Principal Financial Group Inc. Reduces Stock Position in Performance Food Group (NYSE:PFGC)

Principal Financial Group Inc. cut its stake in shares of Performance Food Group (NYSE:PFGC) by 5.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,461,894 shares of the food distribution company’s stock after selling 82,428 shares during the quarter. Principal Financial Group Inc.’s holdings in Performance Food Group were worth $114,569,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CIBC Asset Management Inc boosted its holdings 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 last quarter. Creative Planning raised its position in Performance Food Group by 1.2% in the third quarter. Creative Planning now owns 11,684 shares of the food distribution company’s stock worth $916,000 after acquiring an additional 140 shares during the period. Coldstream Capital Management Inc. boosted its stake in shares of 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 last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Performance Food Group by 2.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,088 shares of the food distribution company’s stock worth $469,000 after acquiring an additional 160 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Performance Food Group by 0.4% during the 2nd quarter. Cetera Investment Advisers now owns 46,037 shares of the food distribution company’s stock valued at $3,044,000 after acquiring an additional 186 shares during the period. 96.87% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group raised their target price on Performance Food Group from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $92.00 price objective on shares of Performance Food Group in a research report on Monday, October 28th. Barclays increased their target price on shares of Performance Food Group from $88.00 to $98.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. BMO Capital Markets lifted their price target on shares of Performance Food Group from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price objective on shares of Performance Food Group from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Performance Food Group has an average rating of “Moderate Buy” and a consensus target price of $94.33.

Insider Activity

In other news, insider Craig Howard Hoskins sold 20,496 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $88.28, for a total transaction of $1,809,386.88. Following the sale, the insider now directly owns 192,868 shares in the company, valued at approximately $17,026,387.04. This represents a 9.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Performance Food Group Stock Down 0.1 %

Shares of PFGC stock opened at $84.39 on Friday. The company’s fifty day simple moving average is $85.35 and its two-hundred day simple moving average is $75.72. Performance Food Group has a 52 week low of $61.60 and a 52 week high of $92.44. The stock has a market cap of $13.15 billion, a P/E ratio of 31.14, a PEG ratio of 0.95 and a beta of 1.44. The company has a quick ratio of 0.73, a current ratio of 1.70 and a debt-to-equity ratio of 1.12.

Performance Food Group (NYSE:PFGC) last posted its earnings results on Wednesday, November 6th. The food distribution company reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.06). The firm had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $15.22 billion. Performance Food Group had a return on equity of 16.66% and a net margin of 0.72%. Performance Food Group’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.15 earnings per share. Analysts predict that Performance Food Group will post 4.73 EPS for the current fiscal year.

Performance Food Group 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.