CIBC Asset Management Inc Purchases 168,293 Shares of Sysco Corporation $SYY

Key Points

• CIBC Asset Management significantly increased its Sysco stake in Q4, buying 168,293 additional shares and lifting its holdings by 206.8% to 249,685 shares worth about $18.4 million.
• Sysco’s latest earnings slightly missed expectations, with quarterly EPS of $0.94 versus $0.95 expected and revenue of $20.52 billion versus $20.56 billion anticipated, though revenue still rose 4.7% year over year.
• The company raised its quarterly dividend to $0.55 per share from $0.54, putting the annualized payout at $2.20 and the yield at about 3.0%.

CIBC Asset Management Inc raised its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 206.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 249,685 shares of the company's stock after buying an additional 168,293 shares during the period. CIBC Asset Management Inc owned about 0.05% of Sysco worth $18,399,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Sysco during the third quarter worth about $25,000. Lloyd Advisory Services LLC. bought a new position in Sysco during the 4th quarter valued at approximately $25,000. Torren Management LLC bought a new position in Sysco during the 4th quarter valued at approximately $27,000. Elyxium Wealth LLC purchased a new stake in Sysco in the 4th quarter worth approximately $28,000. Finally, Navalign LLC bought a new stake in shares of Sysco in the 4th quarter worth approximately $29,000. Institutional investors own 83.41% of the company's stock.

Sysco Price Performance

Shares of NYSE SYY opened at $74.31 on Friday. The company has a 50 day simple moving average of $74.58 and a two-hundred day simple moving average of $78.11. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85. The company has a market capitalization of $35.53 billion, a price-to-earnings ratio of 20.58, a P/E/G ratio of 3.07 and a beta of 0.65. The company has a debt-to-equity ratio of 5.58, a quick ratio of 0.80 and a current ratio of 1.33.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $20.52 billion during the quarter, compared to analysts' expectations of $20.56 billion. Sysco had a return on equity of 103.57% and a net margin of 2.08%.The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.96 EPS. Sysco has set its Q4 2026 guidance at 1.510-1.510 EPS. Analysts expect that Sysco Corporation will post 4.59 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.55 per share. The ex-dividend date is Thursday, July 2nd. This is a boost from Sysco's previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a dividend yield of 3.0%. Sysco's dividend payout ratio is 59.83%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Weiss Ratings cut Sysco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, March 30th. Piper Sandler cut their price target on shares of Sysco from $83.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Wells Fargo & Company boosted their price objective on shares of Sysco from $92.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, February 19th. UBS Group decreased their price objective on shares of Sysco from $95.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, April 2nd. Finally, Guggenheim dropped their target price on shares of Sysco from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, April 2nd. Nine research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $88.15.

Insider Activity

In other news, Director John M. Hinshaw purchased 13,304 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were bought at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the purchase, the director directly owned 40,200 shares in the company, valued at approximately $3,021,834. This trade represents a 49.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is currently owned by corporate insiders.

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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