Primecap Management Co. CA purchased a new stake in Performance Food Group Company (NYSE:PFGC – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,728,898 shares of the food distribution company’s stock, valued at approximately $305,064,000. Primecap Management Co. CA owned approximately 1.74% of Performance Food Group as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in PFGC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Performance Food Group by 0.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,362 shares of the food distribution company’s stock worth $3,372,000 after acquiring an additional 121 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Performance Food Group by 3.8% in the first quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company’s stock valued at $285,000 after purchasing an additional 122 shares during the last quarter. Arax Advisory Partners grew its position in shares of Performance Food Group by 7.4% in the fourth quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company’s stock valued at $184,000 after purchasing an additional 140 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Performance Food Group by 16.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company’s stock worth $91,000 after purchasing an additional 143 shares in the last quarter. Finally, Cornerstone Wealth Management LLC increased its stake in shares of Performance Food Group by 6.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 2,701 shares of the food distribution company’s stock worth $243,000 after purchasing an additional 173 shares in the last quarter. Institutional investors and hedge funds own 96.87% of the company’s stock.
Insiders Place Their Bets
In other news, insider Erika T. Davis sold 1,320 shares of Performance Food Group stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $105.29, for a total value of $138,982.80. Following the completion of the transaction, the insider owned 40,402 shares in the company, valued at approximately $4,253,926.58. This trade represents a 3.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Donald S. Bulmer sold 1,353 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $105.29, for a total transaction of $142,457.37. Following the sale, the insider owned 52,938 shares of the company’s stock, valued at approximately $5,573,842.02. The trade was a 2.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 60,391 shares of company stock valued at $6,267,460 over the last 90 days. 4.50% of the stock is owned by company insiders.
Performance Food Group Trading Down 0.8%
Performance Food Group (NYSE:PFGC – Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.01). The company had revenue of $18.03 billion for the quarter, compared to analyst estimates of $18.11 billion. Performance Food Group had a return on equity of 15.15% and a net margin of 0.53%.The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 EPS. On average, sell-side analysts predict that Performance Food Group Company will post 5.58 EPS for the current year.
Analyst Ratings Changes
Several analysts have recently issued reports on the company. Weiss Ratings upgraded Performance Food Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Performance Food Group in a research report on Thursday, August 13th. UBS Group cut their target price on shares of Performance Food Group from $132.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Wells Fargo & Company upped their target price on shares of Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $133.00 price target on shares of Performance Food Group in a research note on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.90.
Get Our Latest Stock Analysis on Performance Food Group
Performance Food Group News Roundup
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.
Performance Food Group 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.
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