Fifth Third Bancorp Boosts Stock Holdings in Performance Food Group Company $PFGC

Fifth Third Bancorp raised its holdings in Performance Food Group Company (NYSE:PFGC) by 2,199.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,998 shares of the food distribution company’s stock after purchasing an additional 27,737 shares during the quarter. Fifth Third Bancorp’s holdings in Performance Food Group were worth $2,484,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC purchased a new stake in shares of Performance Food Group in the first quarter valued at approximately $28,000. Asset Planning Inc acquired a new position in shares of Performance Food Group during the 1st quarter worth $35,000. Torren Management LLC purchased a new position in shares of Performance Food Group in the 4th quarter valued at about $41,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Performance Food Group in the fourth quarter valued at about $43,000. Finally, Clearstead Advisors LLC boosted its holdings in Performance Food Group by 132.9% during the fourth quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company’s stock worth $53,000 after buying an additional 335 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PFGC shares. Morgan Stanley increased their target price on shares of Performance Food Group from $120.00 to $131.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $123.00 price target on shares of Performance Food Group in a report on Thursday, May 7th. Barclays upped their target price on Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. 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. Finally, Guggenheim increased their price target on shares of Performance Food Group from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Performance Food Group has a consensus rating of “Moderate Buy” and a consensus price target of $123.09.

Insider Activity

In other Performance Food Group news, insider Erika T. Davis sold 2,595 shares of Performance Food Group stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $110.00, for a total value of $285,450.00. Following the completion of the sale, the insider directly owned 40,446 shares of the company’s stock, valued at approximately $4,449,060. The trade was a 6.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kimberly Grant sold 2,500 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total value of $237,500.00. Following the completion of the transaction, the director owned 11,935 shares of the company’s stock, valued at $1,133,825. This trade represents a 17.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,187 shares of company stock worth $3,027,315 in the last three months. 4.50% of the stock is owned by insiders.

Performance Food Group Trading Up 0.9%

Shares of PFGC stock opened at $110.32 on Wednesday. The company has a market capitalization of $17.33 billion, a price-to-earnings ratio of 52.53, a PEG ratio of 1.37 and a beta of 0.91. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The firm has a 50-day moving average price of $103.79 and a 200 day moving average price of $95.44. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $116.42.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. The company had revenue of $16.29 billion for the quarter, compared to analysts’ expectations of $16.17 billion. Performance Food Group had a net margin of 0.49% and a return on equity of 15.33%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $0.79 EPS. Research analysts forecast that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

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.