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Commerce Bank Sells 45,062 Shares of Sysco Corporation (NYSE:SYY)

Sysco logo with Consumer Staples background

Key Points

  • Commerce Bank has reduced its holdings in **Sysco Corporation** by 18.7%, now owning 195,959 shares valued at approximately $14.70 million.
  • Various other institutional investors, such as Boyd Watterson Asset Management LLC and Wealth Enhancement Advisory Services LLC, have significantly modified their holdings of Sysco, indicating active interest in the stock.
  • Analysts have upgraded Sysco's price targets, with firms like Bank of America setting a new target of $93.00, suggesting a generally positive outlook for the stock.
  • Five stocks we like better than Sysco.

Commerce Bank cut its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 18.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 195,959 shares of the company's stock after selling 45,062 shares during the quarter. Commerce Bank's holdings in Sysco were worth $14,705,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SYY. Rialto Wealth Management LLC increased its stake in Sysco by 188.7% during the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after acquiring an additional 217 shares during the period. Parvin Asset Management LLC acquired a new stake in shares of Sysco during the 4th quarter worth $29,000. Golden State Wealth Management LLC raised 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 bought a new stake in Sysco during the first quarter worth about $33,000. Finally, Capital A Wealth Management LLC acquired a new stake in Sysco during the fourth quarter worth about $34,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Ronald L. Phillips sold 37,606 shares of the firm's stock in a transaction dated 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 owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This trade represents a 55.43% decrease in their position. The sale 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 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 own 0.54% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SYY shares. Citigroup assumed coverage on Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target on the stock. Morgan Stanley lifted their target price on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Bank of America increased their target price on shares of Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, July 18th. BMO Capital Markets lowered their price objective on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Sanford C. Bernstein set a $87.00 target price on shares of Sysco and gave the company an "overweight" rating in a research report on Tuesday, April 22nd. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $85.54.

Check Out Our Latest Stock Analysis on SYY

Sysco Trading Down 0.5%

Shares of SYY traded down $0.43 during mid-day trading on Monday, reaching $79.45. 2,092,855 shares of the company were exchanged, compared to its average volume of 3,329,566. The stock has a market capitalization of $38.51 billion, a PE ratio of 21.30, a PEG ratio of 2.47 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 Corporation has a 52 week low of $67.12 and a 52 week high of $82.23. The business has a 50 day simple moving average of $76.12 and a two-hundred day simple moving average of $73.67.

Sysco (NYSE:SYY - Get Free Report) last announced 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. The firm had revenue of $21.14 billion for the quarter, compared to analyst estimates of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The business's quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.39 earnings per share. On average, analysts predict that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

About Sysco

(Free Report)

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.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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