Charles Schwab Investment Management Inc. Boosts Stock Holdings in Sysco Corporation (NYSE:SYY)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Sysco Corporation by 2.2% in the first quarter, now owning 3,104,238 shares worth approximately $232.9 million.
• Several hedge funds also boosted their investment in Sysco, with Capital Research Global Investors increasing their stake by 27.3% to 8,991,476 shares valued at about $687.5 million.
• Sysco's most recent earnings report showed a quarterly revenue of $21.14 billion and an EPS of $1.48, exceeding analyst expectations, with a year-over-year revenue growth of 2.8%.

Charles Schwab Investment Management Inc. raised its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 2.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,104,238 shares of the company's stock after buying an additional 65,584 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.64% of Sysco worth $232,942,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Capital Research Global Investors raised its position 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 acquiring an additional 1,928,002 shares during the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of Sysco by 2.0% in the first quarter. Diamond Hill Capital Management Inc. now owns 7,353,551 shares of the company's stock worth $551,810,000 after acquiring an additional 146,573 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Sysco by 11.6% in the fourth quarter. Northern Trust Corp now owns 5,683,453 shares of the company's stock worth $434,557,000 after acquiring an additional 588,844 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Sysco by 19.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,695,636 shares of the company's stock worth $359,028,000 after acquiring an additional 777,271 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Sysco by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,283,713 shares of the company's stock worth $327,533,000 after acquiring an additional 213,838 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on SYY. Bank of America increased their price target on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Citigroup assumed coverage on Sysco in a research report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price target for the company. Guggenheim raised their price objective on Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Barclays raised their price objective on Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.69.

Sysco Price Performance

Shares of SYY traded up $0.90 during midday trading on Tuesday, hitting $80.77. The company's stock had a trading volume of 2,512,032 shares, compared to its average volume of 3,397,027. Sysco Corporation has a one year low of $67.12 and a one year high of $82.23. The company's fifty day simple moving average is $77.07 and its two-hundred day simple moving average is $73.94. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. The stock has a market capitalization of $39.15 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 2.47 and a beta of 0.83.

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

Insider Transactions at Sysco

In other news, EVP Ronald L. Phillips sold 37,606 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was 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. The trade was a 55.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Greg D. Bertrand sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the sale, the executive vice president directly owned 56,304 shares of the company's stock, valued at $4,504,320. This 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 three months. 0.54% of the stock is owned by company insiders.

Sysco Company 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.