Edgestream Partners L.P. Makes New Investment in Sysco Corporation (NYSE:SYY)

Edgestream Partners L.P. acquired a new position in Sysco Corporation (NYSE:SYY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 21,904 shares of the company's stock, valued at approximately $1,644,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SYY. NorthCrest Asset Manangement LLC increased its position in shares of Sysco by 4.9% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock worth $226,000 after acquiring an additional 139 shares during the period. Golden State Wealth Management LLC increased its position in shares of Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after acquiring an additional 140 shares during the period. MV Capital Management Inc. increased its position in shares of Sysco by 0.4% during the fourth quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock worth $2,625,000 after acquiring an additional 144 shares during the period. Nemes Rush Group LLC increased its position in shares of Sysco by 5.9% during the fourth quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock worth $201,000 after acquiring an additional 147 shares during the period. Finally, FineMark National Bank & Trust increased its position in shares of Sysco by 1.8% during the fourth quarter. FineMark National Bank & Trust now owns 8,580 shares of the company's stock worth $656,000 after acquiring an additional 149 shares during the period. Institutional investors own 83.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SYY shares. Morgan Stanley boosted their target price 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. Bank of America boosted their target price on shares of Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday. Guggenheim reiterated a "buy" rating and set a $82.00 target price on shares of Sysco in a research note on Tuesday, July 8th. Wall Street Zen downgraded shares of Sysco from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, BMO Capital Markets lowered their target price on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.23.

Insider Transactions at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director directly owned 12,738 shares of the company's stock, valued at approximately $902,359.92. This trade represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.54% of the company's stock.

Sysco Stock Performance

NYSE SYY traded up $0.47 during trading hours on Friday, hitting $78.38. 2,333,164 shares of the stock were exchanged, compared to its average volume of 3,251,310. The company has a market cap of $37.99 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 2.36 and a beta of 0.81. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The stock has a 50-day moving average of $74.58 and a 200 day moving average of $73.30. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 6.37.

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

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.54 dividend. The ex-dividend date is Thursday, July 3rd. This is a boost from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a yield of 2.76%. Sysco's dividend payout ratio (DPR) is 55.96%.

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.