Heartland Advisors Inc. Increases Stock Holdings in Sysco Corporation (NYSE:SYY)

Key Points

• Heartland Advisors Inc. increased its stake in Sysco Corporation by 17.8%, owning 228,519 shares valued at approximately $17.15 million after purchasing an additional 34,602 shares.
• Several hedge funds reported significant changes in their holdings in Sysco, with 83.41% of the stock currently held by institutional investors.
• Analyst reports show a varied outlook for Sysco's stock, with price targets ranging from $72.00 to $87.00 and an average rating of "Moderate Buy."

Heartland Advisors Inc. lifted its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 228,519 shares of the company's stock after buying an additional 34,602 shares during the quarter. Sysco accounts for approximately 1.0% of Heartland Advisors Inc.'s holdings, making the stock its 24th largest holding. Heartland Advisors Inc.'s holdings in Sysco were worth $17,148,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Rialto Wealth Management LLC increased its holdings in Sysco by 188.7% during the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after purchasing an additional 217 shares during the last quarter. Parvin Asset Management LLC purchased a new stake in Sysco during the 4th quarter worth approximately $29,000. Golden State Wealth Management LLC increased its holdings in Sysco by 48.4% during the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after purchasing an additional 140 shares during the last quarter. Capital A Wealth Management LLC purchased a new stake in Sysco during the 4th quarter worth approximately $34,000. Finally, Ameriflex Group Inc. purchased a new stake in Sysco during the 4th quarter worth approximately $35,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SYY shares. BMO Capital Markets dropped their price objective on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Morgan Stanley boosted their price objective on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. JPMorgan Chase & Co. boosted their price objective on Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Sanford C. Bernstein set a $87.00 price objective on Sysco and gave the company an "overweight" rating in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company reduced their price objective on Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $83.23.

Insider Transactions at Sysco

In other news, EVP Greg D. Bertrand sold 40,000 shares of the business's 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 directly owned 56,304 shares of the company's stock, valued at $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sheila Talton sold 356 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director owned 12,738 shares in the company, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,962 shares of company stock valued at $6,271,305 over the last three months. Company insiders own 0.54% of the company's stock.

Sysco Stock Down 1.0%

SYY opened at $79.94 on Friday. 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 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The stock's fifty day moving average is $75.25 and its 200-day moving average is $73.44. The company has a market capitalization of $38.75 billion, a PE 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 announced its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). The company had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. On average, equities analysts predict that Sysco Corporation will post 4.58 EPS for the current fiscal year.

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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