Envestnet Asset Management Inc. Reduces Stock Holdings in Performance Food Group Company (NYSE:PFGC)

Envestnet Asset Management Inc. reduced its holdings in Performance Food Group Company (NYSE:PFGC) by 13.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 208,904 shares of the food distribution company’s stock after selling 31,453 shares during the period. Envestnet Asset Management Inc. owned about 0.13% of Performance Food Group worth $16,426,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PFGC. Capital World Investors raised its position in Performance Food Group by 0.7% during the fourth quarter. Capital World Investors now owns 21,878,285 shares of the food distribution company’s stock worth $1,849,809,000 after acquiring an additional 157,987 shares during the period. FMR LLC raised its position in Performance Food Group by 0.6% during the fourth quarter. FMR LLC now owns 13,391,257 shares of the food distribution company’s stock worth $1,132,231,000 after acquiring an additional 78,855 shares during the period. Wellington Management Group LLP raised its position in Performance Food Group by 3.9% during the fourth quarter. Wellington Management Group LLP now owns 3,909,635 shares of the food distribution company’s stock worth $330,560,000 after acquiring an additional 147,080 shares during the period. Eminence Capital LP raised its position in Performance Food Group by 3.2% during the fourth quarter. Eminence Capital LP now owns 2,579,368 shares of the food distribution company’s stock worth $218,086,000 after acquiring an additional 79,591 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Performance Food Group by 30.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,111,242 shares of the food distribution company’s stock worth $178,506,000 after acquiring an additional 498,554 shares during the period. 96.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Performance Food Group

In other news, insider Craig Howard Hoskins sold 19,113 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $87.55, for a total transaction of $1,673,343.15. Following the completion of the transaction, the insider owned 152,293 shares of the company’s stock, valued at $13,333,252.15. This represents a 11.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Donald S. Bulmer sold 2,404 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $90.00, for a total transaction of $216,360.00. Following the sale, the insider owned 51,350 shares of the company’s stock, valued at approximately $4,621,500. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,837 shares of company stock worth $6,901,248. Corporate insiders own 2.80% of the company’s stock.

Performance Food Group Stock Performance

NYSE:PFGC opened at $99.18 on Friday. The firm’s fifty day moving average price is $88.36 and its 200 day moving average price is $84.12. Performance Food Group Company has a 1-year low of $63.24 and a 1-year high of $100.46. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.61 and a quick ratio of 0.73. The firm has a market cap of $15.48 billion, a price-to-earnings ratio of 41.32, a price-to-earnings-growth ratio of 1.40 and a beta of 1.15.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings data on Wednesday, May 7th. The food distribution company reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.07). The firm had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $15.41 billion. Performance Food Group had a net margin of 0.61% and a return on equity of 16.17%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the business earned $0.80 earnings per share. On average, sell-side analysts expect that Performance Food Group Company will post 4.58 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Morgan Stanley increased their target price on shares of Performance Food Group from $93.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday. Citigroup assumed coverage on shares of Performance Food Group in a research report on Thursday, May 22nd. They issued a “buy” rating and a $121.00 target price for the company. Sanford C. Bernstein set a $112.00 target price on shares of Performance Food Group and gave the company an “overweight” rating in a research report on Thursday, May 29th. Truist Financial reduced their target price on shares of Performance Food Group from $104.00 to $101.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Finally, Barclays upped their price objective on shares of Performance Food Group from $100.00 to $112.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Performance Food Group presently has an average rating of “Moderate Buy” and an average target price of $100.31.

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.