equities analysts forecast that Performance Food Group Company will post 5.58 earnings per share for the current 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.