State of New Jersey Common Pension Fund D Reduces Position in Sysco Corporation $SYY

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Sysco Corporation by 7.5%, selling 13,079 shares, and now holds 161,949 shares valued at approximately $12.15 million.
• Wall Street analysts have varying price targets for Sysco, with JPMorgan raising its target from $82 to $85 and BMO lowering it from $82 to $77, reflecting differing perspectives on the stock's performance.
• In recent insider trading, executive vice presidents sold a combined total of over $4.5 million in Sysco shares, indicating significant movements among corporate insiders in the company's stock.

State of New Jersey Common Pension Fund D trimmed its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 7.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 161,949 shares of the company's stock after selling 13,079 shares during the period. State of New Jersey Common Pension Fund D's holdings in Sysco were worth $12,153,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC increased its stake in shares of Sysco by 4.9% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock valued at $226,000 after acquiring an additional 139 shares in the last quarter. Golden State Wealth Management LLC increased its stake in shares of 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. Chicago Partners Investment Group LLC increased its stake in shares of Sysco by 1.6% in the 1st quarter. Chicago Partners Investment Group LLC now owns 8,898 shares of the company's stock valued at $627,000 after acquiring an additional 143 shares in the last quarter. One Wealth Advisors LLC increased its stake in shares of Sysco by 3.3% in the 1st quarter. One Wealth Advisors LLC now owns 4,698 shares of the company's stock valued at $353,000 after acquiring an additional 151 shares in the last quarter. Finally, Lcnb Corp increased its stake in shares of Sysco by 2.9% in the 1st quarter. Lcnb Corp now owns 5,985 shares of the company's stock valued at $449,000 after acquiring an additional 166 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SYY. Bank of America lifted their price target on shares of Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, July 18th. BMO Capital Markets cut their price target on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their price target on shares of Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Wells Fargo & Company set a $88.00 price objective on Sysco and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Morgan Stanley upped their price target on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.69.

Insider Activity at Sysco

In other news, EVP Ronald L. Phillips sold 6,286 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $81.00, for a total transaction of $509,166.00. Following the completion of the sale, the executive vice president owned 34,404 shares of the company's stock, valued at approximately $2,786,724. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the 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 sale, the executive vice president directly owned 56,304 shares of the company's stock, 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. In the last ninety days, insiders sold 84,026 shares of company stock valued at $6,766,059. 0.54% of the stock is owned by insiders.

Sysco Price Performance

Shares of NYSE SYY traded down $1.2230 during midday trading on Thursday, hitting $79.7570. 1,846,896 shares of the company's stock were exchanged, compared to its average volume of 3,319,407. The company has a market cap of $38.66 billion, a price-to-earnings ratio of 21.38, a PEG ratio of 2.46 and a beta of 0.83. The business's fifty day moving average price is $77.93 and its two-hundred day moving average price is $74.27. 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 Corporation has a 12-month low of $67.12 and a 12-month high of $82.64.

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 the consensus estimate of $1.39 by $0.09. The business had revenue of $21.14 billion during the quarter, compared to analyst estimates of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%.Sysco's revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. As a group, research analysts forecast that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.7%. Sysco's dividend payout ratio is currently 57.91%.

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.