Sysco Corporation $SYY Shares Acquired by Eastern Bank

Key Points

• Eastern Bank increased its Sysco stake by 10.3% in the second quarter, adding 35,060 shares to own 375,414 shares valued at approximately $31.4 million.
• Institutional investors hold 83.41% of Sysco’s outstanding stock, while Director John M. Hinshaw purchased roughly $1 million in shares in an insider transaction.
• Sysco shares opened at $84.83, down 0.5%, while analysts’ consensus rating remained “Hold” with an average price target of $88.00.

Eastern Bank lifted its position in Sysco Corporation (NYSE:SYY - Free Report) by 10.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 375,414 shares of the company's stock after purchasing an additional 35,060 shares during the quarter. Eastern Bank owned about 0.08% of Sysco worth $31,377,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas boosted its holdings in Sysco by 8.0% in the 4th quarter. Teacher Retirement System of Texas now owns 370,571 shares of the company's stock valued at $27,307,000 after purchasing an additional 27,510 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Sysco by 9.5% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 412,423 shares of the company's stock worth $30,445,000 after buying an additional 35,647 shares in the last quarter. Nicholas Company Inc. acquired a new stake in shares of Sysco in the 4th quarter valued at approximately $2,278,000. Norges Bank acquired a new stake in shares of Sysco in the 4th quarter valued at approximately $542,780,000. Finally, Banque Cantonale Vaudoise boosted its stake in shares of Sysco by 301.9% in the first quarter. Banque Cantonale Vaudoise now owns 16,828 shares of the company's stock valued at $1,200,000 after buying an additional 12,641 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Down 0.5%

Shares of NYSE SYY opened at $84.83 on Tuesday. The company has a debt-to-equity ratio of 5.58, a quick ratio of 0.80 and a current ratio of 1.33. Sysco Corporation has a 1 year low of $68.19 and a 1 year high of $91.85. The stock's 50-day simple moving average is $80.63 and its 200-day simple moving average is $80.24. The firm has a market cap of $40.61 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 3.36 and a beta of 0.64.

Insider Transactions at Sysco

In other Sysco news, Director John M. Hinshaw acquired 13,304 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were bought at an average cost of $75.17 per share, for a total transaction of $1,000,061.68. Following the acquisition, the director directly owned 40,200 shares of the company's stock, valued at $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on SYY shares. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Barclays reduced their price objective 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. Deutsche Bank Aktiengesellschaft lowered shares of Sysco from a "buy" rating to a "hold" rating and set a $84.00 target price on the stock. in a research report on Tuesday, April 28th. Piper Sandler reduced their price target on shares of Sysco from $83.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Finally, Melius Research cut Sysco from a "hold" rating to a "sell" rating in a report on Tuesday, July 7th. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $88.00.

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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