ProShare Advisors LLC Sells 147,871 Shares of Sysco Corporation $SYY

Key Points

• ProShare Advisors reduced its Sysco position by 6.6% in the third quarter, selling 147,871 shares and retaining 2.08 million shares valued at approximately $162 million. Institutional investors and hedge funds collectively own 83.41% of Sysco.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $90.42, although recent targets ranged from $90 to $95 and included both upgrades and downgrades.
• Sysco reported quarterly earnings of $1.53 per share, exceeding estimates, while revenue rose 4.7% year over year to $22.12 billion. The company also declared a $0.55 quarterly dividend, equivalent to a 2.7% yield.

ProShare Advisors LLC cut its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 6.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,078,503 shares of the company's stock after selling 147,871 shares during the period. ProShare Advisors LLC owned 0.42% of Sysco worth $162,040,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in SYY. Vise Technologies Inc. boosted its position in Sysco by 367.2% during the 3rd quarter. Vise Technologies Inc. now owns 101,610 shares of the company's stock worth $7,922,000 after acquiring an additional 79,860 shares during the period. Investment Partners LTD. acquired a new stake in Sysco during the third quarter valued at approximately $276,000. Cidel Asset Management Inc. grew its holdings in Sysco by 5.4% during the 3rd quarter. Cidel Asset Management Inc. now owns 4,849 shares of the company's stock worth $378,000 after acquiring an additional 249 shares during the last quarter. Summit Global Investments boosted its stake in Sysco by 128.8% in the third quarter. Summit Global Investments now owns 51,064 shares of the company's stock valued at $3,981,000 after acquiring an additional 28,748 shares during the last quarter. Finally, Invera Wealth Advisors LLC raised its stake in Sysco by 23.6% during the 3rd quarter. Invera Wealth Advisors LLC now owns 8,385 shares of the company's stock worth $654,000 after buying an additional 1,603 shares during the period. 83.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sysco

In other news, EVP Ronald Phillips sold 7,350 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $83.61, for a total transaction of $614,533.50. Following the completion of the transaction, the executive vice president owned 38,650 shares of the company's stock, valued at approximately $3,231,526.50. This trade represents a 15.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,525 shares of company stock valued at $1,299,736 over the last quarter. Company insiders own 0.55% of the company's stock.

Analysts Set New Price Targets

SYY has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of Sysco from $88.00 to $91.00 and gave the company an "equal weight" rating in a report on Thursday, October 15th. JPMorgan Chase & Co. decreased their price objective on Sysco from $100.00 to $95.00 and set an "overweight" rating for the company in a report on Tuesday, September 29th. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a research report on Saturday, October 24th. Citigroup reiterated a "neutral" rating on shares of Sysco in a report on Monday, October 26th. Finally, Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Sysco in a research note on Wednesday, September 16th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.42.

Sysco Stock Performance

Shares of SYY stock opened at $82.85 on Friday. The company's fifty day simple moving average is $80.54 and its 200-day simple moving average is $80.51. The company has a market cap of $40.76 billion, a PE ratio of 22.64, a P/E/G ratio of 2.33 and a beta of 0.64. Sysco Corporation has a 52 week low of $68.19 and a 52 week high of $91.85. The company has a current ratio of 1.28, a quick ratio of 0.77 and a debt-to-equity ratio of 4.62.

Sysco (NYSE:SYY - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.51 by $0.02. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The firm had revenue of $22.12 billion during the quarter, compared to analysts' expectations of $21.95 billion. During the same period last year, the firm posted $1.48 earnings per share. The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, equities research analysts anticipate that Sysco Corporation will post 5.09 EPS for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 2nd were paid a $0.55 dividend. The ex-dividend date was Friday, October 2nd. This represents a $2.20 annualized dividend and a yield of 2.7%. Sysco's payout ratio is 60.11%.

About Sysco

Sysco Corporation is a global foodservice distribution company headquartered in Houston, Texas. It supplies food and related products to restaurants, healthcare and educational institutions, hotels, government facilities, and other foodservice operators.

The company distributes a broad range of products, including fresh and frozen foods, meat and seafood, produce, dairy products, canned and packaged goods, beverages, and specialty food items. Sysco also provides nonfood products such as kitchen and dining supplies, equipment, and cleaning products, along with services intended to help customers manage menus, procurement, and operations.

Founded in 1969, Sysco serves customers primarily across the United States and Canada, as well as in parts of Europe and other international markets.

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