Primecap Management Co. CA Acquires New Holdings in Performance Food Group Company $PFGC

Primecap Management Co. CA purchased a new position in Performance Food Group Company (NYSE:PFGC) in the second quarter, HoldingsChannel reports. The firm purchased 2,728,898 shares of the food distribution company’s stock, valued at approximately $305,064,000.

A number of other hedge funds have also made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Performance Food Group by 0.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company’s stock valued at $3,372,000 after purchasing an additional 121 shares in the last quarter. HB Wealth Management LLC raised its stake in shares of Performance Food Group by 3.8% in the 1st quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company’s stock worth $285,000 after buying an additional 122 shares in the last quarter. Arax Advisory Partners raised its stake in shares of Performance Food Group by 7.4% in the 4th quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company’s stock worth $184,000 after buying an additional 140 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Performance Food Group by 16.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company’s stock valued at $91,000 after buying an additional 143 shares during the period. Finally, Cornerstone Wealth Management LLC lifted its holdings in shares of Performance Food Group by 6.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 2,701 shares of the food distribution company’s stock valued at $243,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 96.87% of the company’s stock.

Insider Buying and Selling at Performance Food Group

In related news, insider Donald S. Bulmer sold 10,535 shares of Performance Food Group stock in a transaction on Monday, August 24th. The shares were sold at an average price of $105.90, for a total value of $1,115,656.50. Following the transaction, the insider owned 54,291 shares in the company, valued at $5,749,416.90. This trade represents a 16.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider A Brent King sold 8,023 shares of Performance Food Group stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $104.21, for a total value of $836,076.83. Following the completion of the transaction, the insider owned 47,800 shares in the company, valued at $4,981,238. The trade was a 14.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 60,391 shares of company stock worth $6,267,460 over the last 90 days. Insiders own 4.50% of the company’s stock.

Performance Food Group Stock Performance

Shares of PFGC opened at $104.94 on Wednesday. The company’s 50 day moving average price is $110.14 and its 200 day moving average price is $98.43. Performance Food Group Company has a 52 week low of $80.82 and a 52 week high of $117.47. The company has a market capitalization of $16.53 billion, a PE ratio of 45.82, a PEG ratio of 1.36 and a beta of 0.91. 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 (NYSE:PFGC) last posted its quarterly earnings results on Wednesday, August 12th. The food distribution company reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.01). The firm had revenue of $18.03 billion for the quarter, compared to analysts’ expectations of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the business earned $0.84 earnings per share. Research analysts expect that Performance Food Group Company will post 5.58 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $133.00 price objective on shares of Performance Food Group in a research note on Thursday, August 13th. TD Cowen reduced their target price on shares of Performance Food Group from $128.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Citigroup lifted 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 report on Thursday, August 13th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Performance Food Group in a research report on Thursday, August 13th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $126.90.

Key Performance Food Group News

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.

About Performance Food Group

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.