The Manufacturers Life Insurance Company Cuts Position in Sysco Corporation $SYY

Key Points

• The Manufacturers Life Insurance Company reduced its Sysco stake by 10.8% in the first quarter, selling 207,779 shares and retaining 1.71 million shares valued at approximately $121.9 million. Institutional investors collectively own 83.41% of Sysco.
• Analysts remain mixed but generally neutral: Sysco has a consensus “Hold” rating and an average price target of $88, with recent targets ranging from $77 to $90.
• Sysco reported quarterly revenue of $20.52 billion and EPS of $0.94, narrowly missing estimates, while revenue increased 4.7% year over year. The stock opened at $85.23, up 1.4%.

The Manufacturers Life Insurance Company lowered its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 10.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,708,525 shares of the company's stock after selling 207,779 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.36% of Sysco worth $121,869,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Sysco by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 62,305,343 shares of the company's stock worth $4,591,281,000 after buying an additional 814,270 shares during the period. State Street Corp raised its stake in shares of Sysco by 0.9% in the 3rd quarter. State Street Corp now owns 26,669,576 shares of the company's stock valued at $2,195,973,000 after acquiring an additional 246,542 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Sysco by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 12,728,692 shares of the company's stock valued at $934,391,000 after acquiring an additional 131,659 shares in the last quarter. Norges Bank acquired a new position in shares of Sysco during the 4th quarter valued at $542,780,000. Finally, Morgan Stanley boosted its position in Sysco by 9.0% during the 4th quarter. Morgan Stanley now owns 6,058,405 shares of the company's stock worth $446,444,000 after purchasing an additional 500,881 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded Sysco from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a report on Tuesday, April 28th. Sanford C. Bernstein decreased their target price on Sysco from $90.00 to $85.00 and set a "market perform" rating for the company in a research report on Wednesday, April 29th. Piper Sandler lowered their target price on Sysco from $83.00 to $77.00 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Morgan Stanley raised their target price on Sysco from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Finally, Guggenheim decreased their price target on Sysco from $95.00 to $90.00 and set a "buy" rating for the company in a report on Thursday, April 2nd. Eight 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 MarketBeat, the company has a consensus rating of "Hold" and an average target price of $88.00.

Sysco Trading Up 1.4%

NYSE:SYY opened at $85.23 on Wednesday. The stock has a market cap of $40.80 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 3.31 and a beta of 0.64. Sysco Corporation has a one year low of $68.19 and a one 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 50-day simple moving average is $79.93 and its 200 day simple moving average is $79.95.

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

Insider Buying and Selling at Sysco

In related news, Director John M. Hinshaw purchased 13,304 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was acquired at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the completion of the purchase, the director owned 40,200 shares in the company, valued at approximately $3,021,834. This represents a 49.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.56% of the company's stock.

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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