California Public Employees Retirement System Decreases Stock Position in Performance Food Group (NYSE:PFGC)

California Public Employees Retirement System cut its stake in Performance Food Group (NYSE:PFGC) by 3.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 284,033 shares of the food distribution company’s stock after selling 11,194 shares during the period. California Public Employees Retirement System owned about 0.18% of Performance Food Group worth $19,641,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PFGC. Clearbridge Investments LLC boosted its holdings in Performance Food Group by 16.1% in the third quarter. Clearbridge Investments LLC now owns 6,348,695 shares of the food distribution company’s stock valued at $373,684,000 after purchasing an additional 879,232 shares during the period. Earnest Partners LLC lifted its holdings in Performance Food Group by 162.5% during the 3rd quarter. Earnest Partners LLC now owns 768,432 shares of the food distribution company’s stock worth $45,230,000 after buying an additional 475,683 shares during the last quarter. Palestra Capital Management LLC lifted its holdings in Performance Food Group by 25.1% during the 3rd quarter. Palestra Capital Management LLC now owns 2,259,010 shares of the food distribution company’s stock worth $132,965,000 after buying an additional 453,453 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Performance Food Group by 333.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 504,311 shares of the food distribution company’s stock worth $29,684,000 after buying an additional 387,869 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in Performance Food Group by 225.3% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 528,462 shares of the food distribution company’s stock worth $31,105,000 after buying an additional 365,997 shares during the last quarter. 96.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PFGC has been the subject of a number of recent analyst reports. Stephens lifted their price target on Performance Food Group from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. BMO Capital Markets lifted their price target on Performance Food Group from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, February 8th. StockNews.com upgraded Performance Food Group from a “hold” rating to a “buy” rating in a research report on Thursday, February 8th. Morgan Stanley lifted their target price on Performance Food Group from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, April 12th. Finally, Barclays lifted their target price on Performance Food Group from $78.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Performance Food Group Stock Performance

Shares of PFGC stock opened at $68.85 on Monday. The stock has a market capitalization of $10.71 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 0.97 and a beta of 1.38. Performance Food Group has a 52-week low of $52.92 and a 52-week high of $78.54. The stock’s 50-day moving average price is $73.64 and its 200 day moving average price is $68.57. The company has a quick ratio of 0.75, a current ratio of 1.71 and a debt-to-equity ratio of 1.05.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings results on Wednesday, February 7th. The food distribution company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.02). The company had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.20 billion. Performance Food Group had a net margin of 0.74% and a return on equity of 16.77%. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. As a group, equities research analysts forecast that Performance Food Group will post 4.26 EPS for the current year.

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.