Performance Food Group (NYSE:PFGC) Sees Strong Trading Volume – Here’s Why

Shares of Performance Food Group Company (NYSE:PFGC) saw unusually-strong trading volume on Tuesday . Approximately 4,526,240 shares were traded during mid-day trading, an increase of 104% from the previous session’s volume of 2,218,788 shares.The stock last traded at $89.9820 and had previously closed at $91.63.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PFGC. Morgan Stanley cut their target price on shares of Performance Food Group from $123.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, February 5th. UBS Group dropped their price target on shares of Performance Food Group from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Barclays cut their price objective on shares of Performance Food Group from $120.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Food Group in a report on Friday, March 27th. Finally, Zacks Research raised Performance Food Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Performance Food Group has a consensus rating of “Moderate Buy” and an average target price of $116.44.

Performance Food Group Stock Performance

The stock has a market capitalization of $14.07 billion, a P/E ratio of 40.88, a P/E/G ratio of 1.32 and a beta of 0.94. The company’s fifty day simple moving average is $89.65 and its 200 day simple moving average is $93.33. The company has a current ratio of 1.60, a quick ratio of 0.68 and a debt-to-equity ratio of 1.45.

Performance Food Group (NYSE:PFGC) last issued its quarterly earnings data on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.09). The business had revenue of $16.44 billion during the quarter, compared to analysts’ expectations of $16.54 billion. Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. As a group, sell-side analysts forecast that Performance Food Group Company will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Performance Food Group

In related news, insider Chasity D. Grosh sold 1,843 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $92.03, for a total value of $169,611.29. Following the sale, the insider directly owned 6,601 shares of the company’s stock, valued at $607,490.03. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Performance Food Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital World Investors grew its position in Performance Food Group by 1.0% in the fourth quarter. Capital World Investors now owns 22,663,573 shares of the food distribution company’s stock worth $2,037,910,000 after acquiring an additional 216,720 shares in the last quarter. Wellington Management Group LLP lifted its stake in Performance Food Group by 46.2% during the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company’s stock worth $646,447,000 after purchasing an additional 1,964,799 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Performance Food Group by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,803,918 shares of the food distribution company’s stock worth $252,207,000 after purchasing an additional 36,031 shares in the last quarter. Eminence Capital LP boosted its holdings in shares of Performance Food Group by 60.5% in the 4th quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company’s stock worth $238,050,000 after purchasing an additional 998,249 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Performance Food Group by 79.1% during the 3rd quarter. Invesco Ltd. now owns 2,647,062 shares of the food distribution company’s stock valued at $275,400,000 after purchasing an additional 1,168,869 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.

About Performance Food Group

Performance Food Group Company (NYSE: PFGC) is a leading foodservice distribution company headquartered in Richmond, Virginia. The company operates through multiple segments, offering a broad range of products including fresh, frozen and dry foods, as well as non-food items such as supplies, paper goods and equipment. Performance Food Group serves a diverse customer base that encompasses independent and multi-unit restaurants, healthcare facilities, hospitality venues, schools, and other institutional customers.

Through its national broadline division, Performance Food Group provides next-day delivery of products sourced from both company-owned processing facilities and third-party suppliers.