Innealta Capital LLC Invests $30,000 in Performance Food Group (NYSE:PFGC)

Innealta Capital LLC acquired a new position in shares of Performance Food Group (NYSE:PFGC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 459 shares of the food distribution company’s stock, valued at approximately $30,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Panagora Asset Management Inc. purchased a new position in shares of Performance Food Group during the second quarter worth about $272,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Performance Food Group by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,665 shares of the food distribution company’s stock worth $2,226,000 after buying an additional 2,647 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Performance Food Group by 38.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 7,359 shares of the food distribution company’s stock worth $487,000 after buying an additional 2,054 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Performance Food Group by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 1,258,714 shares of the food distribution company’s stock worth $83,214,000 after buying an additional 15,981 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its stake in Performance Food Group by 8.4% in the second quarter. New York State Teachers Retirement System now owns 189,983 shares of the food distribution company’s stock worth $12,560,000 after buying an additional 14,695 shares in the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Performance

Shares of PFGC stock opened at $74.64 on Friday. The stock has a fifty day moving average of $67.78 and a 200 day moving average of $70.46. Performance Food Group has a 52 week low of $52.92 and a 52 week high of $78.54. The firm has a market capitalization of $11.61 billion, a price-to-earnings ratio of 27.85, a PEG ratio of 0.92 and a beta of 1.42. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 0.95.

Performance Food Group (NYSE:PFGC) last announced its quarterly earnings results on Wednesday, August 14th. The food distribution company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.08. Performance Food Group had a return on equity of 17.03% and a net margin of 0.75%. The company had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.25 billion. During the same quarter last year, the firm posted $1.14 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts expect that Performance Food Group will post 4.87 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on PFGC shares. Jefferies Financial Group upped their target price on Performance Food Group from $84.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Morgan Stanley cut their target price on Performance Food Group from $80.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft upped their target price on Performance Food Group from $93.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. BMO Capital Markets boosted their price objective on Performance Food Group from $80.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company boosted their price objective on Performance Food Group from $80.00 to $83.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.38.

Insider Buying and Selling

In related news, insider George L. Holm sold 63,500 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $73.53, for a total value of $4,669,155.00. Following the completion of the sale, the insider now owns 531,556 shares of the company’s stock, valued at $39,085,312.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Performance Food Group news, insider Scott E. Mcpherson sold 25,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was 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 of the company’s stock, valued at $11,185,774.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider George L. Holm sold 63,500 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $73.53, for a total value of $4,669,155.00. Following the transaction, the insider now directly owns 531,556 shares of the company’s stock, valued at approximately $39,085,312.68. The disclosure for this sale can be found here. Insiders sold 92,500 shares of company stock valued at $6,829,595 over the last quarter. 2.60% of the stock is owned by company insiders.

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.