Forsta AP Fonden Buys 27,600 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• Forsta AP Fonden has increased its position in Sysco Corporation by 16.7%, owning 193,100 shares worth approximately $14.49 million as per its latest SEC filing.
• Several large investors have also significantly boosted their holdings in Sysco, with Canoe Financial LP's position increasing by 29,610.4% during the first quarter.
• Sysco's shares currently have an average target price of $85.69, with multiple analysts rating the stock as a "Moderate Buy" following the company's recent earnings beat.

Forsta AP Fonden grew its stake in Sysco Corporation (NYSE:SYY - Free Report) by 16.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 193,100 shares of the company's stock after acquiring an additional 27,600 shares during the period. Forsta AP Fonden's holdings in Sysco were worth $14,490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. National Bank of Canada FI raised its stake in shares of Sysco by 45.2% in the first quarter. National Bank of Canada FI now owns 407,557 shares of the company's stock worth $30,583,000 after acquiring an additional 126,964 shares during the last quarter. Citigroup Inc. raised its stake in shares of Sysco by 114.3% in the first quarter. Citigroup Inc. now owns 839,980 shares of the company's stock worth $63,032,000 after acquiring an additional 448,057 shares during the last quarter. AlphaCore Capital LLC bought a new position in shares of Sysco in the first quarter worth about $462,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Sysco by 10.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 947,632 shares of the company's stock worth $71,110,000 after acquiring an additional 89,885 shares during the last quarter. Finally, Ironwood Investment Counsel LLC raised its stake in shares of Sysco by 0.8% in the first quarter. Ironwood Investment Counsel LLC now owns 114,383 shares of the company's stock worth $8,583,000 after acquiring an additional 881 shares during the last quarter. 83.41% of the stock is owned by institutional investors.

Insider Activity at Sysco

In other news, EVP Greg D. Bertrand sold 40,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 56,304 shares in the company, valued at $4,504,320. This represents a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ronald L. Phillips sold 37,606 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president owned 30,235 shares of the company's stock, valued at $2,449,035. This trade represents a 55.43% decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. UBS Group set a $90.00 price target on shares of Sysco in a research note on Wednesday, July 30th. Wells Fargo & Company set a $88.00 price target on shares of Sysco and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Sanford C. Bernstein set a $87.00 price target on shares of Sysco and gave the stock an "overweight" rating in a research note on Tuesday, April 22nd. Wall Street Zen downgraded shares of Sysco from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, Citigroup assumed coverage on shares of Sysco in a research note on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price target for the company. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Sysco presently has a consensus rating of "Moderate Buy" and an average target price of $85.69.

Sysco Trading Up 1.1%

NYSE SYY traded up $0.90 during trading on Tuesday, reaching $80.77. 2,512,032 shares of the stock traded hands, compared to its average volume of 3,347,525. The firm has a market cap of $39.15 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 2.50 and a beta of 0.83. The stock's 50-day moving average price is $77.07 and its 200 day moving average price is $73.94. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23.

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

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.