PNC Financial Services Group Inc. Sells 23,147 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Sysco Corporation by 4.5%, selling 23,147 shares, and now owns approximately 491,169 shares worth $36.86 million.
• Insider transactions show significant sales from executives, including EVP Ronald L. Phillips and Greg D. Bertrand, who sold shares representing substantial decreases in their ownership.
• Sysco reported a quarterly earnings per share (EPS) of $1.48, exceeding estimates, with revenue of $21.14 billion, marking a year-over-year increase of 2.8%.

PNC Financial Services Group Inc. reduced its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 491,169 shares of the company's stock after selling 23,147 shares during the quarter. PNC Financial Services Group Inc. owned 0.10% of Sysco worth $36,857,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Capital Research Global Investors lifted its stake in Sysco by 27.3% in the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after buying an additional 1,928,002 shares in the last quarter. Canoe Financial LP boosted its stake in Sysco by 29,610.4% in the 1st quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock worth $107,393,000 after purchasing an additional 1,426,332 shares during the period. Burgundy Asset Management Ltd. increased its holdings in Sysco by 251.6% during the 4th quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock worth $111,026,000 after purchasing an additional 1,039,088 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Sysco by 9,792.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock valued at $74,978,000 after purchasing an additional 970,703 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in shares of Sysco by 1,940.1% in the first quarter. Mackenzie Financial Corp now owns 1,016,660 shares of the company's stock valued at $76,290,000 after purchasing an additional 966,826 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company's stock.

Insider Transactions at Sysco

In other Sysco news, EVP Greg D. Bertrand sold 40,000 shares of the firm'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 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 position. The transaction was disclosed in a 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 that occurred on 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 sale, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This trade represents a 55.43% 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

NYSE SYY traded down $0.28 during trading on Tuesday, reaching $79.19. The company's stock had a trading volume of 3,255,134 shares, compared to its average volume of 2,965,037. The firm has a 50 day moving average price of $76.28 and a 200 day moving average price of $73.71. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The firm has a market capitalization of $38.39 billion, a price-to-earnings ratio of 21.23, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83. 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 announced its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.09. The firm had revenue of $21.14 billion during the quarter, compared to analysts' expectations of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%. 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. As a group, equities analysts anticipate that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wall Street Zen cut shares of Sysco from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Morgan Stanley boosted their price target on shares of Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Truist Financial raised their price objective on Sysco from $81.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Barclays increased their price target on Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Bank of America upped their price objective on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.