Performance Food Group (PFGC) benefited from Consumer Spending
ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. As a late-year rally was fueled by confidence about an economic soft landing, a dovish flip by the Fed, and broader market performance, mid-cap stocks saw strong gains. Due to an inconstant industrial and consumer discretionary asset performance, the Strategy underperformed its benchmark; however, the consumer staples stock pick was successful. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy featured stocks like Performance Food Group Company (NYSE:PFGC) in its Q4 2023 investor letter. Headquartered in Richmond, Virginia, Performance Food Group Company (NYSE:PFGC) markets and distributes food and food-related products. On March 18, 2024, Performance Food Group Company (NYSE:PFGC) stock closed at $75.61 per share. One-month return of Performance Food Group Company (NYSE:PFGC) was 1.10%, and its shares gained 33.00% of their value over the last 52 weeks. Performance Food Group Company (NYSE:PFGC) has a market capitalization of $11.764 billion.
ClearBridge Mid Cap Strategy stated the following regarding Performance Food Group Company (NYSE:PFGC) in its fourth quarter 2023 investor letter:
"Our holdings in the consumer staples sector also helped drive performance. Restaurant foodstuff distributor Performance Food Group Company (NYSE:PFGC) continues to benefit from greater consumer spending on dining. Likewise, Coty, the global beauty company comprised of a market-leading prestige fragrance business and mass cosmetic business, reported strong quarterly earnings with outperformance across all geographic regions and operating segments. With the continued strength of the prestige fragrance market globally, we believe the company's fundamentals have improved much more than the stock's valuation."
A friendly grocery store team stocking shelves with foodservice products.
Performance Food Group Company (NYSE:PFGC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Performance Food Group Company (NYSE:PFGC) was held by 37 hedge fund portfolios, compared to 32 in the previous quarter, according to our database.
We discussed Performance Food Group Company (NYSE:PFGC) in another article and shared the list of best organic food and farming stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
