Bailard Inc. Invests $461,000 in Performance Food Group Co (PFGC)

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Bailard Inc. acquired a new position in shares of Performance Food Group Co (NYSE:PFGC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 14,300 shares of the food distribution company’s stock, valued at approximately $461,000.

Several other large investors have also recently bought and sold shares of PFGC. Schroder Investment Management Group grew its stake in Performance Food Group by 36.5% in the third quarter. Schroder Investment Management Group now owns 2,977,617 shares of the food distribution company’s stock valued at $99,155,000 after purchasing an additional 796,504 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Performance Food Group in the third quarter valued at approximately $24,200,000. Renaissance Technologies LLC grew its stake in Performance Food Group by 100.8% in the third quarter. Renaissance Technologies LLC now owns 724,206 shares of the food distribution company’s stock valued at $24,116,000 after purchasing an additional 363,475 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Performance Food Group by 4.6% in the third quarter. JPMorgan Chase & Co. now owns 8,158,083 shares of the food distribution company’s stock valued at $271,664,000 after purchasing an additional 356,243 shares in the last quarter. Finally, Vanguard Group Inc grew its stake in Performance Food Group by 3.6% in the third quarter. Vanguard Group Inc now owns 8,877,421 shares of the food distribution company’s stock valued at $295,618,000 after purchasing an additional 304,740 shares in the last quarter. Institutional investors and hedge funds own 97.01% of the company’s stock.

A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Performance Food Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Pivotal Research restated a “hold” rating and issued a $31.00 price target on shares of Performance Food Group in a research note on Thursday, November 8th. ValuEngine upgraded Performance Food Group from a “hold” rating to a “buy” rating in a research note on Thursday, February 7th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Performance Food Group in a research report on Friday, January 11th. Finally, Citigroup initiated coverage on Performance Food Group in a research report on Friday, December 21st. They issued a “buy” rating and a $40.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $39.17.

PFGC opened at $39.11 on Thursday. Performance Food Group Co has a 12-month low of $28.05 and a 12-month high of $39.45. The company has a market capitalization of $4.02 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 1.28 and a beta of 0.65. The company has a quick ratio of 0.79, a current ratio of 1.57 and a debt-to-equity ratio of 1.07.

Performance Food Group (NYSE:PFGC) last released its quarterly earnings data on Wednesday, February 6th. The food distribution company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.06. Performance Food Group had a return on equity of 15.39% and a net margin of 0.94%. The company had revenue of $4.62 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same period last year, the firm posted $0.40 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. As a group, equities research analysts anticipate that Performance Food Group Co will post 1.82 earnings per share for the current fiscal year.

Performance Food Group announced that its board has authorized a stock buyback program on Wednesday, November 14th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the food distribution company to purchase up to 7.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

In related news, insider Terry A. West sold 20,372 shares of Performance Food Group stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $33.21, for a total transaction of $676,554.12. Following the completion of the sale, the insider now directly owns 24,872 shares of the company’s stock, valued at approximately $825,999.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Douglas M. Steenland sold 104,275 shares of Performance Food Group stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $34.56, for a total value of $3,603,744.00. Following the sale, the director now directly owns 134,365 shares of the company’s stock, valued at $4,643,654.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,194 shares of company stock valued at $4,400,320. Insiders own 3.80% of the company’s stock.

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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 in three operating segments: Performance Foodservice, PFG Customized, and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

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Institutional Ownership by Quarter for Performance Food Group (NYSE:PFGC)

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