Performance Food Group (NYSE:PFGC) Shares Sold by Commerce Bank

Posted by Defense World Staff on Aug 11th, 2023

Commerce Bank cut its position in shares of Performance Food Group (NYSE:PFGC – Free Report) by 82.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,326 shares of the food distribution company’s stock after selling 15,665 shares during the quarter. Commerce Bank’s holdings in Performance Food Group were worth $201,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of PFGC. Vanguard Group Inc. boosted its stake in shares of Performance Food Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 15,062,328 shares of the food distribution company’s stock worth $766,824,000 after acquiring an additional 155,981 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Performance Food Group by 11.3% during the 1st quarter. Wellington Management Group LLP now owns 13,298,661 shares of the food distribution company’s stock worth $677,034,000 after acquiring an additional 1,349,095 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Performance Food Group by 4.7% during the 1st quarter. Clearbridge Investments LLC now owns 5,481,192 shares of the food distribution company’s stock worth $279,047,000 after acquiring an additional 248,404 shares in the last quarter. Morgan Stanley boosted its stake in shares of Performance Food Group by 106.4% during the 4th quarter. Morgan Stanley now owns 4,921,712 shares of the food distribution company’s stock worth $287,379,000 after acquiring an additional 2,536,638 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Performance Food Group by 4.8% during the 1st quarter. State Street Corp now owns 4,850,141 shares of the food distribution company’s stock worth $246,921,000 after acquiring an additional 221,449 shares in the last quarter. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PFGC. Truist Financial raised their price objective on Performance Food Group from $75.00 to $80.00 in a research note on Friday, May 12th. StockNews.com raised Performance Food Group from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. Finally, Morgan Stanley cut Performance Food Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $74.00 to $66.00 in a research report on Tuesday, June 20th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.20.

Read Our Latest Stock Report on Performance Food Group

Performance Food Group Price Performance

PFGC opened at $57.82 on Friday. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 28.32 and a beta of 1.37. Performance Food Group has a 1 year low of $42.77 and a 1 year high of $63.22. The company has a current ratio of 1.69, a quick ratio of 0.75 and a debt-to-equity ratio of 1.10. The stock has a fifty day moving average price of $59.02 and a 200 day moving average price of $59.02.

Performance Food Group (NYSE:PFGC – Get Free Report) last released its quarterly earnings data on Wednesday, May 10th. The food distribution company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.12. The firm had revenue of $13.77 billion during the quarter, compared to analysts’ expectations of $13.94 billion. Performance Food Group had a return on equity of 17.20% and a net margin of 0.57%. Analysts forecast that Performance Food Group will post 3.88 EPS for the current fiscal year.

Insider Buying and Selling at Performance Food Group

In other Performance Food Group news, insider George L. Holm sold 2,680 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $60.06, for a total transaction of $160,960.80. Following the transaction, the insider now directly owns 658,400 shares in the company, valued at $39,543,504. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Performance Food Group news, insider Patrick T. Hagerty sold 2,000 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $59.63, for a total transaction of $119,260.00. Following the completion of the transaction, the insider now owns 149,790 shares of the company’s stock, valued at approximately $8,931,977.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider George L. Holm sold 2,680 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $60.06, for a total value of $160,960.80. Following the completion of the sale, the insider now directly owns 658,400 shares in the company, valued at $39,543,504. The disclosure for this sale can be found here. Insiders have sold a total of 8,680 shares of company stock worth $511,561 over the last three months. Corporate insiders own 2.80% of the company’s stock.

Performance Food Group Company Profile

(Free Report)

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.