Drive Wealth Management LLC Takes $1.20 Million Position in Sysco Corporation (NYSE:SYY)

Key Points

• Drive Wealth Management LLC has purchased a new stake in Sysco Corporation, acquiring 15,951 shares valued at approximately $1.197 million. This acquisition occurred in the 1st quarter as per their 13F filing with the SEC.
• Sysco reported earnings per share (EPS) of $0.96 for the last quarter, missing expectations by $0.06, with revenue of $19.60 billion compared to an anticipated $20.11 billion.
• Analysts have varied opinions on Sysco's stock, with some firms adjusting target prices; BMO Capital Markets decreased their target from $82.00 to $77.00 while JPMorgan raised theirs from $82.00 to $85.00.

Drive Wealth Management LLC acquired a new position in shares of Sysco Corporation (NYSE:SYY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 15,951 shares of the company's stock, valued at approximately $1,197,000.

A number of other hedge funds also recently modified their holdings of SYY. Boyd Watterson Asset Management LLC OH lifted its position in shares of Sysco by 106.4% during the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 3,147 shares of the company's stock valued at $236,000 after acquiring an additional 1,622 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Sysco by 2.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,510 shares of the company's stock valued at $16,772,000 after buying an additional 4,932 shares during the period. Fiduciary Trust Co raised its position in shares of Sysco by 0.3% in the 4th quarter. Fiduciary Trust Co now owns 66,495 shares of the company's stock valued at $5,084,000 after buying an additional 196 shares in the last quarter. UniSuper Management Pty Ltd lifted its stake in shares of Sysco by 23.2% in the 4th quarter. UniSuper Management Pty Ltd now owns 42,904 shares of the company's stock valued at $3,280,000 after acquiring an additional 8,076 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC acquired a new stake in Sysco during the 1st quarter valued at approximately $202,000. Institutional investors and hedge funds own 83.41% of the company's stock.

Sysco Price Performance

NYSE SYY traded up $0.06 during midday trading on Monday, hitting $80.36. The company had a trading volume of 3,506,205 shares, compared to its average volume of 3,304,344. The firm has a 50-day moving average price of $75.40 and a 200-day moving average price of $73.46. The company has a market capitalization of $38.95 billion, a PE ratio of 20.82, a P/E/G ratio of 2.37 and a beta of 0.81. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 6.37. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The business had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter in the previous year, the company earned $0.96 earnings per share. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts anticipate that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SYY has been the subject of a number of research analyst reports. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the company an "overweight" rating in a research report on Tuesday, April 22nd. UBS Group reduced their price objective on Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Guggenheim reaffirmed a "buy" rating and issued a $82.00 target price on shares of Sysco in a research note on Tuesday, July 8th. BMO Capital Markets decreased their price target on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Barclays cut their price objective on shares of Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Sysco presently has a consensus rating of "Moderate Buy" and an average price target of $83.23.

Insiders Place Their Bets

In other news, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total transaction of $3,046,086.00. Following the completion of the sale, the executive vice president directly owned 30,235 shares in the company, valued at $2,449,035. This represents a 55.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Greg D. Bertrand sold 40,000 shares of the 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 owned 56,304 shares in the company, valued at $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 77,962 shares of company stock valued at $6,271,305 in the last ninety days. 0.54% of the stock is currently owned by insiders.

Sysco Company 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.