Envestnet Asset Management Inc. Reduces Holdings in Performance Food Group Company $PFGC

Envestnet Asset Management Inc. lessened its holdings in shares of Performance Food Group Company (NYSE:PFGC) by 20.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,701 shares of the food distribution company’s stock after selling 42,166 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of Performance Food Group worth $16,615,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Holocene Advisors LP raised its stake in shares of Performance Food Group by 8.6% in the 2nd quarter. Holocene Advisors LP now owns 3,078,977 shares of the food distribution company’s stock valued at $269,318,000 after purchasing an additional 244,793 shares in the last quarter. Primecap Management Co. CA raised its stake in Performance Food Group by 22.1% during the second quarter. Primecap Management Co. CA now owns 2,571,507 shares of the food distribution company’s stock valued at $224,930,000 after buying an additional 465,807 shares in the last quarter. Eminence Capital LP lifted its holdings in Performance Food Group by 6.7% during the 2nd quarter. Eminence Capital LP now owns 2,250,830 shares of the food distribution company’s stock worth $196,880,000 after buying an additional 141,864 shares during the last quarter. Norges Bank acquired a new position in shares of Performance Food Group in the 2nd quarter worth approximately $163,954,000. Finally, Jennison Associates LLC increased its holdings in shares of Performance Food Group by 10.2% in the 2nd quarter. Jennison Associates LLC now owns 1,860,048 shares of the food distribution company’s stock valued at $162,698,000 after acquiring an additional 171,957 shares during the last quarter. 96.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PFGC has been the subject of several recent analyst reports. Sanford C. Bernstein restated an “outperform” rating on shares of Performance Food Group in a research report on Thursday, February 5th. Zacks Research lowered shares of Performance Food Group from a “hold” rating to a “strong sell” rating in a research note on Friday, February 6th. Morgan Stanley dropped their target price on Performance Food Group from $123.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, February 5th. Guggenheim reaffirmed a “buy” rating on shares of Performance Food Group in a research note on Thursday, December 18th. Finally, UBS Group dropped their price objective on Performance Food Group from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Performance Food Group currently has an average rating of “Moderate Buy” and an average target price of $116.44.

Insider Buying and Selling at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 1,843 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total transaction of $169,611.29. Following the sale, the insider directly owned 6,601 shares of the company’s stock, valued at approximately $607,490.03. This represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.50% of the company’s stock.

Performance Food Group Stock Performance

PFGC stock opened at $98.00 on Monday. The firm has a 50 day moving average of $92.97 and a two-hundred day moving average of $97.56. Performance Food Group Company has a 12 month low of $68.39 and a 12 month high of $109.05. The company has a market capitalization of $15.37 billion, a price-to-earnings ratio of 44.55, a P/E/G ratio of 1.38 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 1.60 and a debt-to-equity ratio of 1.45.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.09). Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The business had revenue of $16.44 billion for the quarter, compared to analyst estimates of $16.54 billion. During the same quarter last year, the firm earned $0.98 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Performance Food Group Company will post 4.58 EPS 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.