Envestnet Portfolio Solutions Inc. Reduces Stake in Sysco Corporation $SYY

Key Points

• Envestnet Portfolio Solutions Inc. has reduced its stake in Sysco Corporation by 45.2%, now owning 39,313 shares valued at approximately $2.98 million.
• Several hedge funds have increased their holdings in Sysco, with Boston Partners boosting its stake by 24.8% and Canoe Financial LP by an extraordinary 29,610.4%.
• Analysts have raised Sysco's price targets, with Guggenheim setting a target of $89 and Wells Fargo at $88, reflecting a generally positive outlook on the stock.

Envestnet Portfolio Solutions Inc. trimmed its stake in Sysco Corporation (NYSE:SYY - Free Report) by 45.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,313 shares of the company's stock after selling 32,378 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Sysco were worth $2,978,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYY. Boston Partners boosted its stake in Sysco by 24.8% in the first quarter. Boston Partners now owns 15,199,828 shares of the company's stock valued at $1,139,798,000 after acquiring an additional 3,015,714 shares during the last quarter. Canoe Financial LP boosted its stake in Sysco by 29,610.4% in the first quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock valued at $107,393,000 after acquiring an additional 1,426,332 shares during the last quarter. Nuveen LLC purchased a new position in Sysco in the first quarter valued at about $85,341,000. Amundi boosted its stake in Sysco by 36.5% in the first quarter. Amundi now owns 3,725,508 shares of the company's stock valued at $280,941,000 after acquiring an additional 995,498 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Sysco by 1,940.1% in the first quarter. Mackenzie Financial Corp now owns 1,016,660 shares of the company's stock valued at $76,290,000 after acquiring an additional 966,826 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on SYY. Wall Street Zen raised shares of Sysco from a "hold" rating to a "buy" rating in a research report on Saturday, October 11th. Guggenheim boosted their price target on shares of Sysco from $87.00 to $89.00 and gave the company a "buy" rating in a research report on Monday, October 6th. Barclays boosted their price target on shares of Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. UBS Group set a $90.00 price target on shares of Sysco in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company set a $88.00 price target on shares of Sysco and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $86.46.

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction on Tuesday, July 22nd. The shares were 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 of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction 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 completion of the transaction, the executive vice president directly owned 30,235 shares in the company, valued at $2,449,035. The trade was a 55.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,338 shares of company stock worth $7,439,331 in the last three months. Insiders own 0.56% of the company's stock.

Sysco Stock Performance

NYSE SYY opened at $80.10 on Thursday. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $83.47. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.70. The stock has a market capitalization of $38.33 billion, a PE ratio of 21.47, a P/E/G ratio of 2.47 and a beta of 0.82. The company's 50 day simple moving average is $80.78 and its two-hundred day simple moving average is $76.49.

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

Sysco Dividend Announcement

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

About Sysco

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.

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