Performance Food Group Company (NYSE:PFGC) Short Interest Update

Key Points

• Short interest in Performance Food Group dropped 16.5% in April to 5,661,782 shares (about 3.8% of shares outstanding), leaving a days-to-cover ratio of 4.2.
• The company recently missed quarterly expectations—EPS $0.98 vs. $1.07 estimate and revenue $16.44B vs. $16.54B—and is trading with a market cap of $14.2B and a P/E of 41.15.
• Wall Street holds a consensus Moderate Buy rating with a $116.44 target, and institutional investors own roughly 96.87% of the stock, with large new stakes from Norges Bank, Wellington and others.

Performance Food Group Company (NYSE:PFGC - Get Free Report) saw a significant drop in short interest during the month of April. As of April 15th, there was short interest totaling 5,661,782 shares, a drop of 16.5% from the March 31st total of 6,779,142 shares. Approximately 3.8% of the shares of the company are short sold. Based on an average daily trading volume, of 1,360,046 shares, the days-to-cover ratio is presently 4.2 days.

Performance Food Group Price Performance

Shares of NYSE PFGC opened at $90.53 on Friday. The stock has a market cap of $14.20 billion, a P/E ratio of 41.15, a P/E/G ratio of 1.38 and a beta of 0.94. 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 has a fifty-two week low of $77.44 and a fifty-two week high of $109.05. The firm's 50-day simple moving average is $88.62 and its 200 day simple moving average is $92.82.

Performance Food Group (NYSE:PFGC - Get Free Report) last released its earnings results on Wednesday, February 4th. The food distribution company reported $0.98 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.09). The firm had revenue of $16.44 billion during the quarter, compared to analyst estimates of $16.54 billion. Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. Equities analysts expect that Performance Food Group will post 4.59 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Performance Food Group in a report on Friday, March 27th. Morgan Stanley cut their price target on Performance Food Group from $123.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, February 5th. Zacks Research raised Performance Food Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. UBS Group cut their price target on Performance Food Group from $120.00 to $108.00 and set a "buy" rating on the stock in a report on Thursday, February 5th. Finally, Citigroup cut their price target on Performance Food Group from $127.00 to $126.00 and set a "buy" rating on the stock in a report on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Performance Food Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.44.

Insider Transactions at Performance Food Group

In other Performance Food Group news, insider Chasity D. Grosh sold 1,843 shares of the firm's stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $92.03, for a total value of $169,611.29. Following the sale, the insider directly owned 6,601 shares in the company, valued at approximately $607,490.03. This trade represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.50% of the company's stock.

Institutional Trading of Performance Food Group

Several institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in Performance Food Group in the fourth quarter worth about $208,170,000. Wellington Management Group LLP raised its position in 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 worth $646,447,000 after acquiring an additional 1,964,799 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Performance Food Group in the third quarter worth about $152,717,000. Invesco Ltd. raised its position in Performance Food Group by 79.1% in the third 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, Eminence Capital LP raised its position in Performance Food Group by 60.5% in the fourth quarter. Eminence Capital LP now owns 2,647,353 shares of the food distribution company's stock worth $238,050,000 after acquiring an additional 998,249 shares in the last quarter. Institutional investors and hedge funds own 96.87% 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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