Trexquant Investment LP lowered its stake in Performance Food Group Co (NYSE:PFGC) by 29.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 14,601 shares of the restaurant operator’s stock after selling 5,960 shares during the period. Trexquant Investment LP’s holdings in Performance Food Group were worth $486,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in Performance Food Group by 4.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,158,083 shares of the restaurant operator’s stock valued at $271,664,000 after purchasing an additional 356,243 shares during the period. Jennison Associates LLC increased its holdings in Performance Food Group by 0.8% during the 2nd quarter. Jennison Associates LLC now owns 2,529,294 shares of the restaurant operator’s stock valued at $92,825,000 after purchasing an additional 20,739 shares during the period. Dimensional Fund Advisors LP increased its holdings in Performance Food Group by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,908,499 shares of the restaurant operator’s stock valued at $70,044,000 after purchasing an additional 168,076 shares during the period. Northern Trust Corp increased its holdings in Performance Food Group by 3.0% during the 2nd quarter. Northern Trust Corp now owns 1,209,437 shares of the restaurant operator’s stock valued at $44,387,000 after purchasing an additional 35,181 shares during the period. Finally, Rothschild Asset Management Inc. increased its holdings in Performance Food Group by 21.4% during the 2nd quarter. Rothschild Asset Management Inc. now owns 1,183,170 shares of the restaurant operator’s stock valued at $43,422,000 after purchasing an additional 208,658 shares during the period. Hedge funds and other institutional investors own 96.36% of the company’s stock.
Performance Food Group stock opened at $33.81 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 0.78 and a debt-to-equity ratio of 1.05. The company has a market cap of $3.62 billion, a price-to-earnings ratio of 21.95, a PEG ratio of 1.13 and a beta of 0.60. Performance Food Group Co has a fifty-two week low of $28.05 and a fifty-two week high of $39.45.
Performance Food Group (NYSE:PFGC) last posted its quarterly earnings data on Wednesday, November 7th. The restaurant operator reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The business had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Performance Food Group had a return on equity of 15.52% and a net margin of 1.15%. During the same period in the previous year, the firm posted $0.27 EPS. The business’s revenue was up 4.0% on a year-over-year basis. As a group, analysts forecast that Performance Food Group Co will post 1.76 earnings per share for the current year.
Performance Food Group announced that its Board of Directors has approved a share repurchase program on Wednesday, November 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the restaurant operator to purchase up to 7.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Douglas M. Steenland sold 104,275 shares of the business’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $34.56, for a total value of $3,603,744.00. Following the sale, the director now directly owns 134,365 shares of the company’s stock, valued at approximately $4,643,654.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Carol A. O’connell sold 4,505 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $34.00, for a total value of $153,170.00. Following the completion of the sale, the insider now directly owns 20,891 shares in the company, valued at $710,294. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,383 shares of company stock worth $5,465,651. Insiders own 3.80% of the company’s stock.
A number of research analysts recently issued reports on the company. Loop Capital restated a “buy” rating and set a $42.00 price target on shares of Performance Food Group in a report on Wednesday, August 15th. Pivotal Research reaffirmed a “hold” rating and set a $31.00 price objective on shares of Performance Food Group in a research report on Thursday, August 16th. BMO Capital Markets cut their price objective on Performance Food Group from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. Morgan Stanley cut their price objective on Performance Food Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 16th. Finally, Royal Bank of Canada set a $32.00 price objective on Performance Food Group and gave the company a “hold” rating in a research report on Friday, August 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $38.45.
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Performance Food Group Profile
Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.
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