Strategic Investment Advisors MI Buys 6,529 Shares of Sysco Corporation $SYY

Strategic Investment Advisors MI increased its stake in shares of Sysco Corporation (NYSE:SYY) by 139.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,223 shares of the company’s stock after buying an additional 6,529 shares during the quarter. Strategic Investment Advisors MI’s holdings in Sysco were worth $792,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in Sysco during the 4th quarter valued at $542,780,000. Wellington Management Group LLP grew its stake in shares of Sysco by 3,977.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,711,376 shares of the company’s stock worth $387,935,000 after acquiring an additional 4,595,819 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Sysco by 45.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,651,682 shares of the company’s stock valued at $416,472,000 after purchasing an additional 1,754,306 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Sysco by 128.7% during the first quarter. Royal Bank of Canada now owns 2,357,585 shares of the company’s stock valued at $168,166,000 after purchasing an additional 1,326,600 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in Sysco by 102.6% during the third quarter. Marshall Wace LLP now owns 2,359,471 shares of the company’s stock worth $194,279,000 after purchasing an additional 1,194,815 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John M. Hinshaw acquired 13,304 shares of Sysco stock in a transaction on Tuesday, May 26th. The stock was acquired at an average cost of $75.17 per share, with a total value of $1,000,061.68. Following the completion of the acquisition, the director owned 40,200 shares in the company, valued at approximately $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Sanford C. Bernstein decreased their price objective on shares of Sysco from $90.00 to $85.00 and set a “market perform” rating for the company in a research note on Wednesday, April 29th. Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a research note on Tuesday, July 7th. Barclays reduced their target price on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Sysco in a research report on Friday, June 26th. Finally, Piper Sandler dropped their price target on Sysco from $83.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $88.00.

Sysco Stock Performance

Shares of SYY stock opened at $84.65 on Friday. 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 firm has a market cap of $40.53 billion, a price-to-earnings ratio of 23.45, a P/E/G ratio of 3.36 and a beta of 0.64. Sysco Corporation has a 52 week low of $68.19 and a 52 week high of $91.85. The firm’s 50-day simple moving average is $80.28 and its two-hundred day simple moving average is $80.10.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 28th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Sysco had a net margin of 2.08% and a return on equity of 103.57%. The company had revenue of $20.52 billion for the quarter, compared to the consensus estimate of $20.56 billion. During the same period in the prior year, the company earned $0.96 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Sysco Corporation will post 4.59 earnings per share for the current year.

Sysco Company Profile

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.