Lazard Asset Management LLC Has $11.66 Million Stake in Sysco Corporation $SYY

Key Points

• Lazard Asset Management increased its Sysco stake by 90.4% in the first quarter, acquiring 77,594 additional shares for a total holding valued at approximately $11.66 million.
• Institutional investors own 83.41% of Sysco, while Director John M. Hinshaw bought roughly $1 million worth of shares, increasing his ownership by 49.46%.
• Analysts have a consensus “Hold” rating and an average price target of $88.00. Sysco’s latest quarterly results slightly missed estimates, although revenue rose 4.7% year over year.

Lazard Asset Management LLC increased its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 90.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 163,453 shares of the company's stock after acquiring an additional 77,594 shares during the period. Lazard Asset Management LLC's holdings in Sysco were worth $11,659,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SYY. Lloyd Advisory Services LLC. bought a new stake in shares of Sysco during the fourth quarter worth about $25,000. Motiv8 Investments LLC bought a new position in Sysco in the 4th quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in Sysco during the 4th quarter worth approximately $27,000. Bard Associates Inc. acquired a new stake in Sysco during the 4th quarter worth approximately $27,000. Finally, Elyxium Wealth LLC bought a new stake in Sysco during the 4th quarter worth approximately $28,000. 83.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SYY shares. Citigroup reaffirmed a "neutral" rating on shares of Sysco in a research note on Wednesday, July 22nd. Morgan Stanley increased their price objective on Sysco from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. UBS Group lowered their target price on Sysco from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, April 2nd. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Sysco in a research note on Friday, June 26th. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $88.00.

Insider Buying and Selling at Sysco

In other Sysco news, Director John M. Hinshaw bought 13,304 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were bought at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the transaction, the director directly owned 40,200 shares in the company, valued at approximately $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.56% of the company's stock.

Sysco Trading Up 0.2%

SYY opened at $85.38 on Thursday. Sysco Corporation has a twelve month low of $68.19 and a twelve month high of $91.85. The company has a fifty day moving average of $80.13 and a 200-day moving average of $80.03. The stock has a market cap of $40.87 billion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 3.36 and a beta of 0.64. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 5.58.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.01). The firm had revenue of $20.52 billion during the quarter, compared to analyst estimates of $20.56 billion. Sysco had a net margin of 2.08% and a return on equity of 103.57%. Sysco's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.96 EPS. On average, sell-side analysts predict that Sysco Corporation will post 4.59 EPS for the current year.

About Sysco

Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.

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