Strategic Investment Advisors MI Boosts Stock Holdings in Sysco Corporation $SYY

Strategic Investment Advisors MI lifted its holdings in shares of Sysco Corporation (NYSE:SYY) by 139.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 11,223 shares of the company’s stock after acquiring an additional 6,529 shares during the quarter. Strategic Investment Advisors MI’s holdings in Sysco were worth $792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Montag A & Associates Inc. increased its position in shares of Sysco by 1.4% during the fourth quarter. Montag A & Associates Inc. now owns 8,743 shares of the company’s stock valued at $644,000 after buying an additional 123 shares during the period. United Community Bank raised its stake in Sysco by 11.4% in the fourth quarter. United Community Bank now owns 1,224 shares of the company’s stock valued at $90,000 after purchasing an additional 125 shares in the last quarter. First Citizens Bank & Trust Co. lifted its position in Sysco by 1.2% during the fourth quarter. First Citizens Bank & Trust Co. now owns 11,224 shares of the company’s stock valued at $827,000 after purchasing an additional 138 shares during the last quarter. Octavia Wealth Advisors LLC lifted its holdings in shares of Sysco by 4.6% during the 4th quarter. Octavia Wealth Advisors LLC now owns 3,231 shares of the company’s stock worth $237,000 after acquiring an additional 141 shares during the last quarter. Finally, Diversify Wealth Management LLC lifted its stake in Sysco by 1.6% during the fourth quarter. Diversify Wealth Management LLC now owns 9,173 shares of the company’s stock worth $698,000 after purchasing an additional 143 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SYY has been the topic of a number of research reports. Piper Sandler decreased their price objective on Sysco from $83.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Melius Research lowered shares of Sysco from a “hold” rating to a “sell” rating in a report on Tuesday, July 7th. Sanford C. Bernstein reduced their target price on shares of Sysco from $90.00 to $85.00 and set a “market perform” rating on the stock in a report on Wednesday, April 29th. Barclays lowered their price target on shares of Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Finally, Citigroup restated a “neutral” rating on shares of Sysco in a research report on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.00.

Sysco Stock Performance

Shares of SYY stock opened at $84.65 on Friday. The company has a market capitalization of $40.53 billion, a P/E ratio of 23.45, a PEG ratio of 3.36 and a beta of 0.64. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85. 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 stock has a 50 day moving average price of $80.28 and a two-hundred day moving average price of $80.10.

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

Insiders Place Their Bets

In other news, Director John M. Hinshaw purchased 13,304 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were acquired at an average price of $75.17 per share, with a total value of $1,000,061.68. Following the acquisition, the director directly owned 40,200 shares in the company, valued at approximately $3,021,834. The trade was a 49.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.56% of the stock is owned by insiders.

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.