National Bank of Canada FI Boosts Stock Position in Sysco Corporation (NYSE:SYY)

Key Points

• National Bank of Canada FI increased its holdings in Sysco Corporation by 45.2%, acquiring an additional 126,964 shares in the 1st quarter, bringing their total to 407,557 shares valued at approximately $30.6 million.
• Several other institutional investors have also made significant adjustments to their positions in Sysco, with 83.41% of the stock currently owned by institutional investors.
• Sysco reported a quarterly earnings per share (EPS) of $1.48, exceeding analyst expectations, with revenue of $21.14 billion, reflecting a year-over-year increase of 2.8%.

National Bank of Canada FI boosted its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 45.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 407,557 shares of the company's stock after buying an additional 126,964 shares during the period. National Bank of Canada FI owned 0.08% of Sysco worth $30,583,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Rialto Wealth Management LLC boosted its holdings in shares of 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 acquired a new position in shares of Sysco during the 4th quarter worth approximately $29,000. Golden State Wealth Management LLC boosted its holdings in shares of 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. N.E.W. Advisory Services LLC acquired a new position in shares of Sysco during the 1st quarter worth approximately $33,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of Sysco during the 4th quarter worth approximately $34,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 40,000 shares of the company'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 owned 56,304 shares of the company's stock, valued at approximately $4,504,320. This represents a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ronald L. Phillips sold 37,606 shares of the company's 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 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 position. The disclosure for this sale can be found here. Insiders have sold 77,740 shares of company stock worth $6,256,893 in the last ninety days. Corporate insiders own 0.54% of the company's stock.

Sysco Trading Up 1.1%

NYSE SYY traded up $0.90 on Tuesday, reaching $80.77. The stock had a trading volume of 2,512,032 shares, compared to its average volume of 3,397,027. The firm has a market capitalization of $39.15 billion, a price-to-earnings ratio of 21.65, a P/E/G ratio of 2.47 and a beta of 0.83. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The stock has a fifty day moving average price of $77.21 and a two-hundred day moving average price of $73.99.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Truist Financial boosted their target price on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. BMO Capital Markets lowered their target price on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company set a $88.00 target price on Sysco and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Finally, Barclays upped their price objective on Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $85.69.

Sysco 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.