Dupont Capital Management Corp, a well-established investment management corporation based in the United States, has recently announced that it has grown its position in Performance Food Group Co (PFGC) by an astounding 1,599.2% during Q4 2020. According to the company’s latest disclosure with the Securities & Exchange Commission, Dupont owned 6,338 shares of PFGC after purchasing an additional 5,965 shares during the quarter. As of its most recent SEC filing, Dupont Capital Management Corp’s holdings in Performance Food Group were worth $370,000.
Performance Food Group Co is an American Fortune 500 company that specializes in market and distribution of food products. It operates through three major segments namely Foodservices, Vistar and Convenience. The Foodservices segment serves independent restaurants and chain restaurants as well as other institutional food-away-from-home locations through timely delivery of fresh food-related products.
This recent surge in investment activity comes on the heels of news that insiders Patrick T. Hagerty and Donald S. Bulmer sold some shares of PFGC stock on different occasions earlier this year. On Wednesday, February 1st, insider Patrick T. Hagerty sold 500 shares of the firm’s stock at an average price of $61.26 for a total value of $30,630 while Donald S. Bulmer sold 970 shares at an average price of $59.81 for a total transaction value worth $58,015 just twelve days later on Monday February13th.
Despite this recent insider selling spree however which saw insiders dispose off 1,970 shares of company stock collectively worth around $116k over the past quarter alone- PFGC remains lucrative for many insiders who are still holding onto significant amounts of their holdings according to regulatory filings made available to investors.
In conclusion- despite a few early signs here and there that might have given some investors some pause, the large amount of investment capital pumped into Performance Food Group by Dupont Capital Management Corp suggests that this is a stock that remains both lucrative and attractive to discerning investors in the current economic climate. Maybe it’s time for you to consider investing in Performance Food Group stock as well!
Institutional Investors Show Confidence in Performance Food Group’s Future Growth Prospects
Performance Food Group (NYSE:PFGC) has recently seen a surge in investment from institutional investors and hedge funds, including American Century Companies Inc., US Bancorp DE, Mitsubishi UFJ Trust & Banking Corp, PNC Financial Services Group Inc., and Great West Life Assurance Co. Can. These investors have modified their holdings of the food distribution company’s stock by purchasing additional shares; American Century Companies Inc. alone lifted its stake in Performance Food Group by 11.8% during the first quarter.
The stock of NYSE:PFGC opened at $60.43 on Tuesday, with a 50-day moving average of $58.41 and a 200-day moving average of $56.17. The firm currently has a market cap of $9.44 billion, with a P/E ratio of 35.13 and a beta of 1.36.
Performance Food Group operates through the following segments: Foodservice, Vistar, & Convenience. Its Foodservices segment delivers food and food-related products to independent restaurants, chain restaurants, and other institutional food-away-from-home locations.
In terms of analysts’ reports on Performance Food Group, eleven have assigned a buy rating to the stock while one analyst has rated it as hold. The consensus rating for Performance Food Group is “Moderate Buy,” with a consensus price target of $72.36 according to Bloomberg.com.
Performance Food Group last posted its earnings results on Wednesday, February 8th where they reported $0.83 earnings per share for that quarter which exceeded analysts’ projections by $0.07 per share demonstrating continued financial growth for the company over time.
Overall, it seems that institutional investors are seeing potential in Performance Food Group’s future growth prospects despite recent economic uncertainties caused by Covid-19 pandemic throughout the industry as evidenced by their modified holdings in the company’s stocks.Positive reviews from most leading analyst firms suggest that investing in this stock could be profitable in the long term.
Source: beststocks.com
