Entropy Technologies LP Takes Position in Sysco Corporation (NYSE:SYY)

Key Points

• Entropy Technologies LP recently invested $3.29 million in Sysco Corporation, acquiring 43,802 shares, signaling increased institutional interest in the company.
• Sysco reported earnings of $1.48 per share, surpassing analysts' expectations, with quarterly revenue rising by 2.8% year-over-year.
• The stock has seen substantial activity from other institutional investors, with several funds significantly increasing their respective holdings in Sysco during recent quarters.

Entropy Technologies LP bought a new stake in Sysco Corporation (NYSE:SYY - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 43,802 shares of the company's stock, valued at approximately $3,287,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Invesco Ltd. increased its position in shares of Sysco by 1.0% during the 1st quarter. Invesco Ltd. now owns 17,070,502 shares of the company's stock valued at $1,280,970,000 after purchasing an additional 162,961 shares during the last quarter. Fiduciary Family Office LLC bought a new position in Sysco during the first quarter valued at about $684,000. True North Advisors LLC purchased a new stake in Sysco during the first quarter worth about $204,000. Covestor Ltd raised its position in Sysco by 502.5% in the first quarter. Covestor Ltd now owns 1,440 shares of the company's stock worth $108,000 after acquiring an additional 1,201 shares during the period. Finally, Lcnb Corp boosted its stake in Sysco by 2.9% in the first quarter. Lcnb Corp now owns 5,985 shares of the company's stock valued at $449,000 after acquiring an additional 166 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Price Performance

Shares of SYY stock traded down $0.82 on Thursday, reaching $81.37. The company's stock had a trading volume of 1,118,451 shares, compared to its average volume of 3,338,245. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.64. The stock's 50 day simple moving average is $77.40 and its 200-day simple moving average is $74.05. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. The company has a market capitalization of $39.44 billion, a P/E ratio of 21.82, a PEG ratio of 2.50 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.09. The business had revenue of $21.14 billion for the quarter, compared to the consensus estimate of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. Sysco's quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm posted $1.39 earnings per share. As a group, equities analysts predict that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

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 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 directly 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 filing with the SEC, which is accessible through this link. Also, EVP Greg D. Bertrand sold 40,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the completion of the sale, the executive vice president directly owned 56,304 shares of the company's stock, valued at $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 sold 77,740 shares of company stock worth $6,256,893. 0.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SYY shares. JPMorgan Chase & Co. lifted their price target on shares of Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Bank of America upped their price target on Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wall Street Zen lowered Sysco from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the company an "overweight" rating in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company set a $88.00 target price on shares of Sysco and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Sysco presently has an average rating of "Moderate Buy" and a consensus target price of $85.69.

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.