ProVise Management Group LLC Acquires New Shares in Sysco Corporation (NYSE:SYY)

Key Points

• ProVise Management Group LLC has invested approximately $331,000 in Sysco Corporation, acquiring 4,415 shares during the first quarter.
• Several institutional investors have significantly increased their stakes in Sysco, including Schroder Investment Management Group, which raised its position by 70.6% in the fourth quarter.
• Analysts have a generally positive outlook on Sysco, with price targets raised by multiple firms, leading to a consensus price target of $85.54 and an average rating of "Moderate Buy."

ProVise Management Group LLC purchased a new position in Sysco Corporation (NYSE:SYY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,415 shares of the company's stock, valued at approximately $331,000.

Other hedge funds have also added to or reduced their stakes in the company. Rialto Wealth Management LLC boosted its holdings in shares of Sysco by 188.7% in 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 period. Parvin Asset Management LLC acquired a new position in Sysco in the 4th quarter worth about $29,000. Golden State Wealth Management LLC raised 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 valued at $32,000 after acquiring an additional 140 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new stake in shares of Sysco in the first quarter valued at approximately $33,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Sysco in the fourth quarter valued at $34,000. 83.41% of the stock is owned by institutional investors.

Sysco Stock Up 0.3%

Shares of NYSE SYY traded up $0.27 on Friday, hitting $79.87. The company had a trading volume of 2,101,301 shares, compared to its average volume of 2,998,396. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. The business has a 50 day moving average of $76.12 and a two-hundred day moving average of $73.66. 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 $38.72 billion, a P/E ratio of 21.41, a PEG ratio of 2.47 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) 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 analysts' expectations of $21.01 billion. During the same period in the previous year, the firm posted $1.39 EPS. The company's quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities research analysts forecast that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SYY has been the topic of several recent research reports. Bank of America boosted their price target on Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Morgan Stanley raised their price target 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. Barclays raised their price objective on shares of Sysco from $77.00 to $82.00 and gave the stock an "overweight" rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Finally, BMO Capital Markets decreased their price target on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $85.54.

Insiders Place Their Bets

In related news, EVP Ronald L. Phillips sold 37,606 shares of the firm's stock in a transaction 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 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Greg D. Bertrand sold 40,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 56,304 shares in the company, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

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.