Point72 Asset Management L.P. Trims Stake in Performance Food Group (NYSE:PFGC)

Point72 Asset Management L.P. cut its stake in Performance Food Group (NYSE:PFGC) by 5.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,612,688 shares of the food distribution company’s stock after selling 97,991 shares during the period. Point72 Asset Management L.P.’s holdings in Performance Food Group were worth $126,386,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PFGC. Blue Trust Inc. grew its position in shares of Performance Food Group by 281.4% in the 3rd quarter. Blue Trust Inc. now owns 328 shares of the food distribution company’s stock worth $26,000 after buying an additional 242 shares during the period. Ashton Thomas Securities LLC bought a new stake in Performance Food Group during the third quarter worth about $26,000. Innealta Capital LLC purchased a new stake in Performance Food Group in the second quarter worth about $30,000. Venturi Wealth Management LLC lifted its holdings in shares of Performance Food Group by 203.0% during the third quarter. Venturi Wealth Management LLC now owns 409 shares of the food distribution company’s stock valued at $32,000 after purchasing an additional 274 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Performance Food Group by 414.8% during the third quarter. UMB Bank n.a. now owns 453 shares of the food distribution company’s stock valued at $36,000 after purchasing an additional 365 shares during the last quarter. 96.87% of the stock is currently owned by institutional investors.

Performance Food Group Price Performance

NYSE PFGC opened at $88.59 on Wednesday. The company has a current ratio of 1.70, a quick ratio of 0.73 and a debt-to-equity ratio of 1.12. Performance Food Group has a 12 month low of $61.60 and a 12 month high of $89.73. The stock has a market cap of $13.80 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 0.95 and a beta of 1.44. The company’s 50 day moving average is $82.97 and its two-hundred day moving average is $74.16.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings data on Wednesday, November 6th. The food distribution company reported $1.16 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.06). The firm had revenue of $15.42 billion for 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 for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 earnings per share. As a group, research analysts anticipate that Performance Food Group will post 4.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PFGC. Deutsche Bank Aktiengesellschaft lifted their price objective on Performance Food Group from $93.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Barclays lifted their price target on Performance Food Group from $88.00 to $98.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Piper Sandler raised their price objective on shares of Performance Food Group from $79.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. BMO Capital Markets upped their target price on shares of Performance Food Group from $87.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Guggenheim boosted their price objective on shares of Performance Food Group from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $94.27.

Insider Activity

In other news, insider Craig Howard Hoskins sold 20,496 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $88.28, for a total transaction of $1,809,386.88. Following the completion of the transaction, the insider now owns 192,868 shares in the company, valued at $17,026,387.04. This trade represents a 9.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.

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.