AlphaCore Capital LLC Makes New $462,000 Investment in Sysco Corporation (NYSE:SYY)

Key Points

• AlphaCore Capital LLC has made a new investment of approximately $462,000 in Sysco Corporation by purchasing 6,160 shares during the 1st quarter.
• Several other institutional investors, including Rialto Wealth Management and Golden State Wealth Management, have also increased their stakes in Sysco, indicating strong institutional interest with 83.41% of stock currently owned by institutional investors.
• Recently, multiple analysts upgraded Sysco's target prices, with Bank of America setting a new target price at $93.00, reflecting a positive outlook for the company amidst a consensus rating of "Moderate Buy."

AlphaCore Capital LLC purchased a new position in Sysco Corporation (NYSE:SYY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,160 shares of the company's stock, valued at approximately $462,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC boosted its stake in Sysco by 188.7% in the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after purchasing an additional 217 shares during the period. Parvin Asset Management LLC bought a new position in Sysco in the 4th quarter worth approximately $29,000. Golden State Wealth Management LLC boosted its stake in Sysco by 48.4% in the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after purchasing an additional 140 shares during the period. N.E.W. Advisory Services LLC bought a new position in Sysco in the 1st quarter worth approximately $33,000. Finally, Capital A Wealth Management LLC bought a new position in Sysco in the 4th quarter worth approximately $34,000. 83.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SYY has been the subject of a number of research reports. Morgan Stanley increased their target price on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Guggenheim increased their target price on Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a research report on Wednesday. Truist Financial increased their target price on Sysco from $81.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Bank of America increased their target price on Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, UBS Group set a $90.00 target price on Sysco in a research report on Wednesday, July 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $85.69.

Sysco Stock Up 0.3%

Shares of SYY opened at $80.64 on Friday. The company has a market cap of $39.09 billion, a PE ratio of 21.62, a P/E/G ratio of 2.50 and a beta of 0.83. The business has a fifty day moving average of $76.94 and a 200 day moving average of $73.91. Sysco Corporation has a 52-week low of $67.12 and a 52-week high of $82.23. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The business had revenue of $21.14 billion during the quarter, compared to the consensus estimate of $21.01 billion. During the same period last year, the company earned $1.39 earnings per share. The business's revenue for the quarter was up 2.8% compared to the same quarter last year. On average, sell-side analysts expect that Sysco Corporation will post 4.58 EPS for the current year.

Insider Buying and Selling at Sysco

In other news, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total transaction of $3,046,086.00. Following the completion of the sale, the executive vice president directly owned 30,235 shares in the company, valued at approximately $2,449,035. This trade represents a 55.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the sale, the executive vice president owned 56,304 shares of the company's stock, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

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.

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