Citigroup Inc. Has $63.03 Million Position in Sysco Corporation (NYSE:SYY)

Key Points

• Citigroup Inc. has increased its stake in Sysco Corporation by 114.3% in the first quarter, owning nearly 840,000 shares valued at $63 million.
• Insider transactions revealed significant sales, with EVP Greg D. Bertrand and EVP Ronald L. Phillips reducing their positions by 41.54% and 55.43%, respectively.
• Analysts are optimistic about Sysco, with a majority rating the stock as a "buy" and setting an average price target of $85.69.

Citigroup Inc. raised its stake in Sysco Corporation (NYSE:SYY - Free Report) by 114.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 839,980 shares of the company's stock after acquiring an additional 448,057 shares during the period. Citigroup Inc. owned about 0.17% of Sysco worth $63,032,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Capital Research Global Investors lifted its stake 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 valued at $687,488,000 after acquiring an additional 1,928,002 shares during the period. Canoe Financial LP lifted its stake in Sysco by 29,610.4% in the first quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock valued at $107,393,000 after buying an additional 1,426,332 shares during the period. Burgundy Asset Management Ltd. lifted its stake in Sysco by 251.6% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock valued at $111,026,000 after buying an additional 1,039,088 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Sysco by 9,792.2% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock valued at $74,978,000 after buying an additional 970,703 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in Sysco by 1,940.1% in the first quarter. Mackenzie Financial Corp now owns 1,016,660 shares of the company's stock valued at $76,290,000 after buying an additional 966,826 shares during the period. Institutional investors and hedge funds own 83.41% of the company's stock.

Insider Activity at Sysco

In other news, EVP Ronald L. Phillips sold 37,606 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Greg D. Bertrand sold 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total value of $3,200,000.00. Following the completion of the sale, the executive vice president directly owned 56,304 shares of the company's stock, valued at approximately $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,740 shares of company stock valued at $6,256,893 over the last three months. Insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

SYY has been the topic of several analyst reports. Barclays increased their target price on Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Morgan Stanley increased their price target on Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the stock an "overweight" rating in a report on Tuesday, April 22nd. UBS Group set a $90.00 price target on Sysco in a report on Wednesday, July 30th. Finally, 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. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $85.69.

Sysco Stock Down 1.1%

Shares of NYSE:SYY traded down $0.94 during mid-day trading on Thursday, reaching $81.25. 1,833,733 shares of the stock were exchanged, compared to its average volume of 3,340,661. The stock's 50 day simple moving average is $77.40 and its 200-day simple moving average is $74.05. Sysco Corporation has a one year low of $67.12 and a one year high of $82.64. 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 company has a market cap of $39.38 billion, a P/E ratio of 21.78, a P/E/G ratio of 2.50 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 EPS 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 firm had revenue of $21.14 billion during the quarter, compared to analysts' expectations of $21.01 billion. During the same period in the prior year, the firm posted $1.39 earnings per share. The business's quarterly revenue was up 2.8% compared to the same quarter last year. As a group, equities research analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

About Sysco

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.