Perigon Wealth Management LLC Invests $559,000 in Sysco Corporation $SYY

Perigon Wealth Management LLC purchased a new stake in Sysco Corporation (NYSE:SYY) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,692 shares of the company’s stock, valued at approximately $559,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Sysco by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 62,305,343 shares of the company’s stock valued at $4,591,281,000 after purchasing an additional 814,270 shares during the last quarter. State Street Corp grew its position in shares of Sysco by 0.9% during the 3rd quarter. State Street Corp now owns 26,669,576 shares of the company’s stock worth $2,195,973,000 after buying an additional 246,542 shares during the period. Geode Capital Management LLC raised its stake in shares of Sysco by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 12,728,692 shares of the company’s stock worth $934,391,000 after buying an additional 131,659 shares during the last quarter. Norges Bank bought a new stake in shares of Sysco during the fourth quarter worth approximately $542,780,000. Finally, Morgan Stanley lifted its holdings in Sysco by 9.0% in the fourth quarter. Morgan Stanley now owns 6,058,405 shares of the company’s stock valued at $446,444,000 after buying an additional 500,881 shares during the period. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director John M. Hinshaw acquired 13,304 shares of the stock in a transaction dated Tuesday, May 26th. The stock was bought at an average price of $75.17 per share, with a total value of $1,000,061.68. Following the completion of the transaction, the director directly owned 40,200 shares of the company’s stock, valued at approximately $3,021,834. The trade was a 49.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ronald L. Phillips sold 6,285 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $83.94, for a total transaction of $527,562.90. Following the sale, the executive vice president owned 39,970 shares in the company, valued at approximately $3,355,081.80. The trade was a 13.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

SYY has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of Sysco from a “buy” rating to a “hold” rating and set a $84.00 target price for the company. in a report on Tuesday, April 28th. Piper Sandler increased their price target on Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Barclays decreased their price objective on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a report on Tuesday, July 7th. Finally, Citigroup increased their target price on Sysco from $82.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Sysco presently has an average rating of “Hold” and a consensus price target of $89.50.

Sysco Stock Up 0.8%

Shares of Sysco stock opened at $82.58 on Thursday. The company has a market capitalization of $39.53 billion, a P/E ratio of 22.56, a price-to-earnings-growth ratio of 2.81 and a beta of 0.64. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. The business has a 50-day moving average of $82.48 and a two-hundred day moving average of $80.62. Sysco Corporation has a 1 year low of $68.19 and a 1 year high of $91.85.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The business had revenue of $22.12 billion for the quarter, compared to analysts’ expectations of $21.95 billion. During the same quarter in the previous year, the business posted $1.48 EPS. Sysco’s revenue for the quarter was up 4.7% on a year-over-year basis. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, equities analysts predict that Sysco Corporation will post 5.1 EPS for the current year.

Sysco Profile

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.