NorthCrest Asset Manangement LLC Makes New $254,000 Investment in Sysco Corporation $SYY

NorthCrest Asset Manangement LLC purchased a new position in Sysco Corporation (NYSE:SYY) in the second quarter, HoldingsChannel reports. The institutional investor purchased 3,285 shares of the company’s stock, valued at approximately $254,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SYY. Boston Partners grew its stake in Sysco by 24.8% in the 1st quarter. Boston Partners now owns 15,199,828 shares of the company’s stock worth $1,139,798,000 after buying an additional 3,015,714 shares in the last quarter. Canoe Financial LP lifted its holdings in shares of Sysco by 29,610.4% in the 1st quarter. Canoe Financial LP now owns 1,431,149 shares of the company’s stock worth $107,393,000 after acquiring an additional 1,426,332 shares during the last quarter. Nuveen LLC bought a new stake in shares of Sysco in the 1st quarter worth approximately $85,341,000. Amundi lifted its holdings in shares of Sysco by 36.5% in the 1st quarter. Amundi now owns 3,725,508 shares of the company’s stock worth $280,941,000 after acquiring an additional 995,498 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Sysco by 1,940.1% in the 1st quarter. Mackenzie Financial Corp now owns 1,016,660 shares of the company’s stock worth $76,290,000 after acquiring an additional 966,826 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Stock Up 0.6%

NYSE:SYY opened at $82.42 on Monday. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The firm has a market cap of $39.95 billion, a P/E ratio of 22.10, a P/E/G ratio of 2.55 and a beta of 0.80. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $83.24. The firm has a 50-day simple moving average of $80.19 and a two-hundred day simple moving average of $75.59.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.09. The business had revenue of $21.14 billion during the quarter, compared to analysts’ expectations of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. Analysts predict that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.16 annualized dividend and a yield of 2.6%. Sysco’s payout ratio is 57.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SYY. UBS Group set a $90.00 price objective on shares of Sysco in a report on Wednesday, July 30th. Wells Fargo & Company set a $88.00 price objective on shares of Sysco and gave the stock an “overweight” rating in a report on Tuesday, July 29th. Truist Financial boosted their price objective on shares of Sysco from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Morgan Stanley upped their price target on shares of Sysco from $72.00 to $77.00 and gave the company an “equal weight” rating in a report on Monday, July 14th. Finally, Barclays upped their price target on shares of Sysco from $77.00 to $82.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $85.69.

Insider Activity

In other Sysco news, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president directly owned 30,235 shares of the company’s stock, valued at approximately $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the completion of the transaction, the executive vice president directly owned 56,304 shares of the company’s stock, valued at $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,338 shares of company stock valued at $7,439,331 over the last ninety days. Corporate insiders own 0.54% of the company’s stock.

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.