Sysco Corporation (NYSE:SYY) Shares Sold by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB has reduced its stake in Sysco Corporation by 2.1%, selling 3,469 shares and now holding 158,590 shares valued at approximately $11.9 million.
• Despite some sell-offs, various hedge funds, such as Capital Research Global Investors and Canoe Financial LP, have significantly increased their positions, with the latter boosting holdings by over 29,000%.
• Sysco Corporation reported better-than-expected quarterly earnings, with $1.48 EPS beating the consensus estimate and revenue of $21.14 billion, marking a 2.8% year-over-year increase.

AMF Tjanstepension AB lowered its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 2.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 158,590 shares of the company's stock after selling 3,469 shares during the quarter. AMF Tjanstepension AB's holdings in Sysco were worth $11,901,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Capital Research Global Investors lifted its position in shares of Sysco by 27.3% in the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Canoe Financial LP lifted its position in Sysco by 29,610.4% during the first quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock worth $107,393,000 after buying an additional 1,426,332 shares in the last quarter. Burgundy Asset Management Ltd. lifted its position in Sysco by 251.6% during the fourth quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock worth $111,026,000 after buying an additional 1,039,088 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Sysco by 9,792.2% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock worth $74,978,000 after buying an additional 970,703 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in Sysco by 1,940.1% during the first quarter. Mackenzie Financial Corp now owns 1,016,660 shares of the company's stock worth $76,290,000 after buying an additional 966,826 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Insiders Place Their Bets

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 value of $3,046,086.00. Following the completion of the sale, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the business's 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 transaction, the executive vice president directly owned 56,304 shares of the company's stock, valued at $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SYY shares. Guggenheim lifted their price objective on Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a research report on Wednesday. Morgan Stanley lifted their price objective on Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Wells Fargo & Company set a $88.00 price objective on Sysco and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Citigroup began coverage on Sysco in a research report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective on the stock. Finally, Bank of America lifted 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. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Sysco currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.69.

Sysco Trading Up 0.3%

Shares of NYSE SYY traded up $0.27 during trading on Friday, reaching $80.64. The stock had a trading volume of 3,584,571 shares, compared to its average volume of 3,329,106. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The business's 50-day moving average price is $76.94 and its 200-day moving average price is $73.91. The company has a market cap of $39.09 billion, a P/E ratio of 21.62, a PEG ratio of 2.50 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $21.01 billion. During the same period in the previous year, the firm posted $1.39 earnings per share. The company's revenue was up 2.8% on a year-over-year basis. On average, equities research analysts predict that Sysco Corporation will post 4.58 EPS for the current fiscal year.

About Sysco

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.