CIBC Asset Management Inc Boosts Stake in Performance Food Group (NYSE:PFGC)

CIBC Asset Management Inc raised its position in Performance Food Group (NYSE:PFGC) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,375 shares of the food distribution company’s stock after purchasing an additional 179 shares during the quarter. CIBC Asset Management Inc’s holdings in Performance Food Group were worth $289,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. grew its stake in shares of Performance Food Group by 414.1% in the fourth quarter. Point72 Asset Management L.P. now owns 2,198,282 shares of the food distribution company’s stock valued at $152,011,000 after buying an additional 1,770,683 shares in the last quarter. Norges Bank purchased a new stake in Performance Food Group during the fourth quarter worth about $119,726,000. Wellington Management Group LLP lifted its position in shares of Performance Food Group by 6.5% during the fourth quarter. Wellington Management Group LLP now owns 6,473,543 shares of the food distribution company’s stock worth $447,645,000 after purchasing an additional 397,114 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of Performance Food Group in the fourth quarter valued at approximately $11,410,000. Finally, Primecap Management Co. CA acquired a new position in shares of Performance Food Group in the fourth quarter valued at approximately $11,230,000. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Performance Food Group

In other Performance Food Group news, insider George L. Holm sold 63,500 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $73.53, for a total transaction of $4,669,155.00. Following the transaction, the insider now owns 531,556 shares of the company’s stock, valued at $39,085,312.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider George L. Holm sold 63,500 shares of the stock in a transaction that occurred 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 directly owns 531,556 shares of the company’s stock, valued at $39,085,312.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott E. Mcpherson sold 25,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 149,863 shares in the company, valued at $11,185,774.32. The disclosure for this sale can be found here. Insiders sold a total of 100,500 shares of company stock valued at $7,426,075 over the last ninety days. Insiders own 2.60% of the company’s stock.

Performance Food Group Price Performance

Shares of NYSE PFGC opened at $71.50 on Monday. The stock’s 50-day simple moving average is $68.30 and its 200-day simple moving average is $70.40. The firm has a market capitalization of $11.13 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. Performance Food Group has a fifty-two week low of $52.92 and a fifty-two week high of $78.54. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 1.64.

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

Analysts Set New Price Targets

A number of research firms have issued reports on PFGC. Barclays increased their target price on shares of Performance Food Group from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price objective on Performance Food Group from $93.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. BMO Capital Markets upped their price target on Performance Food Group from $80.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Wells Fargo & Company lifted their price objective on Performance Food Group from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, StockNews.com upgraded shares of Performance Food Group from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $86.38.

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.