Performance Food Group (NYSE:PFGC) Short Interest Up 15.3% in August

by · The Markets Daily

Performance Food Group (NYSE:PFGC – Get Free Report) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 2,640,000 shares, an increase of 15.3% from the August 15th total of 2,290,000 shares. Based on an average trading volume of 1,130,000 shares, the short-interest ratio is currently 2.3 days.

Analysts Set New Price Targets

PFGC has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft upped their target price on Performance Food Group from $93.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Barclays lifted their price target on shares of Performance Food Group from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. StockNews.com upgraded shares of Performance Food Group from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. Wells Fargo & Company upped their price target on Performance Food Group from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group raised their price target on shares of Performance Food Group from $84.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $86.38.

Check Out Our Latest Analysis on PFGC

Insider Transactions at Performance Food Group

In other news, Director Kimberly Grant sold 4,000 shares of Performance Food Group stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $73.61, for a total transaction of $294,440.00. Following the completion of the sale, the director now owns 10,184 shares of the company’s stock, valued at $749,644.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Scott E. Mcpherson sold 25,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.64, for a total transaction of $1,866,000.00. Following the sale, the insider now owns 149,863 shares of the company’s stock, valued at $11,185,774.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kimberly Grant sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $73.61, for a total value of $294,440.00. Following the completion of the transaction, the director now owns 10,184 shares in the company, valued at approximately $749,644.24. The disclosure for this sale can be found here. Insiders sold a total of 100,500 shares of company stock worth $7,426,075 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Performance Food Group

Institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its position in Performance Food Group by 2.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,088 shares of the food distribution company’s stock valued at $469,000 after purchasing an additional 160 shares in the last quarter. CIBC Asset Management Inc lifted its position in Performance Food Group by 4.3% in the 2nd quarter. CIBC Asset Management Inc now owns 4,375 shares of the food distribution company’s stock worth $289,000 after buying an additional 179 shares during the last quarter. Cetera Investment Advisers boosted its stake in Performance Food Group by 0.4% in the second quarter. Cetera Investment Advisers now owns 46,037 shares of the food distribution company’s stock worth $3,044,000 after buying an additional 186 shares in the last quarter. Hanlon Investment Management Inc. grew its position in Performance Food Group by 1.4% during the first quarter. Hanlon Investment Management Inc. now owns 14,011 shares of the food distribution company’s stock valued at $1,046,000 after acquiring an additional 194 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its stake in shares of Performance Food Group by 1.9% during the first quarter. First Eagle Investment Management LLC now owns 10,971 shares of the food distribution company’s stock worth $819,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 96.87% of the company’s stock.

Performance Food Group Stock Performance

Shares of PFGC traded up $0.57 during trading hours on Tuesday, hitting $75.86. The company’s stock had a trading volume of 777,271 shares, compared to its average volume of 1,041,395. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 0.80 and a beta of 1.44. The business has a 50 day simple moving average of $69.59 and a two-hundred day simple moving average of $70.25. Performance Food Group has a 52-week low of $52.92 and a 52-week high of $78.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.64 and a quick ratio of 0.76.

Performance Food Group (NYSE:PFGC – Get Free Report) last posted its earnings results on Wednesday, August 14th. The food distribution company reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.08. Performance Food Group had a net margin of 0.75% and a return on equity of 17.03%. The business had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.25 billion. During the same quarter in the prior year, the firm posted $1.14 EPS. Performance Food Group’s revenue was up 2.3% on a year-over-year basis. On average, equities analysts expect that Performance Food Group will post 4.87 earnings per share for the current fiscal year.

About Performance Food Group

(Get Free Report)

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.

Recommended Stories