Sysco Corporation $SYY Shares Bought by Summit Global Investments

Summit Global Investments grew its position in shares of Sysco Corporation (NYSE:SYY) by 128.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 51,064 shares of the company’s stock after acquiring an additional 28,748 shares during the quarter. Summit Global Investments’ holdings in Sysco were worth $3,981,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC purchased a new position in Sysco during the second quarter worth $29,000. Sunbelt Securities Inc. grew its stake in Sysco by 87.6% in the 1st quarter. Sunbelt Securities Inc. now owns 364 shares of the company’s stock worth $26,000 after acquiring an additional 170 shares in the last quarter. Markowski Investments bought a new position in Sysco in the second quarter worth approximately $31,000. Parvin Asset Management LLC purchased a new position in Sysco during the 2nd quarter worth $32,000. Finally, Tacita Capital Inc purchased a new position in Sysco during the 2nd quarter worth $35,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling

In related news, EVP Ronald Phillips sold 960 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $83.00, for a total value of $79,680.00. Following the sale, the executive vice president directly owned 49,852 shares in the company, valued at approximately $4,137,716. The trade was a 1.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 valued at $1,299,736 in the last quarter. 0.55% of the stock is owned by insiders.

Sysco Stock Up 0.4%

Shares of NYSE SYY opened at $82.85 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 4.62. Sysco Corporation has a 52-week low of $68.19 and a 52-week high of $91.85. The firm has a market cap of $40.76 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 2.33 and a beta of 0.64. The company’s 50-day simple moving average is $80.54 and its 200-day simple moving average is $80.51.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The company had revenue of $22.12 billion for the quarter, compared to analysts’ expectations of $21.95 billion. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.48 EPS. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. Equities analysts predict that Sysco Corporation will post 5.09 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd were issued a dividend of $0.55 per share. The ex-dividend date was Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.7%. Sysco’s dividend payout ratio (DPR) is currently 60.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SYY. Citigroup reaffirmed a “neutral” rating on shares of Sysco in a research report on Monday, October 26th. Piper Sandler raised their target price on shares of Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. UBS Group raised their price target on Sysco from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Guggenheim reissued a “buy” rating and set a $90.00 price objective on shares of Sysco in a report on Wednesday, September 16th. Finally, Morgan Stanley increased their price target on shares of Sysco from $88.00 to $91.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $90.42.

Sysco Company Profile

Sysco Corporation is a global foodservice distribution company headquartered in Houston, Texas. It supplies food and related products to restaurants, healthcare and educational institutions, hotels, government facilities, and other foodservice operators.

The company distributes a broad range of products, including fresh and frozen foods, meat and seafood, produce, dairy products, canned and packaged goods, beverages, and specialty food items. Sysco also provides nonfood products such as kitchen and dining supplies, equipment, and cleaning products, along with services intended to help customers manage menus, procurement, and operations.

Founded in 1969, Sysco serves customers primarily across the United States and Canada, as well as in parts of Europe and other international markets.