LPL Financial LLC Sells 23,196 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• LPL Financial LLC has reduced its stake in Sysco Corporation by 4.6%, now holding approximately 478,530 shares valued at around $35.9 million.
• Several hedge funds increased their positions in Sysco, with one firm, Rialto Wealth Management, raising its stake by 188.7% during the same quarter.
• Analysts have mixed views on Sysco, with target prices ranging from $81.00 to $90.00 and a consensus rating of "Moderate Buy".

LPL Financial LLC lowered its position in Sysco Corporation (NYSE:SYY - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 478,530 shares of the company's stock after selling 23,196 shares during the quarter. LPL Financial LLC owned about 0.10% of Sysco worth $35,909,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC boosted 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 buying an additional 217 shares during the period. Parvin Asset Management LLC purchased a new stake in shares of Sysco during the fourth quarter worth about $29,000. Golden State Wealth Management LLC boosted its holdings in shares of Sysco by 48.4% during the first 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 period. Capital A Wealth Management LLC purchased a new stake in shares of Sysco during the fourth quarter worth about $34,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of Sysco during the fourth quarter worth about $35,000. Institutional investors own 83.41% of the company's stock.

Sysco Stock Performance

Shares of SYY traded up $0.27 during midday trading on Friday, hitting $79.87. 2,101,301 shares of the stock traded hands, compared to its average volume of 2,998,396. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23. The firm has a market capitalization of $38.72 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 2.47 and a beta of 0.83. 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 business's 50 day moving average price is $76.12 and its two-hundred day moving average price is $73.66.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.39 by $0.09. The firm had revenue of $21.14 billion for 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%. Sysco's revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.39 earnings per share. Equities research analysts predict that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Greg D. Bertrand sold 40,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was 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 directly owned 56,304 shares of the company's stock, valued at $4,504,320. This trade represents 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 through this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction on 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 transaction, the executive vice president owned 30,235 shares of the company's stock, valued at $2,449,035. This represents a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Guggenheim boosted their target price on Sysco from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the stock an "overweight" rating in a report on Tuesday, April 22nd. Wells Fargo & Company set a $88.00 price target on Sysco and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Citigroup started coverage on shares of Sysco in a research note on Thursday, May 22nd. They set a "neutral" rating and a $78.00 target price for the company. Finally, Morgan Stanley raised their target price on shares of Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $85.54.

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.