CenterBook Partners LP lifted its position in shares of Sysco Corporation (NYSE:SYY – Free Report) by 643.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,921 shares of the company’s stock after purchasing an additional 63,106 shares during the quarter. CenterBook Partners LP’s holdings in Sysco were worth $5,685,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. United Capital Financial Advisors LLC purchased a new position in shares of Sysco in the 2nd quarter valued at about $2,633,000. Rakuten Investment Management Inc. acquired a new position in Sysco in the 2nd quarter worth about $6,523,000. Empowered Funds LLC purchased a new position in Sysco during the second quarter worth approximately $9,370,000. Bank of America Corp DE purchased a new position in Sysco during the second quarter worth approximately $482,589,000. Finally, First Nebraska Trust Co purchased a new position in Sysco during the second quarter worth approximately $183,604,000. 83.41% of the stock is owned by hedge funds and other institutional investors.
Sysco Trading Up 2.1%
Sysco stock traded up $1.61 during mid-day trading on Friday, hitting $76.85. The company’s stock had a trading volume of 6,888,690 shares, compared to its average volume of 2,805,662. The firm has a market capitalization of $37.80 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 2.30 and a beta of 0.66. Sysco Corporation has a 1 year low of $68.19 and a 1 year high of $91.85. The company has a current ratio of 1.28, a quick ratio of 0.77 and a debt-to-equity ratio of 4.62. The stock’s fifty day moving average is $79.89 and its two-hundred day moving average is $80.50.
Sysco (NYSE:SYY – Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $1.19 EPS for the quarter, meeting the consensus estimate of $1.19. The business had revenue of $21.74 billion for the quarter, compared to analyst estimates of $22.02 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%. The company’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.15 EPS. On average, analysts anticipate that Sysco Corporation will post 5.07 EPS for the current year.
Sysco Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, October 2nd. Sysco’s dividend payout ratio is currently 58.51%.
Analyst Ratings Changes
SYY has been the subject of a number of recent analyst reports. UBS Group boosted their price objective on Sysco from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. DA Davidson increased their target price on Sysco from $89.00 to $91.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. dropped their price target on shares of Sysco from $95.00 to $92.00 in a research note on Wednesday. Wall Street Zen lowered shares of Sysco from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Finally, BMO Capital Markets boosted their price target on shares of Sysco from $90.00 to $98.00 in a report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $91.13.
Get Our Latest Stock Analysis on Sysco
Key Stories Impacting Sysco
Here are the key news stories impacting Sysco this week:
- Positive Sentiment: Director Thomas Gerard Ondrof purchased 2,500 shares at an average price of $76.62, a modest sign of insider confidence. Director stock purchase
- Neutral Sentiment: Citigroup lowered its price target from $87 to $84 and maintained a Hold/neutral rating. The target still implies potential upside from the cited share price, but the reduction reflects more restrained expectations. Citi rating
- Negative Sentiment: JPMorgan also lowered its expectations for SYY, adding to a cautious analyst tone. JPMorgan expectations
- Negative Sentiment: Sysco’s latest quarterly revenue of $21.74 billion fell short of analyst estimates, although earnings per share matched expectations at $1.19 and revenue grew 2.8% year over year. Recent trading and results context
- Negative Sentiment: The proposed $29.1 billion Jetro Restaurant Depot acquisition is still awaiting FTC clearance; regulatory and cost exposure has drawn investor scrutiny and could add uncertainty. Acquisition investigation notice
Insider Buying and Selling
In other Sysco news, EVP Ronald L. Phillips sold 7,350 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $83.61, for a total value of $614,533.50. Following the sale, the executive vice president owned 38,650 shares of the company’s stock, valued at $3,231,526.50. The trade was a 15.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas Gerard Ondrof purchased 2,500 shares of the firm’s stock in a transaction on Wednesday, November 4th. The shares were purchased at an average price of $76.62 per share, for a total transaction of $191,550.00. Following the completion of the purchase, the director directly owned 2,500 shares of the company’s stock, valued at $191,550. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 15,525 shares of company stock valued at $1,299,736 in the last ninety days. 0.55% of the stock is currently owned by corporate insiders.
About Sysco
Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries.
The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.
Sysco serves customers across the United States and in international markets, including Canada and parts of Europe.
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