Trillium Asset Management LLC Trims Stake in Sysco Corporation (NYSE:SYY)

Key Points

• Trillium Asset Management LLC reduced its stake in Sysco Corporation by 4.1%, owning 190,304 shares valued at approximately $14.28 million after selling 8,101 shares in the first quarter.
• Several institutional investors, including Public Sector Pension Investment Board and Linscomb Wealth Inc., made significant adjustments to their positions in Sysco, indicating strong interest in the company.
• Sysco reported quarterly earnings of $1.48 per share, exceeding analysts' expectations and marking a 2.8% year-over-year revenue increase, reaching $21.14 billion.

Trillium Asset Management LLC lessened its stake in Sysco Corporation (NYSE:SYY - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 190,304 shares of the company's stock after selling 8,101 shares during the period. Trillium Asset Management LLC's holdings in Sysco were worth $14,281,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SYY. Public Sector Pension Investment Board grew its position in Sysco by 7.8% during the first quarter. Public Sector Pension Investment Board now owns 66,195 shares of the company's stock valued at $4,967,000 after buying an additional 4,813 shares during the period. Linscomb Wealth Inc. raised its position in shares of Sysco by 57.9% in the first quarter. Linscomb Wealth Inc. now owns 5,195 shares of the company's stock worth $390,000 after acquiring an additional 1,905 shares during the period. CCM Investment Group LLC acquired a new position in shares of Sysco in the first quarter worth about $2,136,000. Nuveen LLC acquired a new position in shares of Sysco in the first quarter worth about $85,341,000. Finally, Aigen Investment Management LP acquired a new position in shares of Sysco in the first quarter worth about $2,986,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Trading Down 1.0%

Shares of SYY opened at $79.84 on Tuesday. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The firm has a market capitalization of $38.70 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.50 and a beta of 0.83. The firm has a 50-day moving average price of $77.07 and a 200 day moving average price of $73.94. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 6.75.

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, beating the consensus estimate of $1.39 by $0.09. The business had revenue of $21.14 billion during the quarter, compared to analysts' expectations of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The business's revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.39 EPS. Sell-side analysts forecast that Sysco Corporation will post 4.58 EPS for the current year.

Wall Street Analysts Forecast Growth

SYY has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Citigroup initiated coverage on shares of Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective for the company. Barclays upped their price objective on shares of Sysco from $77.00 to $82.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Guggenheim upped their price objective on shares of Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company set a $88.00 price target on shares of Sysco and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $85.69.

Insider Buying and Selling at Sysco

In other news, EVP Greg D. Bertrand sold 40,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the transaction, the executive vice president owned 56,304 shares of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 30,235 shares of the company's stock, valued at $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by company insiders.

About Sysco

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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