Sysco Corporation $SYY Shares Sold by SummitTX Capital L.P.

Key Points

• SummitTX Capital cut its Sysco stake by 50.9% in the first quarter, selling 59,642 shares and retaining 57,533 shares valued at approximately $4.1 million. Institutional investors collectively own 83.41% of the company.
• Sysco’s latest quarterly results slightly missed expectations, with EPS of $0.94 versus $0.95 estimated and revenue of $20.52 billion versus $20.56 billion expected. Revenue still increased 4.7% year over year.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an $88 price target; shares recently opened at $84.12. Director John Hinshaw separately bought about $1 million worth of Sysco stock.

SummitTX Capital L.P. lowered its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 50.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,533 shares of the company's stock after selling 59,642 shares during the period. SummitTX Capital L.P.'s holdings in Sysco were worth $4,104,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Lloyd Advisory Services LLC. acquired a new position in Sysco during the 4th quarter valued at approximately $25,000. Motiv8 Investments LLC bought a new position in Sysco during the 4th quarter worth $25,000. Torren Management LLC acquired a new stake in Sysco in the fourth quarter worth $27,000. Bard Associates Inc. bought a new stake in Sysco in the fourth quarter valued at $27,000. Finally, Elyxium Wealth LLC bought a new stake in Sysco in the fourth quarter valued at $28,000. 83.41% of the stock is owned by institutional investors.

Sysco Stock Up 1.2%

Shares of SYY stock opened at $84.12 on Tuesday. Sysco Corporation has a 1 year low of $68.19 and a 1 year high of $91.85. The company has a debt-to-equity ratio of 5.58, a quick ratio of 0.80 and a current ratio of 1.33. The business's fifty day moving average is $79.73 and its 200-day moving average is $79.86. The stock has a market cap of $40.27 billion, a PE ratio of 23.30, a price-to-earnings-growth ratio of 3.27 and a beta of 0.64.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). Sysco had a net margin of 2.08% and a return on equity of 103.57%. The firm had revenue of $20.52 billion during the quarter, compared to analyst estimates of $20.56 billion. During the same quarter last year, the company earned $0.96 EPS. The company's quarterly revenue was up 4.7% compared to the same quarter last year. Equities analysts expect that Sysco Corporation will post 4.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sysco news, Director John M. Hinshaw purchased 13,304 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was bought at an average cost of $75.17 per share, with a total value of $1,000,061.68. Following the acquisition, the director owned 40,200 shares of the company's stock, valued at $3,021,834. The trade was a 49.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

SYY has been the subject of several recent research reports. Wall Street Zen lowered shares of Sysco from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. UBS Group reduced their target price on shares of Sysco from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft cut shares of Sysco from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a research report on Tuesday, April 28th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Sysco in a report on Friday, June 26th. Finally, Piper Sandler reduced their price objective on Sysco from $83.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sysco has a consensus rating of "Hold" and a consensus price target of $88.00.

Sysco Profile

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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