Performance Food Group Company $PFGC Shares Purchased by Candlestick Capital Management LP

Key Points

• Candlestick Capital Management LP boosted its stake in Performance Food Group by 613.4% in Q3, buying an additional 504,371 shares to own 586,599 shares (about $61.03M, or 0.37% of the company), making PFGC its 22nd largest holding.
• Several large institutions including Wellington, Invesco, UBS, Norges Bank and MFS also added or initiated sizable positions, leaving 96.87% of the stock held by institutional investors and hedge funds.
• Performance Food Group recently missed earnings and revenue estimates (EPS $0.98 vs. $1.07 expected; revenue $16.44B vs. $16.54B), trades below its 50- and 200-day averages, and carries a consensus "Moderate Buy" rating with an average price target of $116.44.

Candlestick Capital Management LP raised its position in Performance Food Group Company (NYSE:PFGC - Free Report) by 613.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 586,599 shares of the food distribution company's stock after purchasing an additional 504,371 shares during the quarter. Performance Food Group accounts for approximately 1.5% of Candlestick Capital Management LP's portfolio, making the stock its 22nd largest position. Candlestick Capital Management LP owned about 0.37% of Performance Food Group worth $61,030,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Performance Food Group by 46.2% in the third quarter. Wellington Management Group LLP now owns 6,213,443 shares of the food distribution company's stock valued at $646,447,000 after buying an additional 1,964,799 shares in the last quarter. Norges Bank purchased a new stake in shares of Performance Food Group in the 2nd quarter valued at $163,954,000. Massachusetts Financial Services Co. MA acquired a new position in Performance Food Group during the 3rd quarter worth about $152,717,000. Invesco Ltd. lifted its stake in 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 worth $275,400,000 after acquiring an additional 1,168,869 shares in the last quarter. Finally, UBS Group AG boosted its holdings in Performance Food Group by 246.4% during the 3rd quarter. UBS Group AG now owns 1,158,288 shares of the food distribution company's stock valued at $120,508,000 after acquiring an additional 823,882 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Performance Food Group

In related news, insider Chasity D. Grosh sold 1,843 shares of the company'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 transaction of $169,611.29. Following the sale, the insider directly owned 6,601 shares in the company, valued at approximately $607,490.03. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.50% of the company's stock.

Performance Food Group Trading Up 1.1%

NYSE:PFGC opened at $88.19 on Friday. Performance Food Group Company has a 12-month low of $68.39 and a 12-month high of $109.05. The firm has a market cap of $13.83 billion, a PE ratio of 40.09, a price-to-earnings-growth ratio of 1.24 and a beta of 0.91. The company has a current ratio of 1.60, a quick ratio of 0.68 and a debt-to-equity ratio of 1.45. The stock has a fifty day moving average price of $93.43 and a 200 day moving average price of $96.70.

Performance Food Group (NYSE:PFGC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.09). The company had revenue of $16.44 billion for 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%.Performance Food Group's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.98 EPS. Sell-side analysts anticipate that Performance Food Group Company will post 4.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Guggenheim reaffirmed a "buy" rating on shares of Performance Food Group in a research report on Thursday, December 18th. Sanford C. Bernstein reissued an "outperform" rating on shares of Performance Food Group in a research report on Thursday, February 5th. Morgan Stanley reduced their price target on shares of Performance Food Group from $123.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, February 5th. Piper Sandler lowered their price objective on shares of Performance Food Group from $116.00 to $111.00 and set an "overweight" rating for the company in a research note on Friday, December 12th. Finally, Zacks Research downgraded shares of Performance Food Group from a "hold" rating to a "strong sell" rating in a research note on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $116.44.

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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