Forsta AP Fonden Increases Position in Sysco Corporation (NYSE:SYY)

Forsta AP Fonden increased its stake in Sysco Corporation (NYSE:SYY) by 16.7% in the first quarter, HoldingsChannel.com reports. The firm owned 193,100 shares of the company’s stock after acquiring an additional 27,600 shares during the quarter. Forsta AP Fonden’s holdings in Sysco were worth $14,490,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Boyd Watterson Asset Management LLC OH increased its holdings in shares of Sysco by 106.4% in the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 3,147 shares of the company’s stock valued at $236,000 after purchasing an additional 1,622 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Sysco by 2.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,510 shares of the company’s stock valued at $16,772,000 after acquiring an additional 4,932 shares in the last quarter. Fiduciary Trust Co increased its holdings in Sysco by 0.3% during the 4th quarter. Fiduciary Trust Co now owns 66,495 shares of the company’s stock valued at $5,084,000 after acquiring an additional 196 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Sysco during the 1st quarter valued at about $202,000. Finally, Golden State Wealth Management LLC increased its holdings in Sysco by 48.4% during the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock valued at $32,000 after acquiring an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insider Activity at Sysco

In related news, EVP Greg D. Bertrand sold 40,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 56,304 shares of the company’s stock, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ronald L. Phillips sold 37,606 shares of the firm’s stock in a transaction that occurred on Wednesday, July 23rd. The stock was 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 directly owned 30,235 shares in the company, valued at $2,449,035. This represents 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 currently owned by company insiders.

Sysco Price Performance

SYY opened at $80.64 on Friday. The company’s 50 day simple moving average is $76.94 and its 200 day simple moving average is $73.90. 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 Corporation has a 1 year low of $67.12 and a 1 year high of $82.23. The stock has a market capitalization of $39.09 billion, a PE ratio of 21.62, a P/E/G ratio of 2.49 and a beta of 0.83.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $21.01 billion. During the same period last year, the company earned $1.39 earnings per share. The company’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, sell-side analysts expect that Sysco Corporation will post 4.58 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Bank of America raised their target price on shares of Sysco from $81.00 to $93.00 and gave the company a “buy” rating in a report on Friday, July 18th. Citigroup assumed coverage on shares of Sysco in a report on Thursday, May 22nd. They set a “neutral” rating and a $78.00 target price for the company. Wells Fargo & Company set a $88.00 target price on shares of Sysco and gave the company an “overweight” rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. raised their price target on shares of Sysco from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen cut shares of Sysco from a “buy” rating to a “hold” rating in a research note on Sunday, July 13th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.69.

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.