VELA Investment Management LLC Sells 12,022 Shares of Performance Food Group Company $PFGC

VELA Investment Management LLC reduced its position in shares of Performance Food Group Company (NYSE:PFGC) by 21.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 43,283 shares of the food distribution company’s stock after selling 12,022 shares during the quarter. Performance Food Group accounts for 1.1% of VELA Investment Management LLC’s investment portfolio, making the stock its 23rd biggest holding. VELA Investment Management LLC’s holdings in Performance Food Group were worth $4,503,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust raised its holdings in shares of Performance Food Group by 51.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 363 shares of the food distribution company’s stock valued at $32,000 after purchasing an additional 123 shares during the period. AlphaQuest LLC increased its position in Performance Food Group by 658.0% during the second quarter. AlphaQuest LLC now owns 379 shares of the food distribution company’s stock worth $33,000 after buying an additional 329 shares during the last quarter. Root Financial Partners LLC bought a new stake in Performance Food Group in the third quarter valued at approximately $39,000. Golden State Wealth Management LLC lifted its position in shares of Performance Food Group by 148.6% in the second quarter. Golden State Wealth Management LLC now owns 522 shares of the food distribution company’s stock valued at $46,000 after buying an additional 312 shares during the last quarter. Finally, Eastern Bank bought a new position in shares of Performance Food Group during the 3rd quarter worth approximately $47,000. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PFGC. Sanford C. Bernstein started coverage on Performance Food Group in a report on Wednesday, October 22nd. They set an “outperform” rating and a $130.00 price target for the company. Piper Sandler cut their target price on shares of Performance Food Group from $116.00 to $111.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Wall Street Zen lowered shares of Performance Food Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 4th. Citigroup lowered their price target on shares of Performance Food Group from $134.00 to $127.00 and set a “buy” rating on the stock in a report on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Food Group in a research report on Monday, December 29th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Performance Food Group currently has an average rating of “Moderate Buy” and a consensus price target of $118.22.

Performance Food Group Stock Up 0.3%

NYSE PFGC opened at $95.65 on Thursday. The company has a current ratio of 1.67, a quick ratio of 0.70 and a debt-to-equity ratio of 1.55. The company has a market cap of $15.00 billion, a price-to-earnings ratio of 45.98, a PEG ratio of 1.16 and a beta of 0.93. The company has a 50 day moving average of $93.09 and a 200-day moving average of $97.83. Performance Food Group Company has a 1-year low of $68.39 and a 1-year high of $109.05.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, November 5th. The food distribution company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.02. The business had revenue of $17.08 billion for the quarter, compared to the consensus estimate of $16.87 billion. Performance Food Group had a return on equity of 15.97% and a net margin of 0.50%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 earnings per share. On average, equities research analysts expect that Performance Food Group Company will post 4.58 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.