Performance Food Group Target of Unusually High Options Trading (NYSE:PFGC)

Key Points

• Investors bought an unusually high number of call options on PFGC on Tuesday — 6,113 call contracts, roughly a 531% increase versus the typical volume of 969 calls.
• Several analysts have trimmed price targets recently, leaving the stock with a consensus rating of "Moderate Buy" and a consensus price target of $116.44.
• Performance Food Group recently missed quarterly estimates (EPS $0.98 vs. $1.07 expected; revenue $16.44B vs. $16.54B expected), and the shares last traded at about $88.47 with a trailing P/E of 40.18.

Performance Food Group Company (NYSE:PFGC - Get Free Report) was the target of some unusual options trading on Tuesday. Investors bought 6,113 call options on the stock. This is an increase of approximately 531% compared to the typical volume of 969 call options.

Analysts Set New Price Targets

Several equities research analysts recently commented on PFGC shares. Weiss Ratings reissued a "hold (c)" rating on shares of Performance Food Group in a research note on Friday, March 27th. Morgan Stanley lowered their price target on Performance Food Group from $123.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, February 5th. Citigroup lowered their price target on Performance Food Group from $127.00 to $126.00 and set a "buy" rating for the company in a research note on Friday, February 6th. Barclays lowered their price target on Performance Food Group from $120.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, January 7th. Finally, UBS Group lowered their price target on Performance Food Group from $120.00 to $108.00 and set a "buy" rating for the company in a research note on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $116.44.

Insider Activity at Performance Food Group

In related news, insider Chasity D. Grosh sold 1,843 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider owned 6,601 shares of the company's stock, valued at approximately $607,490.03. The trade was a 21.83% decrease in their position. The sale 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 Investors Weigh In On Performance Food Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in PFGC. PNC Financial Services Group Inc. increased its position in shares of Performance Food Group by 1.0% during the third quarter. PNC Financial Services Group Inc. now owns 10,897 shares of the food distribution company's stock valued at $1,134,000 after purchasing an additional 113 shares during the period. HB Wealth Management LLC grew its position in Performance Food Group by 3.8% in the first quarter. HB Wealth Management LLC now owns 3,328 shares of the food distribution company's stock valued at $285,000 after acquiring an additional 122 shares during the period. Arax Advisory Partners grew its position in Performance Food Group by 7.4% in the fourth quarter. Arax Advisory Partners now owns 2,043 shares of the food distribution company's stock valued at $184,000 after acquiring an additional 140 shares during the period. Smartleaf Asset Management LLC grew its position in Performance Food Group by 16.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the food distribution company's stock valued at $91,000 after acquiring an additional 143 shares during the period. Finally, US Bancorp DE grew its position in Performance Food Group by 4.6% in the third quarter. US Bancorp DE now owns 3,283 shares of the food distribution company's stock valued at $342,000 after acquiring an additional 144 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Performance Food Group Stock Performance

PFGC traded down $0.20 on Tuesday, hitting $88.47. The company had a trading volume of 278,092 shares, compared to its average volume of 2,199,621. The company's fifty day moving average price is $89.19 and its 200 day moving average price is $92.95. Performance Food Group has a 1-year low of $77.44 and a 1-year high of $109.05. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.60 and a quick ratio of 0.68. The stock has a market cap of $13.87 billion, a price-to-earnings ratio of 40.18, a price-to-earnings-growth ratio of 1.42 and a beta of 0.94.

Performance Food Group (NYSE:PFGC - Get Free Report) last posted its 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). Performance Food Group had a return on equity of 15.64% and a net margin of 0.52%.The company had revenue of $16.44 billion during the quarter, compared to analyst estimates of $16.54 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts predict that Performance Food Group will post 4.59 earnings per share for the current fiscal year.

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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