Picton Mahoney Asset Management Increases Position in Performance Food Group Company (NYSE:PFGC)

Key Points

• Picton Mahoney Asset Management increased its stake in Performance Food Group by 134.4% in the first quarter, now holding approximately $10.94 million worth of shares.
• Performance Food Group reported a 10.5% increase in quarterly revenue year-over-year, totaling $15.31 billion, but fell short of analysts' expectations for earnings per share.
• Insiders sold a total of 84,172 shares valued at approximately $7.53 million over the past 90 days, indicating significant insider activity within the company.

Picton Mahoney Asset Management boosted its stake in Performance Food Group Company (NYSE:PFGC - Free Report) by 134.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,085 shares of the food distribution company's stock after purchasing an additional 79,752 shares during the period. Picton Mahoney Asset Management owned about 0.09% of Performance Food Group worth $10,935,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PFGC. CENTRAL TRUST Co increased its stake in Performance Food Group by 476.5% in the 1st quarter. CENTRAL TRUST Co now owns 490 shares of the food distribution company's stock worth $39,000 after purchasing an additional 405 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Performance Food Group by 203.7% during the first quarter. Farther Finance Advisors LLC now owns 498 shares of the food distribution company's stock valued at $40,000 after purchasing an additional 334 shares in the last quarter. Signaturefd LLC boosted its holdings in Performance Food Group by 60.9% in the first quarter. Signaturefd LLC now owns 830 shares of the food distribution company's stock worth $65,000 after acquiring an additional 314 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Performance Food Group by 353.5% in the first quarter. Golden State Wealth Management LLC now owns 907 shares of the food distribution company's stock worth $71,000 after acquiring an additional 707 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in Performance Food Group by 34,133.3% in the first quarter. Versant Capital Management Inc now owns 1,027 shares of the food distribution company's stock worth $81,000 after acquiring an additional 1,024 shares in the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Performance Food Group

In other news, insider Erika T. Davis sold 8,200 shares of Performance Food Group stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $89.72, for a total value of $735,704.00. Following the transaction, the insider directly owned 46,722 shares in the company, valued at approximately $4,191,897.84. This trade represents a 14.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald S. Bulmer sold 2,404 shares of Performance Food Group stock in a transaction on Friday, May 30th. The shares were sold at an average price of $90.00, for a total value of $216,360.00. Following the completion of the transaction, the insider owned 51,350 shares in the company, valued at $4,621,500. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,172 shares of company stock worth $7,534,748 over the last three months. Corporate insiders own 2.80% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Citigroup started coverage on Performance Food Group in a report on Thursday, May 22nd. They set a "buy" rating and a $121.00 price target on the stock. Sanford C. Bernstein set a $112.00 price objective on Performance Food Group and gave the stock an "overweight" rating in a research note on Thursday, May 29th. UBS Group upped their price objective on Performance Food Group from $103.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Barclays increased their price target on Performance Food Group from $100.00 to $112.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Finally, Wall Street Zen lowered Performance Food Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Performance Food Group presently has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Performance Food Group Trading Down 0.3%

PFGC traded down $0.32 during trading on Friday, hitting $100.08. 546,222 shares of the stock were exchanged, compared to its average volume of 1,265,618. The firm has a 50 day simple moving average of $90.94 and a 200 day simple moving average of $85.15. The firm has a market cap of $15.62 billion, a price-to-earnings ratio of 41.53, a P/E/G ratio of 1.41 and a beta of 1.15. Performance Food Group Company has a 1 year low of $63.24 and a 1 year high of $103.50. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.73 and a current ratio of 1.61.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The food distribution company reported $0.79 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.07). The firm had revenue of $15.31 billion for the quarter, compared to analysts' expectations of $15.41 billion. Performance Food Group had a return on equity of 16.17% and a net margin of 0.61%. The company's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.80 earnings per share. As a group, equities analysts expect that Performance Food Group Company will post 4.58 EPS for the current year.

Performance Food Group Profile

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.