Amundi Cuts Stake in Sysco Corporation $SYY

Key Points

• Amundi reduced its Sysco stake by 1.5% in the first quarter, selling 35,452 shares and retaining 2.34 million shares worth approximately $167.2 million. Institutional investors collectively own 83.41% of Sysco.
• Sysco shares opened at $84.65, while the company’s latest quarterly results narrowly missed expectations, with earnings of $0.94 per share and revenue of $20.52 billion. Revenue nonetheless increased 4.7% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an $88 price target; meanwhile, director John M. Hinshaw bought more than $1 million of Sysco stock, increasing his position by 49.46%.

Amundi cut its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,344,297 shares of the company's stock after selling 35,452 shares during the quarter. Amundi owned about 0.49% of Sysco worth $167,219,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Lloyd Advisory Services LLC. bought a new position in shares of Sysco during the fourth quarter valued at $25,000. Motiv8 Investments LLC purchased a new position in Sysco in the 4th quarter worth about $25,000. Torren Management LLC bought a new position in Sysco during the 4th quarter valued at about $27,000. Bard Associates Inc. purchased a new stake in shares of Sysco during the 4th quarter valued at about $27,000. Finally, Elyxium Wealth LLC bought a new stake in shares of Sysco in the fourth quarter worth approximately $28,000. Institutional investors own 83.41% of the company's stock.

Insiders Place Their Bets

In other Sysco news, Director John M. Hinshaw purchased 13,304 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was acquired at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the purchase, the director owned 40,200 shares of the company's stock, valued at approximately $3,021,834. This represents a 49.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.56% of the company's stock.

Sysco Trading Down 0.8%

Sysco stock opened at $84.65 on Friday. Sysco Corporation has a 12-month low of $68.19 and a 12-month high of $91.85. The firm has a market capitalization of $40.53 billion, a price-to-earnings ratio of 23.45, a P/E/G ratio of 3.36 and a beta of 0.64. The firm has a 50 day moving average of $80.28 and a 200 day moving average of $80.10. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 5.58.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.01). The firm had revenue of $20.52 billion during the quarter, compared to the consensus estimate of $20.56 billion. Sysco had a return on equity of 103.57% and a net margin of 2.08%.The business's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.96 earnings per share. As a group, research analysts predict that Sysco Corporation will post 4.59 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a "hold (c+)" rating on shares of Sysco in a research note on Friday, June 26th. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Morgan Stanley upped their price target on shares of Sysco from $84.00 to $88.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. UBS Group cut their target price on shares of Sysco from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, April 2nd. Finally, Barclays decreased their price target on shares of Sysco from $92.00 to $86.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $88.00.

Sysco Profile

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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