Jennison Associates LLC Sells 716,280 Shares of Performance Food Group (NYSE:PFGC)

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

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. raised its holdings 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 valued at $26,000 after purchasing an additional 242 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Performance Food Group in the third quarter valued at approximately $26,000. Innealta Capital LLC bought a new position in shares of Performance Food Group during the 2nd quarter worth approximately $30,000. Venturi Wealth Management LLC raised its stake in 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 valued at $32,000 after acquiring an additional 274 shares during the period. Finally, UMB Bank n.a. lifted its holdings in Performance Food Group by 414.8% during the 3rd 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. Institutional investors own 96.87% of the company's stock.

Performance Food Group Stock Performance

Shares of Performance Food Group stock opened at $84.01 on Thursday. The company's 50 day moving average price is $80.78 and its two-hundred day moving average price is $73.07. The firm has a market capitalization of $13.09 billion, a P/E ratio of 31.00, a P/E/G ratio of 0.89 and a beta of 1.44. Performance Food Group has a fifty-two week low of $61.59 and a fifty-two week high of $89.00. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.70 and a quick ratio of 0.73.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its 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). Performance Food Group had a return on equity of 16.66% and a net margin of 0.72%. The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $15.22 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. The firm's quarterly revenue was up 3.2% on a year-over-year basis. On average, equities analysts forecast that Performance Food Group will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Patrick T. Hagerty sold 8,000 shares of the company's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $74.56, for a total value of $596,480.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Scott E. Mcpherson sold 25,000 shares of the business's stock in a transaction on 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 transaction, the insider now owns 149,863 shares in the company, valued at approximately $11,185,774.32. The trade was a 14.30 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PFGC shares. UBS Group raised their target price on shares of Performance Food Group from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. BMO Capital Markets lifted their price target on Performance Food Group from $87.00 to $95.00 and gave the stock an "outperform" rating in a report on Thursday, November 7th. Guggenheim boosted their target price on shares of Performance Food Group from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Jefferies Financial Group lifted their price objective on shares of Performance Food Group from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. Finally, Truist Financial increased their target price on shares of Performance Food Group from $88.00 to $101.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.27.

Performance Food Group Company 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.