141,244 Shares in Sysco Corporation $SYY Bought by Cibc World Market Inc.

Key Points

• CIBC World Market Inc. acquired 141,244 Sysco shares worth approximately $11.8 million during the second quarter. Institutional investors collectively own 83.41% of Sysco’s outstanding stock.
• Sysco exceeded quarterly expectations, reporting $1.53 in earnings per share and $22.12 billion in revenue, with revenue up 4.7% year over year. Analysts project $5.12 in full-year EPS, while the stock carries a “Moderate Buy” consensus rating and an $89.50 price target.
• Sysco declared a quarterly dividend of $0.55 per share, equivalent to $2.20 annually and a 2.6% yield. An executive’s separate sale of 367 shares was conducted under a pre-arranged plan to cover tax obligations.

Cibc World Market Inc. bought a new position in shares of Sysco Corporation (NYSE:SYY - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 141,244 shares of the company's stock, valued at approximately $11,805,000.

A number of other hedge funds have also made changes to their positions in SYY. Nicholas Company Inc. acquired a new stake in Sysco in the 4th quarter valued at about $2,278,000. Norges Bank acquired a new position in Sysco during the fourth quarter worth about $542,780,000. Banque Cantonale Vaudoise lifted its holdings in shares of Sysco by 301.9% in the first quarter. Banque Cantonale Vaudoise now owns 16,828 shares of the company's stock valued at $1,200,000 after purchasing an additional 12,641 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Sysco in the fourth quarter valued at about $52,672,000. Finally, Parnassus Investments LLC grew its position in shares of Sysco by 1.0% in the fourth quarter. Parnassus Investments LLC now owns 1,611,005 shares of the company's stock valued at $118,715,000 after purchasing an additional 15,539 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Down 0.3%

Shares of SYY opened at $83.86 on Tuesday. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85. The company's fifty day moving average is $82.74 and its two-hundred day moving average is $80.62. The firm has a market cap of $40.15 billion, a PE ratio of 22.91, a price-to-earnings-growth ratio of 2.87 and a beta of 0.64. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 4.62.

Sysco (NYSE:SYY - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.02. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The business had revenue of $22.12 billion for the quarter, compared to analyst estimates of $21.95 billion. During the same period last year, the company posted $1.48 EPS. The business's quarterly revenue was up 4.7% on a year-over-year basis. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. Analysts forecast that Sysco Corporation will post 5.12 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd will be issued a dividend of $0.55 per share. The ex-dividend date is Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.6%. Sysco's payout ratio is presently 60.11%.

Insider Activity

In related news, EVP Ronald L. Phillips sold 367 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $83.39, for a total transaction of $30,604.13. Following the completion of the sale, the executive vice president owned 38,650 shares of the company's stock, valued at approximately $3,223,023.50. This represents a 0.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Sysco from $82.00 to $86.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 5th. Piper Sandler increased their target price on Sysco from $77.00 to $84.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. UBS Group raised their price target on Sysco from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Sanford C. Bernstein dropped their price target on Sysco from $90.00 to $85.00 and set a "market perform" rating for the company in a research report on Wednesday, April 29th. Finally, Melius Research cut Sysco from a "hold" rating to a "sell" rating in a report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Sysco has an average rating of "Moderate Buy" and a consensus price target of $89.50.

About Sysco

Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.

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