BlackRock Inc. Takes $3.60 Billion Position in Sysco Corporation $SYY

BlackRock Inc. acquired a new stake in Sysco Corporation (NYSE:SYY - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 43,028,910 shares of the company's stock, valued at approximately $3,596,356,000. BlackRock Inc. owned approximately 8.99% of Sysco as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the business. Norges Bank acquired a new position in Sysco in the 4th quarter valued at $542,780,000. Wellington Management Group LLP boosted its holdings in Sysco by 3,977.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,711,376 shares of the company's stock valued at $387,935,000 after purchasing an additional 4,595,819 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Sysco in the second quarter worth approximately $273,323,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Sysco during the 2nd quarter worth $203,861,000. Finally, First Nebraska Trust Co purchased a new position in Sysco during the first quarter worth about $156,697,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SYY shares. Melius Research cut Sysco from a "hold" rating to a "sell" rating in a research note on Tuesday, July 7th. Citigroup increased their price objective on shares of Sysco from $82.00 to $86.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. Sanford C. Bernstein cut their target price on Sysco from $90.00 to $85.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft lowered shares of Sysco from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a research note on Tuesday, April 28th. Finally, Barclays reduced their price objective on Sysco from $92.00 to $86.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sysco has an average rating of "Hold" and an average target price of $89.50.

Insider Buying and Selling

In other news, Director John M. Hinshaw acquired 13,304 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average cost of $75.17 per share, with a total value of $1,000,061.68. Following the purchase, the director directly owned 40,200 shares of the company's stock, valued at approximately $3,021,834. This trade represents a 49.46% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ronald L. Phillips sold 367 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $83.39, for a total value of $30,604.13. Following the completion of the transaction, the executive vice president owned 38,650 shares of the company's stock, valued at approximately $3,223,023.50. This represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.56% of the company's stock.

Sysco Price Performance

Shares of NYSE:SYY opened at $82.07 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 4.62. Sysco Corporation has a 52 week low of $68.19 and a 52 week high of $91.85. The company has a market cap of $39.29 billion, a P/E ratio of 22.42, a PEG ratio of 2.84 and a beta of 0.64. The company has a 50-day moving average price of $82.40 and a 200 day moving average price of $80.63.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.51 by $0.02. The firm had revenue of $22.12 billion for the quarter, compared to analyst estimates of $21.95 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%.Sysco's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 earnings per share. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. Research analysts predict that Sysco Corporation will post 5.1 earnings per share for the current year.

Sysco Company 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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