CIBC Asset Management Inc Lowers Stock Position in SYSCO Co. (NYSE:SYY)

CIBC Asset Management Inc lessened its holdings in shares of SYSCO Co. (NYSE:SYY) by 88.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,977 shares of the company’s stock after selling 412,338 shares during the quarter. CIBC Asset Management Inc’s holdings in SYSCO were worth $2,896,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the company. TRUE Private Wealth Advisors lifted its position in shares of SYSCO by 9.9% during the second quarter. TRUE Private Wealth Advisors now owns 2,230 shares of the company’s stock worth $121,000 after purchasing an additional 200 shares in the last quarter. S.A. Mason LLC lifted its position in shares of SYSCO by 14.6% during the second quarter. S.A. Mason LLC now owns 1,571 shares of the company’s stock worth $86,000 after purchasing an additional 200 shares in the last quarter. Cornell Pochily Investment Advisors Inc. raised its holdings in SYSCO by 3.2% in the first quarter. Cornell Pochily Investment Advisors Inc. now owns 6,456 shares of the company’s stock valued at $295,000 after acquiring an additional 202 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in SYSCO by 3.3% in the first quarter. Chicago Partners Investment Group LLC now owns 6,709 shares of the company’s stock valued at $338,000 after acquiring an additional 213 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its holdings in SYSCO by 21.5% in the first quarter. Cornerstone Advisors Inc. now owns 1,211 shares of the company’s stock valued at $55,000 after acquiring an additional 214 shares in the last quarter. 79.35% of the stock is currently owned by institutional investors and hedge funds.

In other SYSCO news, Director Trian Fund Management, L.P. bought 703,700 shares of SYSCO stock in a transaction dated Monday, May 18th. The stock was acquired at an average cost of $51.38 per share, with a total value of $36,156,106.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joshua D. Frank bought 600,000 shares of SYSCO stock in a transaction dated Friday, May 15th. The stock was acquired at an average cost of $47.42 per share, with a total value of $28,452,000.00. The disclosure for this purchase can be found here. Company insiders own 5.24% of the company’s stock.

SYY stock opened at $52.85 on Friday. The company has a current ratio of 1.49, a quick ratio of 0.93 and a debt-to-equity ratio of 5.21. SYSCO Co. has a twelve month low of $26.00 and a twelve month high of $85.98. The company’s 50 day moving average is $54.03 and its two-hundred day moving average is $58.98. The stock has a market cap of $26.83 billion, a P/E ratio of 20.10, a PEG ratio of 2.16 and a beta of 1.12.

SYSCO (NYSE:SYY) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.08). The company had revenue of $13.70 billion for the quarter, compared to analyst estimates of $14.04 billion. SYSCO had a return on equity of 73.70% and a net margin of 2.30%. The firm’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.79 EPS. On average, equities research analysts predict that SYSCO Co. will post 1.97 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Thursday, July 2nd were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.41%. The ex-dividend date was Wednesday, July 1st. SYSCO’s payout ratio is currently 50.70%.

Several brokerages recently weighed in on SYY. JPMorgan Chase & Co. raised their target price on shares of SYSCO from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. BMO Capital Markets cut shares of SYSCO from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $88.00 to $51.00 in a report on Thursday, April 23rd. Wells Fargo & Co raised shares of SYSCO from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $50.00 to $70.00 in a report on Friday, June 5th. Zacks Investment Research cut shares of SYSCO from a “hold” rating to a “sell” rating and set a $62.00 target price on the stock. in a report on Saturday, May 2nd. Finally, Piper Sandler reaffirmed a “buy” rating and issued a $64.00 target price on shares of SYSCO in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $69.36.

SYSCO Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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