Palisade Capital Management LP Takes Position in Performance Food Group Company $PFGC

Palisade Capital Management LP bought a new position in shares of Performance Food Group Company (NYSE:PFGC) during the second quarter, Holdings Channel.com reports. The fund bought 122,931 shares of the food distribution company’s stock, valued at approximately $13,742,000.

A number of other large investors also recently modified their holdings of PFGC. BlackRock Inc. bought a new stake in shares of Performance Food Group during the second quarter worth about $1,576,983,000. Norges Bank acquired a new stake in shares of Performance Food Group in the 4th quarter worth about $208,170,000. Wellington Management Group LLP lifted its position in Performance Food Group by 46.2% in the 3rd quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock valued at $646,447,000 after acquiring an additional 1,964,799 shares in the last quarter. Invesco Ltd. lifted its position in Performance Food Group by 79.1% in the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock valued at $275,400,000 after acquiring an additional 1,168,869 shares in the last quarter. Finally, Eminence Capital LP boosted its stake in Performance Food Group by 60.5% during the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company’s stock valued at $238,050,000 after purchasing an additional 998,249 shares during the last quarter. 96.87% of the stock is currently owned by institutional investors.

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 Trading Down 0.8%

Shares of PFGC stock opened at $104.94 on Wednesday. Performance Food Group Company has a 52-week low of $80.82 and a 52-week high of $117.47. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.51. The company has a 50-day simple moving average of $110.14 and a two-hundred day simple moving average of $98.43. The company has a market capitalization of $16.53 billion, a price-to-earnings ratio of 45.82, a PEG ratio of 1.36 and a beta of 0.91.

Performance Food Group (NYSE:PFGC) last posted its quarterly earnings data on Wednesday, August 12th. The food distribution company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.01). Performance Food Group had a net margin of 0.53% and a return on equity of 15.15%. The firm had revenue of $18.03 billion during the quarter, compared to analysts’ expectations of $18.11 billion. During the same quarter last year, the business posted $0.84 EPS. The company’s quarterly revenue was up 6.7% on a year-over-year basis. Research analysts anticipate that Performance Food Group Company will post 5.58 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the company. Morgan Stanley boosted their price objective on Performance Food Group from $120.00 to $131.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. UBS Group dropped their target price on Performance Food Group from $132.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $133.00 target price on shares of Performance Food Group in a research report on Thursday, August 13th. BMO Capital Markets reiterated an “outperform” rating on shares of Performance Food Group in a report on Thursday, August 13th. Finally, Citigroup increased their price target on Performance Food Group from $143.00 to $144.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $126.90.

Insider Activity

In related news, insider A Brent King sold 8,023 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $104.21, for a total transaction of $836,076.83. Following the completion of the sale, the insider directly owned 47,800 shares of the company’s stock, valued at approximately $4,981,238. This trade represents a 14.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erika T. Davis sold 8,008 shares of Performance Food Group stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $104.21, for a total value of $834,513.68. Following the sale, the insider owned 43,986 shares in the company, valued at $4,583,781.06. This trade represents a 15.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 60,391 shares of company stock valued at $6,267,460 over the last three months. Corporate insiders own 4.50% of the company’s stock.

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.