Jennison Associates LLC Raises Position in Performance Food Group (NYSE:PFGC)

Jennison Associates LLC grew its holdings in shares of Performance Food Group (NYSE:PFGC) by 8.1% in the fourth quarter, HoldingsChannel reports. The fund owned 1,667,691 shares of the food distribution company’s stock after purchasing an additional 125,532 shares during the quarter. Jennison Associates LLC’s holdings in Performance Food Group were worth $141,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. CIBC Asset Management Inc raised its stake in shares of Performance Food Group by 3.2% in the third quarter. CIBC Asset Management Inc now owns 4,514 shares of the food distribution company’s stock worth $354,000 after buying an additional 139 shares during the period. Creative Planning increased its holdings in Performance Food Group by 1.2% in the 3rd quarter. Creative Planning now owns 11,684 shares of the food distribution company’s stock worth $916,000 after acquiring an additional 140 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in Performance Food Group by 3.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,189 shares of the food distribution company’s stock worth $329,000 after acquiring an additional 142 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Performance Food Group by 2.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,088 shares of the food distribution company’s stock valued at $469,000 after purchasing an additional 160 shares in the last quarter. Finally, Highland Capital Management LLC boosted its position in shares of Performance Food Group by 6.7% in the fourth quarter. Highland Capital Management LLC now owns 2,915 shares of the food distribution company’s stock worth $246,000 after purchasing an additional 183 shares during the period. 96.87% of the stock is owned by institutional investors.

Insider Transactions at Performance Food Group

In related news, insider Craig Howard Hoskins sold 20,496 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $84.60, for a total value of $1,733,961.60. Following the completion of the sale, the insider now directly owns 172,372 shares in the company, valued at $14,582,671.20. This trade represents a 10.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on PFGC shares. Guggenheim raised their price objective on shares of Performance Food Group from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Barclays boosted their price objective on Performance Food Group from $88.00 to $98.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Truist Financial increased their target price on Performance Food Group from $88.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com cut Performance Food Group from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, Wells Fargo & Company increased their price objective on shares of Performance Food Group from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.67.

Performance Food Group Price Performance

Performance Food Group stock opened at $90.38 on Monday. Performance Food Group has a 52-week low of $61.60 and a 52-week high of $92.44. The company has a quick ratio of 0.73, a current ratio of 1.70 and a debt-to-equity ratio of 1.12. The firm’s fifty day moving average is $87.25 and its 200 day moving average is $80.09. The company has a market cap of $14.08 billion, a price-to-earnings ratio of 33.35, a PEG ratio of 0.97 and a beta of 1.44.

Performance Food Group (NYSE:PFGC) last announced its earnings results on Wednesday, November 6th. The food distribution company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.06). Performance Food Group had a net margin of 0.72% and a return on equity of 16.66%. The business had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $15.22 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. Sell-side analysts forecast that Performance Food Group will post 4.74 EPS for the current fiscal year.

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.