Luxor Capital Group LP Takes Position in Performance Food Group Company $PFGC

Key Points

• Luxor Capital Group disclosed a new first-quarter position in Performance Food Group, buying 378,200 shares worth about $32.4 million. The stake represents roughly 2.3% of Luxor’s portfolio and 0.24% of PFGC.
• Performance Food Group recently reported better-than-expected quarterly results, with EPS of $0.80 versus $0.77 expected and revenue of $16.29 billion versus $16.17 billion estimated. Revenue rose 6.4% year over year.
• Wall Street remains generally constructive on the stock, with several analysts raising price targets and the consensus rating at “Moderate Buy.” However, company insiders sold shares during the quarter, including notable sales by two directors/officers.

Luxor Capital Group LP bought a new position in shares of Performance Food Group Company (NYSE:PFGC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 378,200 shares of the food distribution company's stock, valued at approximately $32,397,000. Performance Food Group comprises 2.3% of Luxor Capital Group LP's portfolio, making the stock its 12th biggest holding. Luxor Capital Group LP owned approximately 0.24% of Performance Food Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC purchased a new position in shares of Performance Food Group during the 1st quarter worth $28,000. Asset Planning Inc acquired a new stake in shares of Performance Food Group during the first quarter worth $35,000. Torren Management LLC purchased a new stake in shares of Performance Food Group in the fourth quarter valued at $41,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Performance Food Group in the fourth quarter valued at $43,000. Finally, Clearstead Advisors LLC increased its stake in Performance Food Group by 132.9% in the fourth quarter. Clearstead Advisors LLC now owns 587 shares of the food distribution company's stock valued at $53,000 after purchasing an additional 335 shares during the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.

Performance Food Group Price Performance

Shares of Performance Food Group stock opened at $111.45 on Friday. Performance Food Group Company has a twelve month low of $80.82 and a twelve month high of $116.42. The stock has a market capitalization of $17.51 billion, a P/E ratio of 53.07, a PEG ratio of 1.40 and a beta of 0.91. The company has a current ratio of 1.52, a quick ratio of 0.68 and a debt-to-equity ratio of 1.40. The business's fifty day moving average price is $104.68 and its 200 day moving average price is $95.86.

Performance Food Group (NYSE:PFGC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The food distribution company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. The company had revenue of $16.29 billion during the quarter, compared to analyst estimates of $16.17 billion. Performance Food Group had a return on equity of 15.33% and a net margin of 0.49%.The firm's revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.79 earnings per share. As a group, research analysts anticipate that Performance Food Group Company will post 4.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Guggenheim increased their target price on Performance Food Group from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, June 29th. Weiss Ratings restated a "hold (c)" rating on shares of Performance Food Group in a report on Wednesday, June 24th. Morgan Stanley upped their price objective on shares of Performance Food Group from $120.00 to $131.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Wells Fargo & Company increased their price objective on shares of Performance Food Group from $115.00 to $130.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Finally, Zacks Research raised shares of Performance Food Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Performance Food Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $123.82.

Insider Buying and Selling at Performance Food Group

In related news, Director Kimberly Grant sold 2,500 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $95.00, for a total transaction of $237,500.00. Following the completion of the sale, the director owned 11,935 shares of the company's stock, valued at approximately $1,133,825. This represents a 17.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hugh Patrick Hatcher sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $94.54, for a total transaction of $283,620.00. Following the completion of the transaction, the insider owned 44,655 shares in the company, valued at $4,221,683.70. The trade was a 6.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,187 shares of company stock worth $3,027,315 in the last quarter. Company insiders own 4.50% of the company's stock.

Performance Food Group Company Profile

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.

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