Clearbridge Investments LLC Decreases Position in Performance Food Group (NYSE:PFGC)

Clearbridge Investments LLC trimmed its holdings in shares of Performance Food Group (NYSE:PFGC) by 11.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,914,844 shares of the food distribution company’s stock after selling 652,437 shares during the period. Clearbridge Investments LLC’s holdings in Performance Food Group were worth $415,550,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pictet Asset Management Holding SA grew its position in Performance Food Group by 10.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,336 shares of the food distribution company’s stock worth $1,973,000 after acquiring an additional 2,237 shares during the last quarter. Norges Bank bought a new stake in Performance Food Group during the 4th quarter valued at $164,471,000. Zions Bancorporation N.A. boosted its position in Performance Food Group by 21.1% during the 4th quarter. Zions Bancorporation N.A. now owns 35,679 shares of the food distribution company’s stock valued at $3,017,000 after buying an additional 6,213 shares during the period. Bridge City Capital LLC grew its holdings in Performance Food Group by 7.9% in the 4th quarter. Bridge City Capital LLC now owns 94,442 shares of the food distribution company’s stock worth $7,985,000 after acquiring an additional 6,918 shares during the last quarter. Finally, LPL Financial LLC increased its position in shares of Performance Food Group by 37.1% in the fourth quarter. LPL Financial LLC now owns 93,183 shares of the food distribution company’s stock valued at $7,992,000 after acquiring an additional 25,192 shares during the period. 96.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PFGC shares. Piper Sandler cut Performance Food Group from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $92.00 to $90.00 in a research note on Friday, February 7th. Morgan Stanley upped their target price on Performance Food Group from $94.00 to $96.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Melius Research upgraded shares of Performance Food Group to a “hold” rating in a report on Wednesday, December 18th. Barclays dropped their target price on shares of Performance Food Group from $103.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, StockNews.com downgraded shares of Performance Food Group from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Performance Food Group has an average rating of “Moderate Buy” and a consensus price target of $95.73.

Performance Food Group Price Performance

Performance Food Group stock opened at $77.36 on Friday. Performance Food Group has a 52-week low of $61.60 and a 52-week high of $92.44. The company has a market cap of $12.08 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 0.96 and a beta of 1.40. The firm’s fifty day moving average is $83.29 and its 200 day moving average is $83.32. The company has a quick ratio of 0.72, a current ratio of 1.67 and a debt-to-equity ratio of 1.56.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings results on Wednesday, February 5th. The food distribution company reported $0.98 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.06). Performance Food Group had a return on equity of 16.58% and a net margin of 0.64%. Sell-side analysts forecast that Performance Food Group will post 4.58 EPS for the current fiscal year.

Performance Food Group Company Profile

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.