Sysco Corporation $SYY Shares Acquired by CenterBook Partners LP

CenterBook Partners LP lifted its stake in shares of Sysco Corporation (NYSE:SYY) by 643.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,921 shares of the company’s stock after acquiring an additional 63,106 shares during the quarter. CenterBook Partners LP’s holdings in Sysco were worth $5,685,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Capital Investment Advisors LLC boosted its holdings in Sysco by 1.4% in the third quarter. Capital Investment Advisors LLC now owns 9,727 shares of the company’s stock valued at $758,000 after purchasing an additional 133 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Sysco by 1.3% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 11,356 shares of the company’s stock worth $885,000 after purchasing an additional 144 shares during the period. Parkside Financial Bank & Trust raised its position in Sysco by 7.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,241 shares of the company’s stock valued at $187,000 after purchasing an additional 147 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Sysco by 2.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 7,399 shares of the company’s stock valued at $577,000 after purchasing an additional 150 shares in the last quarter. Finally, Taylor Frigon Capital Management LLC raised its position in Sysco by 0.7% in the 3rd quarter. Taylor Frigon Capital Management LLC now owns 20,679 shares of the company’s stock valued at $1,612,000 after purchasing an additional 151 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on SYY. Wall Street Zen cut shares of Sysco from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Weiss Ratings lowered shares of Sysco from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. BMO Capital Markets lifted their price objective on shares of Sysco from $90.00 to $98.00 in a research report on Wednesday, August 5th. UBS Group boosted their target price on shares of Sysco from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. dropped their target price on Sysco from $95.00 to $92.00 in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.13.

Key Sysco News

Here are the key news stories impacting Sysco this week:

• Positive Sentiment: Director Thomas Gerard Ondrof purchased 2,500 shares at an average price of $76.62, a modest sign of insider confidence. Director stock purchase
• Neutral Sentiment: Citigroup lowered its price target from $87 to $84 and maintained a Hold/neutral rating. The target still implies potential upside from the cited share price, but the reduction reflects more restrained expectations. Citi rating
• Negative Sentiment: JPMorgan also lowered its expectations for SYY, adding to a cautious analyst tone. JPMorgan expectations
• Negative Sentiment: Sysco’s latest quarterly revenue of $21.74 billion fell short of analyst estimates, although earnings per share matched expectations at $1.19 and revenue grew 2.8% year over year. Recent trading and results context
• Negative Sentiment: The proposed $29.1 billion Jetro Restaurant Depot acquisition is still awaiting FTC clearance; regulatory and cost exposure has drawn investor scrutiny and could add uncertainty. Acquisition investigation notice

Sysco Stock Up 2.1%

Shares of Sysco stock traded up $1.61 during trading hours on Friday, hitting $76.85. The company had a trading volume of 6,888,690 shares, compared to its average volume of 2,805,662. The company’s 50-day moving average is $79.89 and its two-hundred day moving average is $80.50. Sysco Corporation has a twelve month low of $68.19 and a twelve 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 company has a market cap of $37.80 billion, a P/E ratio of 20.44, a price-to-earnings-growth ratio of 2.30 and a beta of 0.66.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.19. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The company had revenue of $21.74 billion during the quarter, compared to the consensus estimate of $22.02 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. Sysco’s revenue for the quarter was up 2.8% on a year-over-year basis. Analysts anticipate that Sysco Corporation will post 5.07 earnings per share for the current fiscal year.

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 2nd were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.9%. Sysco’s dividend payout ratio (DPR) is currently 58.51%.

Insider Activity

In related news, Director Thomas Gerard Ondrof purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The stock was purchased at an average cost of $76.62 per share, with a total value of $191,550.00. Following the completion of the acquisition, the director directly owned 2,500 shares in the company, valued at $191,550. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ronald L. Phillips sold 7,350 shares of Sysco stock in a transaction on Friday, August 21st. The shares were sold at an average price of $83.61, for a total transaction of $614,533.50. Following the completion of the transaction, the executive vice president owned 38,650 shares in the company, valued at approximately $3,231,526.50. This trade represents a 15.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 a total of 15,525 shares of company stock worth $1,299,736 in the last 90 days. 0.55% of the stock is currently owned by insiders.

Sysco Profile

Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries.

The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.

Sysco serves customers across the United States and in international markets, including Canada and parts of Europe.