Is Performance Food Group Company (PFGC) a Recession-Proof Stock?
ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “Mid Cap Growth Strategy” investor letter – a copy of which can be downloaded here. The strategy underperformed the Russell Midcap Growth Index in the fourth quarter. It gained across six of the 10 sectors in which it was invested in the quarter. The industrials, health care, and consumer discretionary sectors were the leading contributors while the IT sector was the primary detractor. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Performance Food Group Company (NYSE:PFGC) in its Q4 2022 investor letter. Headquartered in Richmond, Virginia, Performance Food Group Company (NYSE:PFGC) distributes and markets food and food-related products. On February 17, 2023, Performance Food Group Company (NYSE:PFGC) stock closed at $59.81 per share. One-month return of Performance Food Group Company (NYSE:PFGC) was 0.84% and its shares gained 12.19% of their value over the last 52 weeks. Performance Food Group Company (NYSE:PFGC) has a market capitalization of $9.339 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Performance Food Group Company (NYSE:PFGC) in its Q4 2022 investor letter:
"The portfolio benefited from stock selection within consumer staples due to increased demand from shifts in consumer purchasing resulting from inflationary pressures and growing recession fears. Performance Food Group Company (NYSE:PFGC), a food supplier to restaurants and convenience stores, continues to benefit from a recovery of consumer demand for dining following the COVID-19 pandemic. Additionally, the new synergies from its acquisition of Core-Mark in 2021 have strengthened and continue to grow the company’s market share within the convenience store channel."
Performance Food Group Company (NYSE:PFGC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Performance Food Group Company (NYSE:PFGC) at the end of the third quarter, which was 37 in the previous quarter.
We discussed Performance Food Group Company (NYSE:PFGC) in another article and shared the list of most promising mid-cap stocks according to analysts. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
