TIAA Trust National Association Sells 3,824 Shares of Sysco Corporation (NYSE:SYY)

Key Points

• TIAA Trust National Association reduced its holdings in Sysco Corporation by 11.9%, now owning 28,343 shares valued at approximately $2.13 million.
• Various hedge funds, including Boyd Watterson and Wealth Enhancement Advisory Services, increased their positions in Sysco, with 83.41% of the stock currently owned by institutional investors.
• Sysco's Q2 earnings exceeded expectations, reporting $1.48 EPS against a forecast of $1.39, with revenues totaling $21.14 billion.

TIAA Trust National Association decreased its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 11.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 28,343 shares of the company's stock after selling 3,824 shares during the period. TIAA Trust National Association's holdings in Sysco were worth $2,127,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SYY. Rialto Wealth Management LLC increased its stake in Sysco by 188.7% in the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after acquiring an additional 217 shares during the last quarter. Parvin Asset Management LLC bought a new position in Sysco in the 4th quarter worth about $29,000. Golden State Wealth Management LLC increased its stake in Sysco by 48.4% in the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after acquiring an additional 140 shares during the last quarter. N.E.W. Advisory Services LLC bought a new position in Sysco in the 1st quarter worth about $33,000. Finally, Capital A Wealth Management LLC bought a new position in Sysco in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 83.41% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SYY shares. Barclays raised their price objective on Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Sanford C. Bernstein set a $87.00 price objective on Sysco and gave the company an "overweight" rating in a report on Tuesday, April 22nd. Morgan Stanley raised their price objective on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Citigroup started coverage on Sysco in a report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective on the stock. Finally, Truist Financial raised their price target on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.54.

Insider Transactions at Sysco

In other 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 transaction, the executive vice president owned 56,304 shares of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This trade represents a 55.43% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company's stock.

Sysco Stock Down 0.4%

Sysco stock traded down $0.28 during mid-day trading on Tuesday, hitting $79.19. The company had a trading volume of 3,255,134 shares, compared to its average volume of 2,965,037. 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's 50 day moving average price is $76.28 and its two-hundred day moving average price is $73.71. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The company has a market capitalization of $38.39 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $21.14 billion during the quarter, compared to analysts' expectations of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The company's revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 earnings per share. As a group, sell-side analysts anticipate 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.