Tocqueville Asset Management L.P. Trims Holdings in Sysco Corporation (NYSE:SYY)

Key Points

• Tocqueville Asset Management L.P. reduced its holdings in Sysco Corporation by 10% during the first quarter, now owning 153,869 shares valued at approximately $11.5 million.
• Analysts have shown positive sentiment towards Sysco, with multiple firms increasing their target prices, including Barclays raising it to $82.00 and Truist Financial to $90.00.
• Corporate insiders have been active, with two executives selling a combined total of 77,606 shares, representing significant decreases in their positions, which sparked concerns regarding insider confidence.

Tocqueville Asset Management L.P. lessened its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 153,869 shares of the company's stock after selling 17,164 shares during the period. Tocqueville Asset Management L.P.'s holdings in Sysco were worth $11,546,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Invesco Ltd. increased its holdings in Sysco by 1.0% during the 1st quarter. Invesco Ltd. now owns 17,070,502 shares of the company's stock valued at $1,280,970,000 after purchasing an additional 162,961 shares during the period. Boston Partners increased its holdings in Sysco by 24.8% during the 1st quarter. Boston Partners now owns 15,199,828 shares of the company's stock valued at $1,139,798,000 after purchasing an additional 3,015,714 shares during the period. Capital Research Global Investors increased its holdings in Sysco by 27.3% during the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after purchasing an additional 1,928,002 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in shares of Sysco by 2.0% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 7,353,551 shares of the company's stock worth $551,810,000 after acquiring an additional 146,573 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Sysco by 11.6% during the 4th quarter. Northern Trust Corp now owns 5,683,453 shares of the company's stock worth $434,557,000 after acquiring an additional 588,844 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on SYY shares. Barclays upped their target price on Sysco from $77.00 to $82.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Truist Financial upped their target price on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company set a $88.00 target price on Sysco and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Guggenheim upped their target price on Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Bank of America upped their target price on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Sysco presently has a consensus rating of "Moderate Buy" and an average target price of $85.69.

Insider Activity at Sysco

In related news, EVP Ronald L. Phillips sold 37,606 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This represents a 55.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 directly owned 56,304 shares in the company, valued at $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,026 shares of company stock worth $6,766,059 over the last ninety days. 0.54% of the stock is currently owned by insiders.

Sysco Stock Performance

Sysco stock opened at $79.49 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. The company has a market capitalization of $38.53 billion, a P/E ratio of 21.31, a PEG ratio of 2.46 and a beta of 0.83. The stock's 50 day moving average is $77.65 and its 200 day moving average is $74.14. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.64.

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 company had revenue of $21.14 billion for the quarter, compared to the consensus estimate of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The firm's quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.39 EPS. On average, equities research analysts predict that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Company 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.

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