While the market looks for AI plays, billionaire Dan Loeb bought a new stake in a food service distributor.
Recent filings show billionaire Loeb's Third Point bought Performance Food Group (NYSE:PFGC) in the second quarter. The stake is worth about $75.5 million, and it's a new position for the fund.
Performance Food Group is one of the largest food distributors in North America. It buys food, drinks, and supplies from thousands of vendors and sends them to places that sell food away from home. It runs three businesses. Foodservice is the biggest. It supplies restaurants, from independent diners to chains like Jersey Mike's. This is where most of the profit comes from.
Convenience supplies convenience stores and gas stations with snacks, candy, drinks, and cigarettes. Specialty supplies vending machines, movie theaters, concession stands, and offices.
The stock recently fell after the company posted earnings. Revenue and earnings missed estimates. Net income jumped 23%, gross profit grew 8.3%, and adjusted profit grew 7.4%.
#group #billionaire #drinks
Recent filings show billionaire Loeb's Third Point bought Performance Food Group (NYSE:PFGC) in the second quarter. The stake is worth about $75.5 million, and it's a new position for the fund.
Performance Food Group is one of the largest food distributors in North America. It buys food, drinks, and supplies from thousands of vendors and sends them to places that sell food away from home. It runs three businesses. Foodservice is the biggest. It supplies restaurants, from independent diners to chains like Jersey Mike's. This is where most of the profit comes from.
Convenience supplies convenience stores and gas stations with snacks, candy, drinks, and cigarettes. Specialty supplies vending machines, movie theaters, concession stands, and offices.
The stock recently fell after the company posted earnings. Revenue and earnings missed estimates. Net income jumped 23%, gross profit grew 8.3%, and adjusted profit grew 7.4%.
#group #billionaire #drinks
6 hours ago
