Clearbridge Investments LLC Sells 20,552 Shares of Sysco Co. (NYSE:SYY)

Clearbridge Investments LLC cut its stake in Sysco Co. (NYSE:SYY) by 67.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,838 shares of the company’s stock after selling 20,552 shares during the period. Clearbridge Investments LLC’s holdings in Sysco were worth $799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital World Investors bought a new position in Sysco during the 4th quarter valued at about $683,599,000. Norges Bank bought a new stake in Sysco during the 4th quarter valued at approximately $450,794,000. Capital Research Global Investors bought a new position in Sysco in the 4th quarter worth approximately $227,241,000. The Manufacturers Life Insurance Company grew its holdings in Sysco by 132.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after buying an additional 2,084,501 shares in the last quarter. Finally, Fiduciary Management Inc. WI raised its position in shares of Sysco by 92.1% during the fourth quarter. Fiduciary Management Inc. WI now owns 2,619,940 shares of the company’s stock valued at $191,596,000 after buying an additional 1,255,908 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Price Performance

Shares of SYY stock traded up $0.51 during mid-day trading on Thursday, hitting $71.71. 131,520 shares of the stock were exchanged, compared to its average volume of 3,070,290. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. Sysco Co. has a 52-week low of $62.24 and a 52-week high of $82.89. The firm has a fifty day moving average of $72.42 and a 200 day moving average of $76.12. The company has a market cap of $35.71 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 1.97 and a beta of 1.18.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. Research analysts anticipate that Sysco Co. will post 4.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SYY has been the topic of several recent research reports. Bank of America decreased their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. UBS Group reduced their target price on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Truist Financial lowered their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a report on Monday, June 24th. Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, May 28th. Finally, JPMorgan Chase & Co. decreased their price objective on Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

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.