Watershed Asset Management L.L.C. Buys New Stake in Performance Food Group (NYSE:PFGC)

Watershed Asset Management L.L.C. bought a new stake in Performance Food Group (NYSE:PFGC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,192 shares of the food distribution company’s stock, valued at approximately $290,000.

Other large investors have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC increased its position in shares of Performance Food Group by 16.1% during the 3rd 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 increased its position in shares of 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 valued at $45,230,000 after purchasing an additional 475,683 shares during the period. Palestra Capital Management LLC increased its position in shares of 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 valued at $132,965,000 after purchasing an additional 453,453 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of 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 valued at $29,684,000 after purchasing an additional 387,869 shares during the period. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of 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 valued at $31,105,000 after purchasing an additional 365,997 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Performance Food Group Stock Up 0.4 %

Shares of NYSE:PFGC traded up $0.27 on Tuesday, reaching $69.28. The company had a trading volume of 626,927 shares, compared to its average volume of 906,468. Performance Food Group has a twelve month low of $52.92 and a twelve month high of $78.54. The stock has a 50-day moving average price of $73.90 and a 200 day moving average price of $68.29. The stock has a market capitalization of $10.78 billion, a P/E ratio of 25.28, a P/E/G ratio of 0.97 and a beta of 1.38. 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 announced its quarterly earnings results on Wednesday, February 7th. The food distribution company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). Performance Food Group had a return on equity of 16.77% and a net margin of 0.74%. The company had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.20 billion. During the same period in the prior year, the firm earned $0.83 EPS. Performance Food Group’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts expect that Performance Food Group will post 4.26 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PFGC shares. Morgan Stanley raised their price objective on Performance Food Group from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, April 12th. Stephens raised their price objective on Performance Food Group from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. BMO Capital Markets raised their price objective on Performance Food Group from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, February 8th. StockNews.com raised Performance Food Group from a “hold” rating to a “buy” rating in a research note on Thursday, February 8th. Finally, Barclays raised their price objective on Performance Food Group from $78.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. One 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.25.

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.