Fayez Sarofim & Co Has $1.87 Million Stock Holdings in Sysco Corporation (NYSE:SYY)

Key Points

• Fayez Sarofim & Co has reduced its holdings in Sysco Corporation by 25.1% during the first quarter, now owning 24,935 shares worth approximately $1.87 million.
• Recent quarterly earnings show that Sysco reported $1.48 EPS, surpassing analysts' estimates, with revenues reaching $21.14 billion, a 2.8% increase year-over-year.
• Despite recent insider sales, several research firms have raised price targets for Sysco, with the average target now at $85.69 and a consensus rating of "Moderate Buy".

Fayez Sarofim & Co trimmed its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 25.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,935 shares of the company's stock after selling 8,365 shares during the period. Fayez Sarofim & Co's holdings in Sysco were worth $1,871,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in shares of Sysco by 27.3% during the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after buying an additional 1,928,002 shares during the period. Canoe Financial LP boosted its stake in shares of Sysco by 29,610.4% during the 1st quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock valued at $107,393,000 after buying an additional 1,426,332 shares during the period. Burgundy Asset Management Ltd. boosted its stake in shares of Sysco by 251.6% during the 4th quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock valued at $111,026,000 after buying an additional 1,039,088 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Sysco by 9,792.2% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock valued at $74,978,000 after buying an additional 970,703 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of Sysco by 1,940.1% during the 1st quarter. Mackenzie Financial Corp now owns 1,016,660 shares of the company's stock valued at $76,290,000 after buying an additional 966,826 shares during the period. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sysco

In other news, EVP Ronald L. Phillips sold 37,606 shares of the 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 $2,449,035. This represents a 55.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the sale, the executive vice president owned 56,304 shares of the company's stock, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

Sysco Price Performance

Shares of Sysco stock traded up $0.27 on Friday, reaching $80.64. 3,584,571 shares of the stock were exchanged, compared to its average volume of 3,329,106. The firm's 50 day moving average is $76.94 and its 200-day moving average is $73.91. Sysco Corporation has a one year low of $67.12 and a one year high of $82.23. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The firm has a market cap of $39.09 billion, a PE ratio of 21.62, a P/E/G ratio of 2.50 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.09. The company had revenue of $21.14 billion during 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%. The firm's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 EPS. As a group, analysts anticipate that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SYY shares. Truist Financial upped their price objective on shares of Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company set a $88.00 price objective on shares of Sysco and gave the stock an "overweight" rating in a report on Tuesday, July 29th. BMO Capital Markets decreased their price objective on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the stock an "overweight" rating in a report on Tuesday, April 22nd. Finally, Morgan Stanley upped their price objective on shares of Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Five research 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.com, Sysco has an average rating of "Moderate Buy" and an average target price of $85.69.

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.