California State Teachers Retirement System Sells 18,204 Shares of Sysco Corporation $SYY

Key Points

• California State Teachers Retirement System cut its Sysco stake by 2.8%, selling 18,204 shares and retaining 626,416 shares valued at approximately $44.7 million. Institutional investors collectively own 83.41% of Sysco.
• Analyst sentiment remains mixed: eight analysts rate Sysco a Buy, seven Hold, and one Sell, resulting in an average rating of Hold and a consensus price target of $88.
• Sysco shares opened at $84.65 after the company narrowly missed quarterly earnings and revenue estimates, reporting $0.94 in EPS and $20.52 billion in revenue; revenue nonetheless increased 4.7% year over year.

California State Teachers Retirement System reduced its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 626,416 shares of the company's stock after selling 18,204 shares during the quarter. California State Teachers Retirement System owned about 0.13% of Sysco worth $44,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of SYY. Royal Bank of Canada increased its holdings in Sysco by 128.7% in the 1st quarter. Royal Bank of Canada now owns 2,357,585 shares of the company's stock valued at $168,166,000 after acquiring an additional 1,326,600 shares during the last quarter. Richwood Investment Advisors LLC boosted its holdings in shares of Sysco by 63.8% during the 1st quarter. Richwood Investment Advisors LLC now owns 5,351 shares of the company's stock valued at $382,000 after purchasing an additional 2,085 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Sysco by 74.8% during the 1st quarter. Empowered Funds LLC now owns 97,033 shares of the company's stock valued at $6,921,000 after purchasing an additional 41,525 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Sysco by 17.8% during the first quarter. Quantinno Capital Management LP now owns 302,531 shares of the company's stock valued at $21,580,000 after purchasing an additional 45,706 shares in the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Sysco by 90.4% during the first quarter. Lazard Asset Management LLC now owns 163,453 shares of the company's stock valued at $11,659,000 after purchasing an additional 77,594 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Analyst Ratings Changes

SYY has been the topic of a number of research analyst reports. UBS Group decreased their target price on Sysco from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Thursday, April 2nd. Morgan Stanley raised their price target on Sysco from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Piper Sandler reduced their price objective on Sysco from $83.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Guggenheim decreased their price objective on Sysco from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Thursday, April 2nd. Finally, Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. 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 data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $88.00.

Insider Activity at Sysco

In related news, Director John M. Hinshaw bought 13,304 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was purchased at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the acquisition, the director owned 40,200 shares in the company, valued at $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.56% of the company's stock.

Sysco Stock Down 0.8%

Shares of NYSE:SYY opened at $84.65 on Friday. 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 Corporation has a 12 month low of $68.19 and a 12 month high of $91.85. The company has a 50-day moving average price of $80.28 and a 200 day moving average price of $80.10. The company has a market cap of $40.53 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 3.36 and a beta of 0.64.

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

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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