Sysco Corporation $SYY Stock: Pictet Asset Management Holding SA Reduces Position

Key Points

• Pictet Asset Management cut its Sysco stake by 33.7% in the third quarter, selling 420,141 shares; it retained 825,482 shares valued at about $64.4 million.
• Sysco reported quarterly EPS of $1.19, in line with estimates, while revenue of $21.74 billion came in below forecasts but rose 2.8% year over year. The company’s quarterly dividend was $0.55 per share, equivalent to a 2.8% yield.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $91.13; 11 analysts rated the stock Buy, six Hold, and one Sell.

Pictet Asset Management Holding SA decreased its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 33.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 825,482 shares of the company's stock after selling 420,141 shares during the period. Pictet Asset Management Holding SA owned 0.17% of Sysco worth $64,355,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Investment Advisors LLC grew its position in shares of Sysco by 1.4% during the third quarter. Capital Investment Advisors LLC now owns 9,727 shares of the company's stock worth $758,000 after acquiring an additional 133 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in Sysco by 1.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 11,356 shares of the company's stock valued at $885,000 after purchasing an additional 144 shares during the last quarter. Parkside Financial Bank & Trust raised its position in Sysco by 7.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,241 shares of the company's stock valued at $187,000 after purchasing an additional 147 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in Sysco by 2.1% during the 3rd quarter. Pinnacle Associates Ltd. now owns 7,399 shares of the company's stock worth $577,000 after purchasing an additional 150 shares during the period. Finally, Taylor Frigon Capital Management LLC boosted its stake in Sysco by 0.7% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 20,679 shares of the company's stock worth $1,612,000 after purchasing an additional 151 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Price Performance

Shares of NYSE SYY opened at $78.38 on Tuesday. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.46 and a quick ratio of 0.77. The stock has a fifty day moving average price of $79.82 and a 200 day moving average price of $80.50. Sysco Corporation has a 1-year low of $68.19 and a 1-year high of $91.85. The company has a market cap of $38.56 billion, a PE ratio of 20.84, a P/E/G ratio of 2.17 and a beta of 0.66.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.19 earnings per share for the quarter, meeting analysts' consensus estimates of $1.19. The firm had revenue of $21.74 billion for the quarter, compared to analyst estimates of $22.02 billion. Sysco had a net margin of 2.12% and a return on equity of 79.24%. Sysco's quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm posted $1.15 EPS. Sell-side analysts forecast that Sysco Corporation will post 5.06 EPS for the current year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Friday, October 2nd. Sysco's payout ratio is 58.51%.

Wall Street Analyst Weigh In

SYY has been the topic of several research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Sysco from $86.00 to $89.00 and gave the stock a "hold" rating in a research report on Wednesday, August 5th. DA Davidson upped their target price on shares of Sysco from $89.00 to $91.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Citigroup decreased their target price on shares of Sysco from $87.00 to $84.00 and set a "neutral" rating for the company in a research note on Thursday, November 5th. Morgan Stanley raised their price target on Sysco from $88.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, October 15th. Finally, UBS Group boosted their price target on Sysco from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $91.13.

Insider Transactions at Sysco

In other news, Director Thomas Gerard Ondrof acquired 2,500 shares of Sysco stock in a transaction that occurred on Wednesday, November 4th. The stock was purchased at an average price of $76.62 per share, for a total transaction of $191,550.00. Following the completion of the transaction, the director directly owned 2,500 shares in the company, valued at approximately $191,550. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ronald L. Phillips sold 7,350 shares of Sysco stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $83.61, for a total value of $614,533.50. Following the completion of the sale, the executive vice president directly owned 38,650 shares in the company, valued at $3,231,526.50. This represents a 15.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 8,873 shares of company stock worth $741,569. Company insiders own 0.55% of the company's stock.

Sysco Company Profile

Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries.

The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.

Sysco serves customers across the United States and in international markets, including Canada and parts of Europe.

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