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

Performance Food Group Company (NYSE:PFGC) saw strong trading volume on Tuesday . 4,526,240 shares changed hands during 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.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Zacks Research upgraded Performance Food Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Citigroup reduced their price objective on shares of Performance Food Group from $127.00 to $126.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Morgan Stanley dropped their target price on shares of Performance Food Group from $123.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, February 5th. Sanford C. Bernstein reissued an “outperform” rating on shares of Performance Food Group in a research report on Thursday, February 5th. Finally, Barclays lowered their price objective on Performance Food Group from $120.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Performance Food Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.44.

Performance Food Group Price Performance

The stock has a market capitalization of $14.15 billion, a PE ratio of 41.02, a PEG ratio of 1.42 and a beta of 0.94. The firm’s fifty day moving average price is $89.68 and its two-hundred day moving average price is $93.24. The company has a quick ratio of 0.68, a current ratio of 1.60 and a debt-to-equity ratio of 1.45.

Performance Food Group (NYSE:PFGC) last issued its earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.09). The company 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 revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 EPS. On average, equities analysts predict that Performance Food Group Company will post 4.59 earnings per share for the current year.

Insider Buying and Selling

In other Performance Food Group news, insider Chasity D. Grosh sold 1,843 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $92.03, for a total value of $169,611.29. Following the transaction, the insider owned 6,601 shares of the company’s stock, valued at approximately $607,490.03. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Performance Food Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Root Financial Partners LLC purchased a new stake in Performance Food Group during the third quarter valued at approximately $39,000. Torren Management LLC bought a new position in Performance Food Group in the 4th quarter worth $41,000. Eastern Bank purchased a new position in Performance Food Group during the third quarter valued at $47,000. Lloyd Advisory Services LLC. bought a new stake in Performance Food Group during the fourth quarter valued at about $43,000. Finally, Mather Group LLC. purchased a new stake in Performance Food Group in the third quarter worth about $55,000. 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.