Summit Global Investments Invests $1.86 Million in Sysco Corporation $SYY

Summit Global Investments bought a new stake in shares of Sysco Corporation (NYSE:SYY) in the second quarter, Holdings Channel reports. The institutional investor bought 22,316 shares of the company’s stock, valued at approximately $1,865,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in Sysco during the second quarter valued at $9,429,000. Bryn Mawr Trust Advisors LLC bought a new stake in shares of Sysco in the 2nd quarter worth about $2,223,000. Hardy Reed LLC purchased a new stake in shares of Sysco during the 2nd quarter valued at about $236,000. Tema ETFs LLC raised its position in shares of Sysco by 9.4% during the 2nd quarter. Tema ETFs LLC now owns 10,110 shares of the company’s stock valued at $845,000 after buying an additional 870 shares in the last quarter. Finally, A&I Financial Services LLC lifted its holdings in shares of Sysco by 13.6% in the 2nd quarter. A&I Financial Services LLC now owns 10,684 shares of the company’s stock valued at $893,000 after acquiring an additional 1,276 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Down 0.7%

NYSE:SYY opened at $82.94 on Friday. The company has a market cap of $39.71 billion, a price-to-earnings ratio of 22.66, a price-to-earnings-growth ratio of 2.86 and a beta of 0.64. Sysco Corporation has a twelve month low of $68.19 and a twelve month 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 has a fifty day simple moving average of $82.21 and a 200-day simple moving average of $80.62.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $22.12 billion for the quarter, compared to analysts’ expectations of $21.95 billion. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $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. Analysts anticipate that Sysco Corporation will post 5.1 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. UBS Group boosted their price objective on Sysco from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Sanford C. Bernstein lowered their price objective 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. Citigroup boosted their target price on Sysco from $82.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Piper Sandler increased their price target on Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Finally, Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $89.50.

Insider Activity

In other news, EVP Ronald L. Phillips sold 367 shares of Sysco stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $83.39, for a total transaction of $30,604.13. Following the completion of the sale, the executive vice president owned 38,650 shares of the company’s stock, valued at approximately $3,223,023.50. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 John M. Hinshaw purchased 13,304 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were bought at an average cost of $75.17 per share, with a total value of $1,000,061.68. Following the purchase, the director directly owned 40,200 shares of the company’s stock, valued at approximately $3,021,834. This represents a 49.46% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.56% of the stock is owned by insiders.

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.