Sysco Co. (NYSE:SYY) Position Cut by Van ECK Associates Corp

Van ECK Associates Corp lowered its holdings in shares of Sysco Co. (NYSE:SYY) by 2.2% during the 4th quarter, Holdings Channel reports. The fund owned 151,784 shares of the company’s stock after selling 3,488 shares during the period. Van ECK Associates Corp’s holdings in Sysco were worth $11,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Sysco by 11.1% during the third quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after purchasing an additional 2,721,449 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Sysco during the 3rd quarter worth about $137,900,000. Nordea Investment Management AB lifted its stake in shares of Sysco by 52.3% in the 4th quarter. Nordea Investment Management AB now owns 2,719,478 shares of the company’s stock worth $208,666,000 after acquiring an additional 933,327 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of Sysco by 11.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock valued at $521,874,000 after acquiring an additional 672,940 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new position in shares of Sysco during the third quarter valued at approximately $44,722,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Insider Transactions at Sysco

In other Sysco news, Director Sheila Talton sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total value of $216,427.00. Following the completion of the sale, the director now owns 12,955 shares in the company, valued at $966,831.65. This represents a 18.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Greg D. Bertrand sold 21,844 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $80.00, for a total transaction of $1,747,520.00. Following the transaction, the executive vice president now owns 60,581 shares in the company, valued at approximately $4,846,480. This represents a 26.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,270 shares of company stock valued at $6,181,946 over the last three months. 0.54% of the stock is owned by corporate insiders.

Sysco Price Performance

Shares of NYSE:SYY opened at $71.10 on Friday. The company’s fifty day moving average is $74.88 and its two-hundred day moving average is $75.84. The company has a market cap of $34.78 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.33. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same quarter last year, the business earned $0.89 EPS. Equities analysts expect that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SYY. Guggenheim restated a “buy” rating and issued a $85.00 target price on shares of Sysco in a research report on Wednesday, January 29th. Barclays decreased their target price on Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, January 29th. Jefferies Financial Group boosted their price target on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. reduced their price objective on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Finally, Truist Financial dropped their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $84.38.

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.