Stock Traders Purchase High Volume of Performance Food Group Call Options (NYSE:PFGC)

Performance Food Group (NYSE:PFGC) was the target of unusually large options trading activity on Tuesday. Investors purchased 38,937 call options on the company. This is an increase of approximately 2,848% compared to the typical daily volume of 1,321 call options.

A number of brokerages have issued reports on PFGC. BTIG Research raised their price target on shares of Performance Food Group from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, March 31st. Morgan Stanley raised their price target on shares of Performance Food Group from $58.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 12th. Zacks Investment Research raised shares of Performance Food Group from a “sell” rating to a “hold” rating in a report on Thursday, July 8th. Finally, Piper Sandler began coverage on shares of Performance Food Group in a report on Friday, April 9th. They issued an “overweight” rating and a $64.00 price target on the stock. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $60.00.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Performance Food Group by 9.0% during the 1st quarter. BlackRock Inc. now owns 10,624,423 shares of the food distribution company’s stock valued at $612,073,000 after purchasing an additional 880,931 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Performance Food Group by 6.0% during the 1st quarter. JPMorgan Chase & Co. now owns 8,917,110 shares of the food distribution company’s stock valued at $513,714,000 after acquiring an additional 502,399 shares during the period. Clearbridge Investments LLC lifted its position in Performance Food Group by 0.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,973,668 shares of the food distribution company’s stock valued at $171,313,000 after acquiring an additional 14,953 shares during the period. Victory Capital Management Inc. lifted its position in Performance Food Group by 21.0% during the 1st quarter. Victory Capital Management Inc. now owns 2,829,636 shares of the food distribution company’s stock valued at $163,015,000 after acquiring an additional 492,029 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Performance Food Group by 10.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,719,885 shares of the food distribution company’s stock valued at $156,693,000 after acquiring an additional 263,717 shares during the period. 99.03% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PFGC opened at $45.73 on Thursday. The company’s 50-day moving average is $48.94. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -40.47 and a beta of 1.71. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.38 and a quick ratio of 0.71. Performance Food Group has a 1-year low of $26.51 and a 1-year high of $59.89.

Performance Food Group (NYSE:PFGC) last announced its earnings results on Wednesday, May 5th. The food distribution company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.09). The company had revenue of $7.20 billion for the quarter, compared to the consensus estimate of $7.01 billion. Performance Food Group had a negative net margin of 0.53% and a negative return on equity of 0.19%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 EPS. As a group, sell-side analysts expect that Performance Food Group will post 1.3 earnings per share for the current fiscal year.

About Performance Food Group

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates in two segments, Foodservice and Vistar. The company offers a range of frozen foods, including meats, fully prepared appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products, as well as beef, seafood, shortenings and oils, baked goods, salad dressings, teas and cocoas, pork, and others.

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