Citizens Financial Group Inc. RI Sells 21,690 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• Citizens Financial Group Inc. RI reduced its holdings in Sysco Corporation (SYY) by 31.3%, resulting in ownership of 47,595 shares worth approximately $3.57 million at the end of the quarter.
• Several institutional investors have increased their stakes in Sysco, with Empower Advisory Group LLC boosting its holdings by 4.3%, and Cary Street Partners Financial LLC growing its position by 62.4% in the same period.
• Sysco's recent earnings report showed an EPS of $1.48, beating analysts’ expectations, along with a year-over-year revenue increase of 2.8% to $21.14 billion.

Citizens Financial Group Inc. RI cut its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,595 shares of the company's stock after selling 21,690 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Sysco were worth $3,572,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SYY. Rialto Wealth Management LLC lifted its position in shares of Sysco by 188.7% during the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock valued at $25,000 after acquiring an additional 217 shares during the period. Parvin Asset Management LLC acquired a new stake in Sysco in the fourth quarter worth $29,000. Golden State Wealth Management LLC increased its stake 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 purchasing an additional 140 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new position in shares of Sysco during the first quarter valued at about $33,000. Finally, Capital A Wealth Management LLC acquired a new position in Sysco during the 4th quarter worth approximately $34,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SYY shares. Morgan Stanley increased their price objective on Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Wells Fargo & Company set a $88.00 price target on Sysco and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Sanford C. Bernstein set a $87.00 price objective on Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Barclays lifted their price objective on shares of Sysco from $77.00 to $82.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Citigroup began coverage on shares of Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 target price for the company. 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 MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $85.69.

Insider Activity

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 shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president directly owned 30,235 shares in the company, valued at approximately $2,449,035. This trade represents a 55.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg D. Bertrand sold 40,000 shares of the business'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 transaction of $3,200,000.00. Following the transaction, the executive vice president directly owned 56,304 shares of the company's stock, valued at approximately $4,504,320. This represents a 41.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company's stock.

Sysco Stock Performance

SYY traded down $1.16 during midday trading on Monday, reaching $79.49. The company had a trading volume of 891,151 shares, compared to its average volume of 3,337,764. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The business has a 50-day moving average price of $76.94 and a two-hundred day moving average price of $73.91. The stock has a market cap of $38.53 billion, a PE ratio of 21.30, a P/E/G ratio of 2.50 and a beta of 0.83. 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 posted its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping 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 analysts' expectations of $21.01 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. Sysco's revenue was up 2.8% on a year-over-year basis. On average, sell-side analysts expect that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

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.