Allen Investment Management LLC Sells 16,709 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• Allen Investment Management LLC reduced its stake in Sysco Corporation by 34.0%, selling 16,709 shares, leaving them with 32,368 shares valued at $2,429,000.
• Insider trading reports indicate that Sysco executives sold a total of 77,962 shares in the last quarter, signaling a decrease in ownership among insiders.
• Analysts have mixed outlooks on Sysco, with Barclays and BMO lowering their target prices to $77.00, while Bank of America set a target of $93.00, indicating a range of opinions on the stock's future performance.

Allen Investment Management LLC lowered its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 34.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 32,368 shares of the company's stock after selling 16,709 shares during the period. Allen Investment Management LLC's holdings in Sysco were worth $2,429,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its holdings in shares of Sysco by 5.3% during the 4th quarter. Invesco Ltd. now owns 16,907,541 shares of the company's stock worth $1,292,751,000 after purchasing an additional 851,441 shares in the last quarter. Geode Capital Management LLC boosted its stake in Sysco by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company's stock worth $905,120,000 after buying an additional 233,885 shares in the last quarter. Capital Research Global Investors boosted its stake in Sysco by 27.3% during the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock worth $687,488,000 after buying an additional 1,928,002 shares in the last quarter. FMR LLC increased its holdings in Sysco by 0.8% in the 4th quarter. FMR LLC now owns 7,590,141 shares of the company's stock valued at $580,342,000 after buying an additional 60,059 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of Sysco by 2.0% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 7,353,551 shares of the company's stock valued at $551,810,000 after buying an additional 146,573 shares in the last quarter. Institutional investors own 83.41% of the company's stock.

Sysco Price Performance

Shares of NYSE:SYY traded up $0.06 during midday trading on Monday, reaching $80.36. The company's stock had a trading volume of 4,450,648 shares, compared to its average volume of 2,545,264. The business's fifty day simple moving average is $75.40 and its 200-day simple moving average is $73.46. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The company has a market capitalization of $38.95 billion, a P/E ratio of 20.82, a P/E/G ratio of 2.37 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. During the same period in the prior year, the company earned $0.96 EPS. The firm's revenue was up 1.1% compared to the same quarter last year. As a group, equities research analysts expect that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on SYY shares. UBS Group lifted their target price on shares of Sysco from $83.00 to $91.00 and gave the company a "buy" rating in a research report on Monday. BMO Capital Markets decreased their price objective on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. increased their target price on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Finally, Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Sysco has an average rating of "Moderate Buy" and a consensus price target of $83.85.

Insider Buying and Selling at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the sale, the director directly owned 12,738 shares of the company's stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ronald L. Phillips sold 37,606 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total transaction of $3,046,086.00. Following the transaction, the executive vice president owned 30,235 shares in the company, valued at approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 77,962 shares of company stock worth $6,271,305. Insiders own 0.54% of the company's stock.

Sysco Profile

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.