28,748 Sysco Corporation $SYY Shares Acquired by Summit Global Investments

Key Points

• Summit Global Investments increased its Sysco stake by 128.8% in the third quarter, acquiring 28,748 shares and bringing its holdings to 51,064 shares valued at approximately $3.98 million. Institutional investors collectively own 83.41% of Sysco.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $90.42; Morgan Stanley and UBS recently raised their targets, although one analyst downgraded the stock to sell.
• Sysco reported quarterly revenue of $22.12 billion and earnings of $1.53 per share, exceeding estimates, while revenue rose 4.7% year over year. The company also declared a quarterly dividend of $0.55 per share, representing a 2.7% yield.

Summit Global Investments lifted its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 128.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 51,064 shares of the company's stock after acquiring an additional 28,748 shares during the period. Summit Global Investments' holdings in Sysco were worth $3,981,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Sysco in the 2nd quarter worth approximately $3,596,356,000. Bank of America Corp DE purchased a new stake in shares of Sysco during the second quarter worth about $482,589,000. Primecap Management Co. CA bought a new stake in shares of Sysco in the second quarter worth about $313,503,000. Bank of New York Mellon Corp purchased a new position in Sysco during the 2nd quarter valued at about $273,323,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new position in Sysco during the 2nd quarter valued at about $203,861,000. Institutional investors own 83.41% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on SYY shares. Morgan Stanley upped their price objective on shares of Sysco from $88.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, October 15th. Weiss Ratings upgraded Sysco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 15th. UBS Group upped their target price on shares of Sysco from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Guggenheim reaffirmed a "buy" rating and set a $90.00 price target on shares of Sysco in a report on Wednesday, September 16th. Finally, Melius Research cut Sysco from a "hold" rating to a "sell" rating in a research report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $90.42.

Insider Buying and Selling

In other Sysco news, EVP Ronald Phillips sold 7,350 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $83.61, for a total value of $614,533.50. Following the completion of the transaction, the executive vice president directly owned 38,650 shares in the company, valued at $3,231,526.50. This represents a 15.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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. Over the last 90 days, insiders sold 15,525 shares of company stock valued at $1,299,736. 0.55% of the stock is currently owned by insiders.

Sysco Trading Up 0.4%

NYSE:SYY opened at $82.85 on Friday. The business has a fifty day moving average price of $80.54 and a 200-day moving average price of $80.51. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85. The firm has a market capitalization of $40.76 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 2.33 and a beta of 0.64.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.51 by $0.02. Sysco had a return on equity of 95.05% and a net margin of 2.08%. The firm had revenue of $22.12 billion for the quarter, compared to analysts' expectations of $21.95 billion. During the same period in the previous year, the firm earned $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. Sell-side analysts forecast that Sysco Corporation will post 5.09 EPS for the current year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd were given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, October 2nd. Sysco's payout ratio is presently 60.11%.

Sysco Profile

Sysco Corporation is a global foodservice distribution company headquartered in Houston, Texas. It supplies food and related products to restaurants, healthcare and educational institutions, hotels, government facilities, and other foodservice operators.

The company distributes a broad range of products, including fresh and frozen foods, meat and seafood, produce, dairy products, canned and packaged goods, beverages, and specialty food items. Sysco also provides nonfood products such as kitchen and dining supplies, equipment, and cleaning products, along with services intended to help customers manage menus, procurement, and operations.

Founded in 1969, Sysco serves customers primarily across the United States and Canada, as well as in parts of Europe and other international markets.

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