Sysco Corporation (NYSE:SYY) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. reduced its stake in Sysco Corporation by 41.4% in the first quarter, owning 25,616 shares valued at approximately $1.92 million at the quarter's end.
• Insider selling was significant, with EVP Ronald L. Phillips and EVP Greg D. Bertrand selling a combined total of 77,606 shares in late July, reducing their ownership stakes by 55.43% and 41.54%, respectively.
• Sysco reported earnings per share of $1.48 for its latest quarter, exceeding analyst expectations of $1.39, alongside a revenue increase of 2.8% year-over-year.

iA Global Asset Management Inc. reduced its position in Sysco Corporation (NYSE:SYY - Free Report) by 41.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,616 shares of the company's stock after selling 18,064 shares during the period. iA Global Asset Management Inc.'s holdings in Sysco were worth $1,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Rialto Wealth Management LLC lifted its position in Sysco by 188.7% during the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock valued at $25,000 after purchasing an additional 217 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Sysco during the fourth quarter valued at $29,000. Golden State Wealth Management LLC lifted its position in Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock valued at $32,000 after purchasing an additional 140 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in Sysco during the first quarter valued at $33,000. Finally, Capital A Wealth Management LLC purchased a new position in Sysco during the fourth quarter valued at $34,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president owned 30,235 shares in the company, valued at $2,449,035. The trade was a 55.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction dated 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 of the company's stock, valued at approximately $4,504,320. This represents a 41.54% decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Sysco Stock Performance

Shares of NYSE SYY traded up $0.27 during trading on Friday, reaching $80.64. 3,584,571 shares of the company traded hands, compared to its average volume of 3,329,106. The firm's fifty day simple moving average is $76.94 and its 200 day simple moving average is $73.90. The stock has a market cap of $39.09 billion, a P/E ratio of 21.62, a PEG ratio of 2.49 and a beta of 0.83. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 6.75.

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

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent analyst reports. UBS Group set a $90.00 price target on Sysco in a report on Wednesday, July 30th. Bank of America lifted their target price on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Truist Financial boosted their price objective on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. BMO Capital Markets dropped their target price on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Guggenheim boosted their price target on Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.69.

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.