Summit Global Investments Makes New Investment in Sysco Corporation $SYY

Key Points

• Summit Global Investments initiated a Sysco position by purchasing 22,316 shares worth approximately $1.865 million. Institutional investors collectively own 83.41% of Sysco’s outstanding stock.
• Sysco’s latest quarterly results exceeded expectations, with EPS of $1.53 versus the $1.51 consensus and revenue of $22.12 billion, up 4.7% year over year.
• Analyst sentiment is mixed: Sysco has a consensus “Hold” rating and an average price target of $89.50, while shares recently opened at $82.94.

Summit Global Investments bought a new position in shares of Sysco Corporation (NYSE:SYY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 22,316 shares of the company's stock, valued at approximately $1,865,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Lloyd Advisory Services LLC. bought a new position in Sysco in the fourth quarter worth $25,000. Motiv8 Investments LLC bought a new stake in shares of Sysco during the 4th quarter valued at $25,000. Sunbelt Securities Inc. boosted its holdings in shares of Sysco by 87.6% during the 1st quarter. Sunbelt Securities Inc. now owns 364 shares of the company's stock valued at $26,000 after buying an additional 170 shares in the last quarter. Torren Management LLC purchased a new stake in shares of Sysco in the 4th quarter worth about $27,000. Finally, Bard Associates Inc. purchased a new stake in shares of Sysco in the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 83.41% of the company's stock.

Insider Buying and Selling

In other news, EVP Ronald L. Phillips sold 6,285 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $83.94, for a total value of $527,562.90. Following the transaction, the executive vice president owned 39,970 shares of the company's stock, valued at approximately $3,355,081.80. The trade was a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, Director John M. Hinshaw purchased 13,304 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was bought at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the purchase, the director owned 40,200 shares in the company, valued at approximately $3,021,834. This represents a 49.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SYY shares. Barclays decreased their target price on shares of Sysco from $92.00 to $86.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. UBS Group upped their price target on Sysco from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Piper Sandler raised their price objective on Sysco from $77.00 to $84.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. Melius Research cut Sysco from a "hold" rating to a "sell" rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Sysco has a consensus rating of "Hold" and a consensus target price of $89.50.

Sysco Stock Down 0.7%

Shares of SYY stock opened at $82.94 on Friday. 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 Corporation has a 12 month low of $68.19 and a 12 month high of $91.85. The stock has a market cap of $39.71 billion, a P/E ratio of 22.66, a P/E/G ratio of 2.86 and a beta of 0.64. The company has a 50 day simple moving average of $82.21 and a two-hundred day simple moving average of $80.62.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The firm had revenue of $22.12 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same quarter last year, the company earned $1.48 earnings per share. The business'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. On average, research analysts expect that Sysco Corporation will post 5.1 earnings per share for the current year.

About Sysco

Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.

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