Moran Wealth Management LLC Invests $4.23 Million in Performance Food Group (NYSE:PFGC)

Moran Wealth Management LLC acquired a new position in shares of Performance Food Group (NYSE:PFGC - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 53,923 shares of the food distribution company's stock, valued at approximately $4,226,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Primecap Management Co. CA raised its stake in Performance Food Group by 223.4% in the second quarter. Primecap Management Co. CA now owns 1,625,280 shares of the food distribution company's stock valued at $107,447,000 after buying an additional 1,122,676 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Performance Food Group by 27.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,150,291 shares of the food distribution company's stock worth $142,170,000 after purchasing an additional 469,500 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Performance Food Group by 27.8% during the second quarter. Point72 Asset Management L.P. now owns 1,710,679 shares of the food distribution company's stock worth $113,093,000 after purchasing an additional 372,218 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Performance Food Group by 166.1% during the third quarter. Assenagon Asset Management S.A. now owns 275,466 shares of the food distribution company's stock worth $21,588,000 after purchasing an additional 171,953 shares during the period. Finally, Eminence Capital LP lifted its holdings in shares of Performance Food Group by 7.4% during the second quarter. Eminence Capital LP now owns 2,398,614 shares of the food distribution company's stock worth $158,572,000 after purchasing an additional 164,472 shares during the period. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Jefferies Financial Group lifted their target price on Performance Food Group from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Barclays lifted their target price on Performance Food Group from $88.00 to $98.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. Guggenheim lifted their target price on Performance Food Group from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Morgan Stanley reissued an "equal weight" rating and issued a $92.00 price target on shares of Performance Food Group in a report on Monday, October 28th. Finally, Piper Sandler boosted their price target on Performance Food Group from $79.00 to $92.00 and gave the company an "overweight" rating in a report on Monday. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Performance Food Group presently has an average rating of "Moderate Buy" and an average price target of $94.27.

Insider Activity at Performance Food Group

In related news, insider Scott E. Mcpherson sold 25,000 shares of the business's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $74.64, for a total value of $1,866,000.00. Following the completion of the sale, the insider now directly owns 149,863 shares of the company's stock, valued at $11,185,774.32. The trade was a 14.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick T. Hagerty sold 8,000 shares of the business's stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $74.56, for a total value of $596,480.00. Following the completion of the sale, the insider now directly owns 162,987 shares of the company's stock, valued at approximately $12,152,310.72. This represents a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.

Performance Food Group Stock Performance

Performance Food Group stock traded up $2.01 during mid-day trading on Thursday, reaching $86.02. 131,840 shares of the company were exchanged, compared to its average volume of 1,024,012. Performance Food Group has a twelve month low of $61.59 and a twelve month high of $89.00. The firm's 50-day simple moving average is $80.78 and its two-hundred day simple moving average is $73.07. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.73 and a current ratio of 1.70. The firm has a market cap of $13.40 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 0.89 and a beta of 1.44.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $15.42 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 earnings per share. Equities analysts predict that Performance Food Group will post 4.73 earnings per share for the current fiscal year.

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 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.