KLP Kapitalforvaltning AS Raises Stock Holdings in Sysco Corporation (NYSE:SYY)

KLP Kapitalforvaltning AS grew its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 424,100 shares of the company's stock after purchasing an additional 11,900 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.09% of Sysco worth $31,824,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SYY. Norges Bank purchased a new stake in shares of Sysco in the 4th quarter valued at $450,441,000. Capital Research Global Investors raised its holdings in shares of Sysco by 27.3% in the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after buying an additional 1,928,002 shares during the period. Canoe Financial LP raised its holdings in shares of Sysco by 29,610.4% in the 1st quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock valued at $107,393,000 after buying an additional 1,426,332 shares during the period. Burgundy Asset Management Ltd. raised its holdings in shares of Sysco by 251.6% in the 4th quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock valued at $111,026,000 after buying an additional 1,039,088 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Sysco by 9,792.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock valued at $74,978,000 after buying an additional 970,703 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Up 0.5%

Shares of NYSE:SYY traded up $0.39 on Friday, hitting $80.25. 2,951,667 shares of the company's stock were exchanged, compared to its average volume of 2,574,986. The firm's 50-day moving average is $75.40 and its 200 day moving average is $73.47. The company has a market capitalization of $38.90 billion, a PE ratio of 20.79, a P/E/G ratio of 2.40 and a beta of 0.81. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). The business had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company's revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 earnings per share. Sell-side analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 40,000 shares of the company's stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 56,304 shares of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sheila Talton sold 356 shares of Sysco stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the transaction, the director directly owned 12,738 shares in the company, valued at approximately $902,359.92. This trade represents a 2.72% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,962 shares of company stock valued at $6,271,305. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SYY shares. Barclays cut their price objective on Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. BMO Capital Markets cut their price target on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Bank of America upped their price target on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Citigroup initiated coverage on Sysco in a report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price target on the stock. Finally, Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.23.

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.