TD Asset Management Inc Grows Position in Sysco Corporation (NYSE:SYY)

TD Asset Management Inc lifted its holdings in shares of Sysco Corporation (NYSE:SYY) by 12.4% in the first quarter, HoldingsChannel.com reports. The firm owned 212,315 shares of the company’s stock after acquiring an additional 23,373 shares during the quarter. TD Asset Management Inc’s holdings in Sysco were worth $15,932,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. HB Wealth Management LLC boosted its holdings in Sysco by 16.0% during the 1st quarter. HB Wealth Management LLC now owns 22,392 shares of the company’s stock valued at $1,680,000 after acquiring an additional 3,094 shares during the period. Heartland Advisors Inc. boosted its holdings in Sysco by 17.8% during the 1st quarter. Heartland Advisors Inc. now owns 228,519 shares of the company’s stock valued at $17,148,000 after acquiring an additional 34,602 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its holdings in Sysco by 5.0% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 103,349 shares of the company’s stock valued at $7,755,000 after acquiring an additional 4,924 shares during the period. Benedict Financial Advisors Inc. boosted its holdings in Sysco by 1.0% during the 1st quarter. Benedict Financial Advisors Inc. now owns 56,073 shares of the company’s stock valued at $4,208,000 after acquiring an additional 551 shares during the period. Finally, Stevens Capital Management LP purchased a new position in Sysco during the 1st quarter valued at about $730,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Trading Up 2.2%

NYSE:SYY opened at $80.10 on Thursday. The firm has a market cap of $38.83 billion, a P/E ratio of 21.47, a PEG ratio of 2.37 and a beta of 0.81. The company has a current ratio of 1.21, a quick ratio of 0.76 and a debt-to-equity ratio of 6.75. The stock’s 50 day simple moving average is $75.81 and its 200-day simple moving average is $73.59. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The business had revenue of $21.14 billion for the quarter, compared to analyst estimates of $21.01 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. Equities analysts anticipate that Sysco Corporation will post 4.58 EPS for the current year.

Wall Street Analyst Weigh In

SYY has been the topic of a number of analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $82.00 price target on shares of Sysco in a research report on Tuesday, July 8th. Morgan Stanley increased their price target on Sysco from $72.00 to $77.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. BMO Capital Markets reduced their price target on Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the company an “overweight” rating in a research report on Tuesday, April 22nd. Finally, Wall Street Zen lowered Sysco from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Sysco presently has a consensus rating of “Moderate Buy” and an average target price of $85.38.

Insider Buying and Selling

In related news, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the sale, the executive vice president directly owned 56,304 shares in the company, valued at $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ronald L. Phillips sold 37,606 shares of the business’s stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $3,046,086.00. Following the sale, the executive vice president owned 30,235 shares in the company, valued at approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Sysco Profile

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.