Victory Capital Management Increases Stake in Performance Food Group

Victory Capital Management Inc. has significantly raised its investment in Performance Food Group (NYSE:PFGC - Free Report) by 154.2% during the fourth quarter, based on the latest disclosure with the SEC. The firm now holds 3,910,406 shares of the food distribution company after buying an additional 2,371,818 shares during this time. At the close of the most recent reporting period, Victory Capital Management owned approximately 2.51% of Performance Food Group, valued at around $330,625,000.

Other hedge funds have also recently made moves with Performance Food Group's shares. Ashton Thomas Securities LLC established a new position in the third quarter with a value around $26,000. Meanwhile, Venturi Wealth Management LLC increased its stake by 203.0% in the same quarter, acquiring 409 shares worth $32,000 after adding 274 shares. Central Pacific Bank Trust Division also obtained a new stake worth approximately $42,000 in the fourth quarter. Blue Trust Inc. raised its holdings in the company by 64.6% during this period, owning 540 shares valued at $42,000 after purchasing 212 additional shares. Additionally, V Square Quantitative Management LLC enhanced its position in the fourth quarter by 51.4%, resulting in ownership of 704 shares worth $60,000 after adding 239 shares. Currently, institutional investors and hedge funds collectively own 96.87% of Performance Food Group’s stock.

Insider Transactions

In related news, insider Craig Howard Hoskins sold 20,496 shares of Performance Food Group on December 20th for an average price of $84.60, totaling $1,733,961.60. Following this transaction, he retains ownership of 172,372 shares valued at around $14,582,671.20, reflecting a 10.63% decrease in stock ownership. This transaction has been disclosed through a filing with the SEC, where company insiders currently own 2.80% of the shares.

Stock Performance Overview

As of Wednesday, Performance Food Group's stock opened at $81.51, marking a 1.8% decline. The company has experienced a twelve-month low of $61.60 and a high of $92.44. It boasts a market capitalization of $12.73 billion, a P/E ratio of 32.87, and a P/E/G ratio of 0.96, with a beta of 1.44. The stock’s 50-day moving average price is $86.19, while the 200-day moving average stands at $82.93. Performance Food Group reports a quick ratio of 0.72 and a current ratio of 1.67, with a debt-to-equity ratio of 1.56.

Performance Food Group last released its earnings on February 5th, reporting earnings per share (EPS) of $0.98 for the quarter, falling short of analyst expectations of $1.04 by $0.06. The company achieved a return on equity of 16.58% with a net margin of 0.64%. Analysts predict the company’s EPS will reach 4.58 for the current year.

Analyst Ratings and Predictions

Various equities analysts have shared their perspectives on Performance Food Group. UBS Group recently raised their price target from $98.00 to $102.00 and assigned a "buy" rating. Similarly, BMO Capital Markets increased their target from $87.00 to $95.00, rating the stock as "outperform". Conversely, Barclays reduced its target from $103.00 to $102.00 while maintaining an "overweight" rating. Morgan Stanley also raised its target from $94.00 to $96.00, offering an "equal weight" rating. StockNews.com, however, downgraded the stock from a "buy" to a "hold" rating. In total, five analysts have given the stock a hold rating, while eight have opted for a buy rating, resulting in a consensus rating of "Moderate Buy" with an average target price of $95.73.

About Performance Food Group

Performance Food Group Company, through its subsidiaries, engaged in the marketing and distribution of food and related products in the United States. It operates across three segments: Foodservice, Vistar, and Convenience. The company offers an assortment of products, including frozen foods, groceries, snacks, beverages, and various tobacco goods, as well as a range of meat and seafood products.

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