Kentucky Retirement Systems Acquires 17,554 Shares of Sysco Corporation $SYY

Kentucky Retirement Systems grew its holdings in Sysco Corporation (NYSE:SYY) by 57.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,016 shares of the company’s stock after buying an additional 17,554 shares during the period. Kentucky Retirement Systems’ holdings in Sysco were worth $3,425,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in shares of Sysco by 140.1% during the 1st quarter. Janus Henderson Group PLC now owns 71,404 shares of the company’s stock worth $5,093,000 after acquiring an additional 41,664 shares during the last quarter. Bull Harbor Capital LLC acquired a new stake in Sysco during the 1st quarter valued at $385,000. Strategic Investment Advisors MI lifted its holdings in Sysco by 139.1% during the 1st quarter. Strategic Investment Advisors MI now owns 11,223 shares of the company’s stock valued at $792,000 after purchasing an additional 6,529 shares during the last quarter. Arkadios Wealth Advisors boosted its position in Sysco by 24.0% during the first quarter. Arkadios Wealth Advisors now owns 16,279 shares of the company’s stock worth $1,161,000 after purchasing an additional 3,146 shares during the period. Finally, South Dakota Investment Council boosted its position in Sysco by 39.4% during the first quarter. South Dakota Investment Council now owns 98,809 shares of the company’s stock worth $7,048,000 after purchasing an additional 27,925 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Price Performance

Sysco stock opened at $84.65 on Friday. The firm has a market cap of $40.53 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 3.36 and a beta of 0.64. The company has a debt-to-equity ratio of 5.58, a current ratio of 1.33 and a quick ratio of 0.80. The stock’s fifty day moving average price is $80.28 and its two-hundred day moving average price is $80.10. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 28th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The company had revenue of $20.52 billion for the quarter, compared to the consensus estimate of $20.56 billion. Sysco had a net margin of 2.08% and a return on equity of 103.57%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 earnings per share. As a group, research analysts expect that Sysco Corporation will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John M. Hinshaw purchased 13,304 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was acquired at an average price of $75.17 per share, with a total value of $1,000,061.68. Following the completion of the purchase, the director directly owned 40,200 shares in the company, valued at $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SYY shares. Guggenheim decreased their price target on shares of Sysco from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. Barclays reduced their price objective on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Morgan Stanley upped their target price on Sysco from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Piper Sandler lowered their target price on Sysco from $83.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Finally, Citigroup reissued a “neutral” rating on shares of Sysco in a report on Wednesday, July 22nd. Eight 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 company. According to data from MarketBeat, Sysco has a consensus rating of “Hold” and a consensus price target of $88.00.

About Sysco

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.