L2 Asset Management LLC Purchases New Stake in Sysco Corporation $SYY

L2 Asset Management LLC acquired a new position in Sysco Corporation (NYSE:SYY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,183 shares of the company’s stock, valued at approximately $600,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYY. Nicholas Company Inc. purchased a new position in Sysco in the fourth quarter valued at approximately $2,278,000. Norges Bank purchased a new stake in Sysco in the fourth quarter worth $542,780,000. Banque Cantonale Vaudoise increased its position in Sysco by 301.9% in the first quarter. Banque Cantonale Vaudoise now owns 16,828 shares of the company’s stock worth $1,200,000 after buying an additional 12,641 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Sysco in the fourth quarter valued at $52,672,000. Finally, Parnassus Investments LLC raised its stake in shares of 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 buying an additional 15,539 shares during the period. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sysco

In other news, EVP Ronald L. Phillips sold 506 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $84.09, for a total value of $42,549.54. Following the sale, the executive vice president directly owned 36,313 shares of the company’s stock, valued at approximately $3,053,560.17. This represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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. Insiders sold 14,508 shares of company stock worth $1,215,250 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Sysco Price Performance

Sysco stock opened at $83.50 on Wednesday. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85. The business has a fifty day moving average price of $82.82 and a 200-day moving average price of $80.61. 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 firm has a market capitalization of $40.01 billion, a P/E ratio of 22.81, a PEG ratio of 2.86 and a beta of 0.64.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. The company had revenue of $22.12 billion during the quarter, compared to analysts’ expectations of $21.95 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.48 earnings per share. 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, equities research analysts forecast that Sysco Corporation will post 5.12 EPS for the current year.

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 2nd. Sysco’s payout ratio is presently 60.11%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SYY. Sanford C. Bernstein cut their price target on Sysco from $90.00 to $85.00 and set a “market perform” rating for the company in a research note on Wednesday, April 29th. Barclays lowered their price objective on Sysco from $92.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded shares of Sysco from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a report on Tuesday, April 28th. Piper Sandler increased their target price on shares of Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Finally, Wall Street Zen downgraded shares of Sysco from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.50.

Sysco 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.