Sysco Corporation (NYSE:SYY) Shares Sold by Associated Banc Corp

Key Points

• Associated Banc Corp reduced its holdings in Sysco Corporation by 34.0%, selling 89,909 shares during the first quarter, and owning 174,640 shares valued at approximately $13.1 million.
• Multiple institutional investors have made adjustments to their positions in Sysco, with Boyd Watterson Asset Management increasing its holdings by 106.4% during the same period.
• Sysco recently reported $1.48 earnings per share, exceeding analysts' expectations and showing a 2.8% year-over-year revenue growth, amounting to $21.14 billion for the quarter.

Associated Banc Corp decreased its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 34.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 174,640 shares of the company's stock after selling 89,909 shares during the period. Associated Banc Corp's holdings in Sysco were worth $13,105,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SYY. Invesco Ltd. lifted its position in 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 acquiring an additional 851,441 shares during the period. Capital Research Global Investors raised its stake in shares of 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 purchasing an additional 1,928,002 shares during the last quarter. FMR LLC lifted its holdings in shares of Sysco by 0.8% during the fourth quarter. FMR LLC now owns 7,590,141 shares of the company's stock worth $580,342,000 after purchasing an additional 60,059 shares during the period. Diamond Hill Capital Management Inc. grew its position in 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 during the last quarter. Finally, Northern Trust Corp increased its stake in Sysco by 11.6% in the 4th quarter. Northern Trust Corp now owns 5,683,453 shares of the company's stock valued at $434,557,000 after buying an additional 588,844 shares during the period. Institutional investors and hedge funds own 83.41% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group set a $90.00 target price on shares of Sysco in a research note on Wednesday, July 30th. Guggenheim increased their price target on shares of Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a report on Wednesday. Citigroup began coverage on shares of Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective for the company. Truist Financial boosted their target price on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company set a $88.00 price target on Sysco and gave the company an "overweight" rating in a report on Tuesday, July 29th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.69.

Sysco Price Performance

Sysco stock traded down $1.18 during trading hours on Thursday, hitting $80.29. The stock had a trading volume of 4,229,704 shares, compared to its average volume of 3,236,426. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23. The stock has a market capitalization of $38.92 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 2.52 and a beta of 0.83. The stock's fifty day moving average is $76.78 and its two-hundred day moving average is $73.85. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.70.

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

Insider Transactions at Sysco

In related news, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the sale, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This represents a 55.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the completion of the sale, the executive vice president directly owned 56,304 shares in the company, valued at approximately $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. 0.54% of the stock is currently owned by corporate 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.