Eastern Bank Buys 178,847 Shares of Sysco Corporation $SYY

Eastern Bank grew its stake in Sysco Corporation (NYSE:SYY - Free Report) by 47.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 554,261 shares of the company's stock after buying an additional 178,847 shares during the quarter. Eastern Bank owned 0.11% of Sysco worth $43,210,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Sysco by 0.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 38,151 shares of the company's stock worth $2,974,000 after buying an additional 197 shares in the last quarter. CX Institutional boosted its position in Sysco by 1.1% during the 3rd quarter. CX Institutional now owns 18,299 shares of the company's stock worth $1,427,000 after acquiring an additional 198 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Sysco by 31.3% during the 3rd quarter. Versant Capital Management Inc now owns 4,308 shares of the company's stock worth $336,000 after acquiring an additional 1,027 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Sysco by 22.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,004 shares of the company's stock valued at $418,000 after purchasing an additional 903 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in shares of Sysco by 7.8% in the second quarter. Sequoia Financial Advisors LLC now owns 32,097 shares of the company's stock worth $2,683,000 after purchasing an additional 2,314 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company's stock.

Insider Transactions at Sysco

In other news, EVP Ronald Phillips sold 960 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $83.00, for a total value of $79,680.00. Following the completion of the sale, the executive vice president directly owned 49,852 shares of the company's stock, valued at $4,137,716. This trade represents a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,525 shares of company stock valued at $1,299,736 in the last 90 days. 0.55% of the stock is owned by corporate insiders.

Sysco Stock Performance

SYY stock traded down $0.71 during trading hours on Monday, reaching $76.78. The stock had a trading volume of 1,165,058 shares, compared to its average volume of 4,094,917. The stock has a market capitalization of $37.77 billion, a PE ratio of 20.99, a price-to-earnings-growth ratio of 2.70 and a beta of 0.64. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. The stock has a 50-day simple moving average of $81.75 and a 200 day simple moving average of $79.10. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 EPS for the quarter, beating analysts' consensus estimates of $1.51 by $0.02. The company had revenue of $22.12 billion during the quarter, compared to the consensus estimate of $21.95 billion. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The company's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.48 EPS. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. Analysts predict that Sysco Corporation will post 5.1 EPS for the current fiscal year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be paid a $0.55 dividend. The ex-dividend date is Friday, October 2nd. This represents a $2.20 annualized dividend and a yield of 2.9%. Sysco's dividend payout ratio is currently 60.11%.

Wall Street Analysts Forecast Growth

SYY has been the subject of a number of analyst reports. Citigroup raised their target price on shares of Sysco from $82.00 to $86.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. Guggenheim restated a "buy" rating and set a $90.00 price objective on shares of Sysco in a research note on Wednesday, September 16th. Morgan Stanley raised their price objective on Sysco from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Piper Sandler lifted their target price on Sysco from $77.00 to $84.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. Finally, UBS Group increased their price target on Sysco from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $90.17.

Sysco Profile

Sysco Corporation is a global foodservice distributor headquartered in Houston, Texas. The company supplies restaurants, hotels, healthcare facilities, educational institutions, government organizations and other foodservice customers with a broad range of products and related services.

Sysco's offerings include fresh and frozen foods, meat and seafood, dairy products, produce, canned and dry goods, beverages, specialty and international foods, and prepared and ready-to-use items. The company also distributes nonfood products such as kitchen equipment, tableware, cleaning supplies and other operating supplies.

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