Sysco Corporation (NYSE:SYY) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its position in Sysco Corporation by 12.5%, owning 22,975 shares valued at approximately $1.72 million after selling 3,269 shares in Q1.
• Recent insider transactions saw EVP Greg D. Bertrand and EVP Ronald L. Phillips each sell a significant number of Sysco shares, reducing their holdings by 41.54% and 55.43% respectively.
• Analysts have given Sysco a consensus target price of $85.69 with ten buy ratings and five hold ratings following the company’s earnings report, which exceeded expectations.

Maryland State Retirement & Pension System lowered its position in Sysco Corporation (NYSE:SYY - Free Report) by 12.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,975 shares of the company's stock after selling 3,269 shares during the period. Maryland State Retirement & Pension System's holdings in Sysco were worth $1,724,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. NorthCrest Asset Manangement LLC raised its position in shares of Sysco by 4.9% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock valued at $226,000 after buying an additional 139 shares during the last quarter. Golden State Wealth Management LLC raised its position 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 buying an additional 140 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in shares of Sysco by 1.6% during the first quarter. Chicago Partners Investment Group LLC now owns 8,898 shares of the company's stock valued at $627,000 after buying an additional 143 shares during the last quarter. One Wealth Advisors LLC raised its position in shares of Sysco by 3.3% during the first quarter. One Wealth Advisors LLC now owns 4,698 shares of the company's stock valued at $353,000 after buying an additional 151 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its position in shares of Sysco by 17.4% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,142 shares of the company's stock valued at $86,000 after buying an additional 169 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company's stock.

Insider Buying and Selling

In other news, EVP Greg D. Bertrand sold 40,000 shares of the company'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 transaction 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 represents a 41.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ronald L. Phillips sold 37,606 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president owned 30,235 shares in the company, valued at $2,449,035. The trade was a 55.43% 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 corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Sanford C. Bernstein set a $87.00 target price on shares of Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Truist Financial upped their target price on shares of Sysco from $81.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Guggenheim upped their target price on shares of Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company set a $88.00 target price on shares of Sysco and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, UBS Group set a $90.00 target price on shares of Sysco in a research note on Wednesday, July 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $85.69.

Sysco Price Performance

Shares of Sysco stock opened at $80.64 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 6.75. The stock has a market capitalization of $39.09 billion, a price-to-earnings ratio of 21.62, a P/E/G ratio of 2.50 and a beta of 0.83. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23. The firm's 50-day moving average price is $76.94 and its two-hundred day moving average price is $73.91.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.09. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The firm had revenue of $21.14 billion for the quarter, compared to analysts' expectations of $21.01 billion. During the same period in the prior year, the firm earned $1.39 earnings per share. The company's quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts predict that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

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.

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