iA Global Asset Management Inc. Sells 18,064 Shares of Sysco Corporation (NYSE:SYY)

iA Global Asset Management Inc. lowered its position in Sysco Corporation (NYSE:SYY) by 41.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,616 shares of the company’s stock after selling 18,064 shares during the period. iA Global Asset Management Inc.’s holdings in Sysco were worth $1,922,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rialto Wealth Management LLC raised its stake in shares of Sysco by 188.7% in the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company’s stock valued at $25,000 after acquiring an additional 217 shares during the last quarter. Parvin Asset Management LLC bought a new position in Sysco in the 4th quarter worth approximately $29,000. Golden State Wealth Management LLC raised its position in Sysco by 48.4% in the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares during the last quarter. N.E.W. Advisory Services LLC bought a new position in Sysco in the 1st quarter worth approximately $33,000. Finally, Capital A Wealth Management LLC bought a new position in Sysco in the 4th quarter worth approximately $34,000. Institutional investors own 83.41% of the company’s stock.

Analyst Ratings Changes

SYY has been the subject of several research analyst reports. Barclays boosted their price objective on shares of Sysco from $77.00 to $82.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Bank of America boosted their price objective on shares of Sysco from $81.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Wall Street Zen cut shares of Sysco from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. BMO Capital Markets dropped their price objective on shares of Sysco from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Sysco from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Sysco has a consensus rating of “Moderate Buy” and an average price target of $85.69.

Sysco Stock Performance

Shares of Sysco stock opened at $81.35 on Thursday. The firm has a fifty day moving average of $76.62 and a two-hundred day moving average of $73.80. The stock has a market capitalization of $39.44 billion, a price-to-earnings ratio of 21.81, a PEG ratio of 2.46 and a beta of 0.83. Sysco Corporation has a 52 week low of $67.12 and a 52 week high of $82.23. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.09. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The business had revenue of $21.14 billion during the quarter, compared to analysts’ expectations of $21.01 billion. During the same quarter in the prior year, the company earned $1.39 EPS. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities research analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

Insiders Place Their Bets

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

About Sysco

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.