Jennison Associates LLC Lowers Holdings in Performance Food Group (NYSE:PFGC)

Jennison Associates LLC reduced its holdings in shares of Performance Food Group (NYSE:PFGC - Free Report) by 31.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,542,159 shares of the food distribution company's stock after selling 716,280 shares during the period. Jennison Associates LLC owned 0.99% of Performance Food Group worth $120,859,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PFGC. Blue Trust Inc. boosted its position in shares of Performance Food Group by 281.4% during the 3rd quarter. Blue Trust Inc. now owns 328 shares of the food distribution company's stock worth $26,000 after purchasing an additional 242 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Performance Food Group in the 3rd quarter worth approximately $26,000. Innealta Capital LLC purchased a new position in shares of Performance Food Group in the 2nd quarter worth approximately $30,000. Venturi Wealth Management LLC boosted its stake in shares of Performance Food Group by 203.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 409 shares of the food distribution company's stock worth $32,000 after buying an additional 274 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Performance Food Group by 414.8% in the 3rd quarter. UMB Bank n.a. now owns 453 shares of the food distribution company's stock worth $36,000 after purchasing an additional 365 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays lifted their price target on shares of Performance Food Group from $88.00 to $98.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. UBS Group upped their price target on shares of Performance Food Group from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Jefferies Financial Group upped their price objective on shares of Performance Food Group from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Performance Food Group from $93.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. Finally, Truist Financial raised their target price on shares of Performance Food Group from $88.00 to $101.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Performance Food Group presently has an average rating of "Moderate Buy" and a consensus target price of $94.27.

Insider Buying and Selling

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

Performance Food Group Stock Up 2.8 %

Shares of NYSE PFGC traded up $2.38 during trading hours on Thursday, hitting $86.39. 485,638 shares of the stock were exchanged, compared to its average volume of 1,026,413. The company has a quick ratio of 0.73, a current ratio of 1.70 and a debt-to-equity ratio of 1.12. The company has a market cap of $13.46 billion, a PE ratio of 31.00, a PEG ratio of 0.89 and a beta of 1.44. The firm has a fifty day moving average price of $80.78 and a 200-day moving average price of $73.07. Performance Food Group has a 12 month low of $61.59 and a 12 month high of $89.00.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted 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 return on equity of 16.66% and a net margin of 0.72%. The company's revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 EPS. On average, sell-side analysts expect that Performance Food Group will post 4.73 EPS for the current year.

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.