CCM Investment Group LLC Invests $2.14 Million in Sysco Corporation (NYSE:SYY)

Key Points

• CCM Investment Group LLC has acquired a new stake in Sysco Corporation, purchasing 28,829 shares valued at approximately $2.136 million.
• Several hedge funds have recently adjusted their positions in Sysco, with 83.41% of the stock owned by institutional investors.
• Analysts have increased price targets for Sysco, with Truist Financial raising their target from $81.00 to $90.00, while ten analysts now rate the stock as a "buy."

CCM Investment Group LLC acquired a new stake in Sysco Corporation (NYSE:SYY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 28,829 shares of the company's stock, valued at approximately $2,136,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC increased its holdings in Sysco by 188.7% in the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock valued at $25,000 after buying an additional 217 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Sysco in the fourth quarter valued at $29,000. Golden State Wealth Management LLC increased its holdings in Sysco by 48.4% in the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock valued at $32,000 after buying an additional 140 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in Sysco in the first quarter valued at $33,000. Finally, Capital A Wealth Management LLC purchased a new position in Sysco in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 83.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SYY. Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the company an "overweight" rating in a report on Tuesday, April 22nd. Guggenheim boosted their target price on shares of Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Bank of America boosted their target price on shares of Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Wall Street Zen lowered shares of Sysco from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Finally, Wells Fargo & Company set a $88.00 price target on shares of Sysco and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Sysco has an average rating of "Moderate Buy" and a consensus target price of $85.69.

Sysco Trading Up 1.8%

Shares of Sysco stock traded up $1.46 on Wednesday, reaching $82.21. The company had a trading volume of 3,916,437 shares, compared to its average volume of 3,353,022. The firm's 50 day moving average price is $77.21 and its two-hundred day moving average price is $73.99. The firm has a market cap of $39.85 billion, a PE ratio of 22.04, a PEG ratio of 2.47 and a beta of 0.83. Sysco Corporation has a 52-week low of $67.12 and a 52-week high of $82.64. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21.

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

Insiders Place Their Bets

In related news, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 30,235 shares of the company's stock, valued at $2,449,035. This trade represents a 55.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 56,304 shares in the company, valued at $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,740 shares of company stock worth $6,256,893 over the last ninety days. Insiders own 0.54% of the company's stock.

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.