Jennison Associates LLC Lowers Position in Performance Food Group (NYSE:PFGC)

Jennison Associates LLC decreased its position in shares of Performance Food Group (NYSE:PFGC) by 31.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,542,159 shares of the food distribution company’s stock after selling 716,280 shares during the period. Jennison Associates LLC owned about 0.99% of Performance Food Group worth $120,859,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Atria Investments Inc boosted its position in shares of Performance Food Group by 79.3% during the first quarter. Atria Investments Inc now owns 29,208 shares of the food distribution company’s stock valued at $2,180,000 after purchasing an additional 12,919 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Performance Food Group in the 2nd quarter worth about $6,843,000. Aigen Investment Management LP increased its stake in shares of Performance Food Group by 56.1% in the 3rd quarter. Aigen Investment Management LP now owns 16,974 shares of the food distribution company’s stock worth $1,330,000 after acquiring an additional 6,099 shares in the last quarter. Magnetar Financial LLC bought a new position in shares of Performance Food Group in the 1st quarter worth about $1,913,000. Finally, Dimensional Fund Advisors LP lifted its position in Performance Food Group by 27.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,150,291 shares of the food distribution company’s stock valued at $142,170,000 after acquiring an additional 469,500 shares during the period. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Price Performance

NYSE PFGC opened at $84.01 on Thursday. The stock has a market capitalization of $13.09 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 0.89 and a beta of 1.44. Performance Food Group has a 1-year low of $61.59 and a 1-year high of $89.00. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.70 and a quick ratio of 0.73. The business’s fifty day moving average price is $80.53 and its 200-day moving average price is $73.00.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, November 6th. The food distribution company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.06). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $15.22 billion. Performance Food Group had a net margin of 0.72% and a return on equity of 16.66%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.15 EPS. On average, equities analysts predict that Performance Food Group will post 4.73 earnings per share for the current year.

Insider Activity at Performance Food Group

In other news, insider Patrick T. Hagerty sold 8,000 shares of Performance Food Group stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the transaction, the insider now directly owns 162,987 shares of the company’s stock, valued at $12,152,310.72. The trade was a 4.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott E. Mcpherson sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.64, for a total value of $1,866,000.00. Following the transaction, the insider now owns 149,863 shares of the company’s stock, valued at approximately $11,185,774.32. This trade represents a 14.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PFGC has been the topic of a number of recent research reports. Jefferies Financial Group increased their target price on Performance Food Group from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. StockNews.com lowered shares of Performance Food Group from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Barclays upped their target price on shares of Performance Food Group from $88.00 to $98.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Guggenheim raised their price target on shares of Performance Food Group from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $92.00 price objective on shares of Performance Food Group in a research report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.27.

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.