Vanguard Group Inc. Trims Stock Position in Sysco Corporation (NYSE:SYY)

Key Points

• Vanguard Group Inc. reduced its stake in Sysco Corporation by 0.1%, owning approximately 12.68% of the company's shares valued at about $4.6 billion.
• Notable changes in Sysco's investment landscape include NorthCrest Asset Management increasing its holdings by 4.9% and Golden State Wealth Management boosting its stake by 48.4% in the first quarter.
• Sysco recently reported an EPS of $1.48, exceeding analysts' estimates, with a revenue of $21.14 billion for the quarter, marking a 2.8% year-over-year increase.

Vanguard Group Inc. reduced its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 0.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 61,464,796 shares of the company's stock after selling 54,628 shares during the quarter. Vanguard Group Inc. owned about 12.68% of Sysco worth $4,612,318,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boyd Watterson Asset Management LLC OH increased its position in shares of Sysco by 106.4% during the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 3,147 shares of the company's stock valued at $236,000 after purchasing an additional 1,622 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Sysco by 2.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,510 shares of the company's stock valued at $16,772,000 after purchasing an additional 4,932 shares during the last quarter. Fiduciary Trust Co increased its stake in Sysco by 0.3% in the fourth quarter. Fiduciary Trust Co now owns 66,495 shares of the company's stock worth $5,084,000 after purchasing an additional 196 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Sysco in the first quarter worth $202,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock valued at $32,000 after buying an additional 140 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on SYY. Barclays increased their price target on Sysco from $77.00 to $82.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Guggenheim increased their price target on Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Bank of America raised their price objective on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Sysco presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.69.

Sysco Price Performance

Shares of NYSE:SYY traded up $0.54 during trading on Tuesday, reaching $80.41. The stock had a trading volume of 479,001 shares, compared to its average volume of 3,335,518. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The business has a fifty day moving average price of $77.07 and a 200-day moving average price of $73.94. The stock has a market cap of $38.98 billion, a PE ratio of 21.55, a PEG ratio of 2.50 and a beta of 0.83. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The company had revenue of $21.14 billion for the quarter, compared to the consensus estimate of $21.01 billion. During the same quarter in the previous year, the business earned $1.39 earnings per share. The company's revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities analysts forecast that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction 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 completion of the sale, the executive vice president directly owned 30,235 shares of the company's stock, valued at approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction 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 sale, the executive vice president directly owned 56,304 shares of the company's stock, valued at $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by 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.