Federated Hermes Inc. Reduces Stock Position in Performance Food Group (NYSE:PFGC)

Federated Hermes Inc. cut its stake in Performance Food Group (NYSE:PFGC – Get Rating) by 4.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,621 shares of the food distribution company’s stock after selling 989 shares during the period. Federated Hermes Inc.’s holdings in Performance Food Group were worth $929,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PFGC. FMR LLC boosted its position in Performance Food Group by 29.3% during the second quarter. FMR LLC now owns 13,658,530 shares of the food distribution company’s stock worth $628,020,000 after acquiring an additional 3,092,172 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Performance Food Group by 422.1% in the 2nd quarter. Millennium Management LLC now owns 2,675,232 shares of the food distribution company’s stock valued at $123,007,000 after purchasing an additional 2,162,794 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Performance Food Group by 49.8% in the 1st quarter. Invesco Ltd. now owns 4,574,163 shares of the food distribution company’s stock valued at $232,869,000 after purchasing an additional 1,521,519 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Performance Food Group by 11.3% in the 1st quarter. Wellington Management Group LLP now owns 13,298,661 shares of the food distribution company’s stock valued at $677,034,000 after purchasing an additional 1,349,095 shares during the last quarter. Finally, Eaton Vance Management boosted its holdings in shares of Performance Food Group by 37.9% in the 1st quarter. Eaton Vance Management now owns 3,458,205 shares of the food distribution company’s stock valued at $176,057,000 after purchasing an additional 949,902 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Patrick T. Hagerty sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $61.26, for a total transaction of $30,630.00. Following the sale, the insider now owns 154,290 shares in the company, valued at $9,451,805.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Patrick T. Hagerty sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $61.26, for a total transaction of $30,630.00. Following the transaction, the insider now directly owns 154,290 shares of the company’s stock, valued at $9,451,805.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald S. Bulmer sold 970 shares of the business’s stock in a transaction that occurred on Monday, February 13th. The shares were sold at an average price of $59.81, for a total transaction of $58,015.70. Following the transaction, the insider now directly owns 33,196 shares in the company, valued at $1,985,452.76. The disclosure for this sale can be found here. Insiders have sold 2,470 shares of company stock worth $146,166 over the last 90 days. 2.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

PFGC has been the topic of a number of research analyst reports. Truist Financial lifted their price target on shares of Performance Food Group from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Performance Food Group from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Monday, November 14th. UBS Group lifted their price target on shares of Performance Food Group from $72.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, February 9th. Barclays lifted their price target on shares of Performance Food Group from $68.00 to $74.00 and gave the stock an “overweight” rating in a research note on Thursday, January 5th. Finally, Wells Fargo & Company lifted their price target on shares of Performance Food Group from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 4th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Performance Food Group presently has an average rating of “Moderate Buy” and an average price target of $72.36.

Performance Food Group Trading Down 1.1 %

Performance Food Group stock opened at $54.00 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 1.71 and a debt-to-equity ratio of 1.16. The firm has a 50-day moving average price of $58.95 and a two-hundred day moving average price of $55.02. The firm has a market capitalization of $8.43 billion, a price-to-earnings ratio of 31.40 and a beta of 1.36. Performance Food Group has a 52-week low of $38.23 and a 52-week high of $63.13.

Performance Food Group (NYSE:PFGC – Get Rating) last released its earnings results on Wednesday, February 8th. The food distribution company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. Performance Food Group had a net margin of 0.47% and a return on equity of 16.15%. The business had revenue of $13.90 billion for the quarter, compared to the consensus estimate of $13.89 billion. During the same period in the previous year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. Sell-side analysts expect that Performance Food Group will post 3.85 earnings per share for the current year.

About Performance Food Group

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Performance Food Group Co engages in the market and distribution of food products. It operates through the following segments: Foodservice, Vistar, & Convenience. The Foodservices segment delivers food and food-related products to independent restaurants, chain restaurants, and other institutional food-away-from-home locations.