Cresset Asset Management LLC Sells 26,592 Shares of Sysco Corporation $SYY

Key Points

• Cresset Asset Management LLC reduced its stake in Sysco Corporation by 23.5%, now holding 86,423 shares valued at approximately $6.48 million.
• Various large investors have adjusted their positions in Sysco, with 83.41% of the stock held by institutional investors, suggesting strong institutional interest in the company.
• Sysco's recent earnings report showed $1.48 earnings per share, exceeding estimates, and the company reported a revenue increase of 2.8% year-over-year.

Cresset Asset Management LLC lowered its stake in Sysco Corporation (NYSE:SYY - Free Report) by 23.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,423 shares of the company's stock after selling 26,592 shares during the period. Cresset Asset Management LLC's holdings in Sysco were worth $6,485,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SYY. Brandywine Global Investment Management LLC grew its holdings in Sysco by 37.8% during the 1st quarter. Brandywine Global Investment Management LLC now owns 607,754 shares of the company's stock worth $45,606,000 after acquiring an additional 166,775 shares during the period. Aberdeen Group plc grew its holdings in Sysco by 92.0% during the 1st quarter. Aberdeen Group plc now owns 402,714 shares of the company's stock worth $30,053,000 after acquiring an additional 192,930 shares during the period. Tacita Capital Inc acquired a new stake in Sysco during the 1st quarter worth $47,000. Dimensional Fund Advisors LP grew its holdings in Sysco by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,509,742 shares of the company's stock worth $338,381,000 after acquiring an additional 226,029 shares during the period. Finally, Horizon Investments LLC grew its holdings in Sysco by 4.3% during the 1st quarter. Horizon Investments LLC now owns 8,709 shares of the company's stock worth $649,000 after acquiring an additional 363 shares during the period. Institutional investors and hedge funds own 83.41% of the company's stock.

Sysco Stock Down 1.5%

Shares of NYSE:SYY traded down $1.2230 during midday trading on Thursday, reaching $79.7570. The company had a trading volume of 2,048,063 shares, compared to its average volume of 3,324,720. The business's 50 day moving average price is $77.93 and its 200 day moving average price is $74.27. The stock has a market cap of $38.66 billion, a PE ratio of 21.38, a P/E/G ratio of 2.46 and a beta of 0.83. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.64.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.09. The firm had revenue of $21.14 billion for the quarter, compared to the consensus estimate of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The business's revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. Research analysts forecast that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, October 3rd. Sysco's payout ratio is 57.91%.

Analyst Ratings Changes

A number of analysts have commented on SYY shares. Bank of America lifted 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. Citigroup assumed coverage on shares of Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective on the stock. Guggenheim boosted their price objective on shares of Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Morgan Stanley increased their price objective on shares of Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, UBS Group set a $90.00 price objective on Sysco in a report on Wednesday, July 30th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Sysco has a consensus rating of "Moderate Buy" and an average price target of $85.69.

Insider Buying and Selling

In other Sysco news, EVP Ronald L. Phillips sold 37,606 shares of the business'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 transaction of $3,046,086.00. Following the transaction, the executive vice president owned 30,235 shares of the company's stock, valued at $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction, the executive vice president directly owned 56,304 shares in the company, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 84,026 shares of company stock worth $6,766,059. Company insiders own 0.54% of the company's stock.

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.