Magnetar Financial LLC Grows Stock Position in Performance Food Group (NYSE:PFGC)

Magnetar Financial LLC boosted its stake in Performance Food Group (NYSE:PFGC) by 174.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,226 shares of the food distribution company’s stock after acquiring an additional 44,599 shares during the quarter. Magnetar Financial LLC’s holdings in Performance Food Group were worth $4,643,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PFGC. Rise Advisors LLC purchased a new position in shares of Performance Food Group during the 1st quarter valued at approximately $29,000. Innealta Capital LLC acquired a new stake in shares of Performance Food Group during the 2nd quarter valued at approximately $30,000. Mather Group LLC. acquired a new stake in shares of Performance Food Group during the 1st quarter valued at approximately $44,000. GAMMA Investing LLC raised its position in shares of Performance Food Group by 65.2% during the 2nd quarter. GAMMA Investing LLC now owns 884 shares of the food distribution company’s stock valued at $58,000 after acquiring an additional 349 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Performance Food Group during the 2nd quarter valued at approximately $105,000. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Performance Food Group Price Performance

Shares of PFGC opened at $77.01 on Monday. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 28.74, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 1.64. Performance Food Group has a one year low of $52.92 and a one year high of $78.54. The stock’s fifty day moving average is $70.38 and its 200-day moving average is $70.24.

Performance Food Group (NYSE:PFGC) last announced its earnings results on Wednesday, August 14th. The food distribution company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.08. Performance Food Group had a return on equity of 17.03% and a net margin of 0.75%. The business had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.25 billion. During the same quarter last year, the business posted $1.14 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts anticipate that Performance Food Group will post 4.87 EPS for the current year.

Insider Activity at Performance Food Group

In related news, insider Patrick T. Hagerty sold 8,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the completion of the transaction, the insider now owns 162,987 shares in the company, valued at approximately $12,152,310.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Patrick T. Hagerty sold 8,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the completion of the sale, the insider now directly owns 162,987 shares of the company’s stock, valued at approximately $12,152,310.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider George L. Holm sold 63,500 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $73.53, for a total value of $4,669,155.00. Following the sale, the insider now directly owns 531,556 shares of the company’s stock, valued at $39,085,312.68. The disclosure for this sale can be found here. Insiders sold 100,500 shares of company stock worth $7,426,075 in the last quarter. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

PFGC has been the topic of several research reports. StockNews.com raised Performance Food Group from a “hold” rating to a “buy” rating in a research report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft upped their price target on Performance Food Group from $93.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group upped their price target on Performance Food Group from $84.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Morgan Stanley dropped their target price on Performance Food Group from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Finally, Truist Financial increased their target price on Performance Food Group from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $86.38.

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.