California Public Employees Retirement System Cuts Stock Holdings in Performance Food Group Company $PFGC

California Public Employees Retirement System lowered its holdings in Performance Food Group Company (NYSE:PFGC) by 2.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 224,311 shares of the food distribution company’s stock after selling 4,816 shares during the quarter. California Public Employees Retirement System’s holdings in Performance Food Group were worth $19,214,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its stake in shares of Performance Food Group by 30.3% during the first quarter. Goldman Sachs Group Inc. now owns 791,881 shares of the food distribution company’s stock valued at $62,266,000 after purchasing an additional 184,066 shares in the last quarter. Empowered Funds LLC bought a new position in Performance Food Group in the first quarter worth approximately $359,000. EverSource Wealth Advisors LLC raised its stake in Performance Food Group by 440.2% in the second quarter. EverSource Wealth Advisors LLC now owns 659 shares of the food distribution company’s stock worth $58,000 after buying an additional 537 shares in the last quarter. Marshall Wace LLP purchased a new stake in Performance Food Group during the second quarter worth $230,000. Finally, Qube Research & Technologies Ltd lifted its holdings in Performance Food Group by 499.5% during the second quarter. Qube Research & Technologies Ltd now owns 328,849 shares of the food distribution company’s stock worth $28,764,000 after buying an additional 273,997 shares during the period. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company increased their target price on Performance Food Group from $115.00 to $130.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $123.00 price target on shares of Performance Food Group in a research report on Thursday, May 7th. Zacks Research raised Performance Food Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. TD Cowen assumed coverage on Performance Food Group in a research note on Tuesday, July 7th. They issued a “buy” rating and a $128.00 target price on the stock. Finally, Barclays lifted their target price on Performance Food Group from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.82.

Insiders Place Their Bets

In other Performance Food Group news, insider A Brent King sold 6,111 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $105.00, for a total value of $641,655.00. Following the completion of the sale, the insider owned 44,260 shares of the company’s stock, valued at approximately $4,647,300. This trade represents a 12.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erika T. Davis sold 2,595 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $110.00, for a total value of $285,450.00. Following the sale, the insider owned 40,446 shares in the company, valued at $4,449,060. The trade was a 6.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,187 shares of company stock valued at $3,027,315. 4.50% of the stock is currently owned by corporate insiders.

Performance Food Group Price Performance

Shares of PFGC opened at $110.23 on Friday. The company has a market cap of $17.32 billion, a price-to-earnings ratio of 52.49, a price-to-earnings-growth ratio of 1.40 and a beta of 0.91. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $116.42. The company has a quick ratio of 0.68, a current ratio of 1.52 and a debt-to-equity ratio of 1.40. The company has a 50 day moving average of $104.37 and a two-hundred day moving average of $95.75.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The business had revenue of $16.29 billion for the quarter, compared to the consensus estimate of $16.17 billion. During the same period in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, analysts predict that Performance Food Group Company will post 4.57 earnings per share for the current fiscal year.

Performance Food Group Company 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.