Equitable Trust Co. Boosts Stake in Sysco Corporation (NYSE:SYY)

Key Points

• Equitable Trust Co. increased its stake in Sysco Corporation by 14.1% during Q1, now owning 46,309 shares valued at approximately $3.5 million.
• Insider transactions include the sale of 37,606 shares by EVP Ronald L. Phillips at $81.00 per share, significantly reducing his ownership.
• Sysco recently reported a quarterly earnings per share (EPS) of $0.96, missing estimates by $0.06, with revenues also falling short of expectations.

Equitable Trust Co. raised its position in Sysco Corporation (NYSE:SYY - Free Report) by 14.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,309 shares of the company's stock after purchasing an additional 5,737 shares during the quarter. Equitable Trust Co.'s holdings in Sysco were worth $3,475,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC grew its stake in Sysco by 188.7% in the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after acquiring an additional 217 shares in the last quarter. Parvin Asset Management LLC bought a new position in Sysco in the 4th quarter worth about $29,000. Golden State Wealth Management LLC grew its stake in Sysco by 48.4% in the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after acquiring an additional 140 shares in the last quarter. Capital A Wealth Management LLC bought a new position in Sysco in the 4th quarter worth about $34,000. Finally, Ameriflex Group Inc. bought a new position in Sysco in the 4th quarter worth about $35,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Ronald L. Phillips sold 37,606 shares of Sysco 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 approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sheila Talton sold 356 shares of Sysco stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the sale, the director owned 12,738 shares of the company's stock, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,962 shares of company stock valued at $6,271,305. 0.54% of the stock is currently owned by insiders.

Sysco Price Performance

NYSE SYY opened at $79.94 on Friday. The firm's fifty day simple moving average is $75.25 and its two-hundred day simple moving average is $73.44. 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 12-month low of $67.12 and a 12-month high of $82.23. The firm has a market capitalization of $38.75 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.41 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last released 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). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The firm had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. During the same period in the prior year, the firm posted $0.96 earnings per share. Sysco's revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts forecast that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Citigroup assumed coverage on shares of Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 target price on the stock. Bank of America lifted their price objective on shares of Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a report on Friday, July 18th. Morgan Stanley lifted their price objective on shares of Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. BMO Capital Markets cut their price objective on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a report 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 on the stock in a report on Wednesday, April 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $83.23.

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.

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