Mackenzie Financial Corp Purchases 966,826 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Sysco Corporation by 1,940.1% during the 1st quarter, now holding about 1.02 million shares valued at $76.29 million.
• Sysco's stock recently traded down 2.3% to $78.49, with a current market capitalization of $38.05 billion and a PE ratio of 20.33.
• Several analysts have given Sysco an average rating of "Moderate Buy," with target prices ranging from $82.00 to $88.00, reflecting continued investor confidence.

Mackenzie Financial Corp grew its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 1,940.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,016,660 shares of the company's stock after purchasing an additional 966,826 shares during the quarter. Mackenzie Financial Corp owned about 0.21% of Sysco worth $76,290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes 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 worth $25,000 after purchasing an additional 217 shares during the period. Parvin Asset Management LLC bought a new position in Sysco during the fourth quarter worth about $29,000. Golden State Wealth Management LLC boosted 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 worth $32,000 after purchasing an additional 140 shares during the period. Capital A Wealth Management LLC bought a new position in Sysco during the fourth quarter worth about $34,000. Finally, Ameriflex Group Inc. bought a new position in Sysco during the fourth quarter worth about $35,000. Institutional investors own 83.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. BMO Capital Markets cut their price objective on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. UBS Group set a $90.00 price objective on shares of Sysco in a research report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Citigroup assumed coverage on shares of Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 target price on the stock. Finally, Wells Fargo & Company set a $88.00 target price on shares of Sysco and gave the company an "overweight" rating in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $85.54.

Sysco Trading Up 0.1%

NYSE:SYY traded up $0.12 during midday trading on Friday, reaching $79.72. 926,753 shares of the stock traded hands, compared to its average volume of 3,329,477. The company has a fifty day moving average of $75.96 and a 200 day moving average of $73.63. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.76 and a current ratio of 1.21. The stock has a market capitalization of $38.64 billion, a P/E ratio of 21.37, a PEG ratio of 2.46 and a beta of 0.81.

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 business had revenue of $21.14 billion for the quarter, compared to the consensus estimate of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The company's quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.39 EPS. On average, research analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 40,000 shares of the company's 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 sale, the executive vice president directly owned 56,304 shares of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their position. 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 dated Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total transaction of $3,046,086.00. Following the completion of the sale, the executive vice president directly owned 30,235 shares in the company, 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 currently owned by insiders.

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.