Cibc World Market Inc. Buys New Stake in Sysco Corporation $SYY

Cibc World Market Inc. purchased a new position in shares of Sysco Corporation (NYSE:SYY) in the second quarter, HoldingsChannel reports. The institutional investor purchased 141,244 shares of the company’s stock, valued at approximately $11,805,000.

Other hedge funds also recently added to or reduced their stakes in the company. Nicholas Company Inc. acquired a new stake in shares of Sysco in the fourth quarter valued at about $2,278,000. Norges Bank acquired a new position in Sysco during the 4th quarter worth approximately $542,780,000. Banque Cantonale Vaudoise boosted its holdings in Sysco by 301.9% in the 1st quarter. Banque Cantonale Vaudoise now owns 16,828 shares of the company’s stock worth $1,200,000 after acquiring an additional 12,641 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in Sysco in the 4th quarter worth approximately $52,672,000. Finally, Parnassus Investments LLC grew its position in Sysco by 1.0% in the fourth quarter. Parnassus Investments LLC now owns 1,611,005 shares of the company’s stock valued at $118,715,000 after acquiring an additional 15,539 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SYY shares. Citigroup lifted their price objective on shares of Sysco from $82.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Morgan Stanley raised their price target on shares of Sysco from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Wall Street Zen downgraded shares of Sysco from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Piper Sandler boosted their price objective on shares of Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Finally, 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 report on Wednesday, April 29th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average target price of $89.50.

Insider Buying and Selling at Sysco

In related news, EVP Ronald L. Phillips sold 367 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $83.39, for a total transaction of $30,604.13. Following the sale, the executive vice president directly owned 38,650 shares of the company’s stock, valued at approximately $3,223,023.50. This represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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. Company insiders own 0.56% of the company’s stock.

Sysco Trading Down 0.3%

SYY opened at $83.86 on Tuesday. Sysco Corporation has a 12-month low of $68.19 and a 12-month high of $91.85. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. The stock has a market capitalization of $40.15 billion, a PE ratio of 22.91, a P/E/G ratio of 2.87 and a beta of 0.64. The firm’s fifty day moving average price is $82.74 and its 200 day moving average price is $80.62.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.02. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The company had revenue of $22.12 billion during the quarter, compared to analyst estimates of $21.95 billion. During the same period last year, the business earned $1.48 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, research analysts expect that Sysco Corporation will post 5.12 EPS for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd will be given a $0.55 dividend. The ex-dividend date is Friday, October 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.6%. Sysco’s dividend payout ratio (DPR) is presently 60.11%.

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.