Skandinaviska Enskilda Banken AB publ Raises Stock Holdings in Sysco Corporation (NYSE:SYY)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Sysco Corporation by 5.0% during the first quarter, now holding 103,349 shares valued at approximately $7.76 million.
• Other hedge funds have also significantly increased their positions in Sysco, with Capital Research Global Investors boosting its stake by 27.3%, and Canoe Financial LP raising its stake by an astounding 29,610.4%.
• Sysco's earnings report revealed an EPS of $0.96, missing estimates, and its quarterly revenue was $19.60 billion, below analyst predictions of $20.11 billion.

Skandinaviska Enskilda Banken AB publ raised its position in Sysco Corporation (NYSE:SYY - Free Report) by 5.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 103,349 shares of the company's stock after acquiring an additional 4,924 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Sysco were worth $7,755,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the business. Rialto Wealth Management LLC grew its holdings in shares of 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 last quarter. Parvin Asset Management LLC bought a new stake in Sysco in the 4th quarter valued at about $29,000. Golden State Wealth Management LLC lifted its position in Sysco by 48.4% in the 1st 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 in the last quarter. Capital A Wealth Management LLC bought a new stake in Sysco in the 4th quarter worth about $34,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Sysco during the 4th quarter worth $35,000. Institutional investors own 83.41% of the company's stock.

Wall Street Analysts Forecast Growth

SYY has been the subject of several recent research reports. Bank of America lifted 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. Wells Fargo & Company set a $88.00 price objective on Sysco and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley raised their price target on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Guggenheim raised their target price on shares of Sysco from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday. Finally, BMO Capital Markets lowered their price target on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Five 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 company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.54.

Sysco Price Performance

Sysco stock traded down $0.01 during mid-day trading on Thursday, reaching $80.11. The company had a trading volume of 663,655 shares, compared to its average volume of 3,329,208. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.76. The company has a market capitalization of $38.83 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.37 and a beta of 0.81. The stock's 50-day simple moving average is $75.81 and its 200-day simple moving average is $73.59. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.09. The firm had revenue of $21.14 billion during 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 firm's revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.39 earnings per share. On average, equities analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

Insider Activity

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 $2,449,035. This trade represents a 55.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the business's stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company 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.