CIBC Asset Management Inc Buys 4,306 Shares of Sysco Co. (NYSE:SYY)

CIBC Asset Management Inc grew its stake in Sysco Co. (NYSE:SYY) by 5.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,750 shares of the company’s stock after acquiring an additional 4,306 shares during the quarter. CIBC Asset Management Inc’s holdings in Sysco were worth $6,459,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Armstrong Advisory Group Inc. grew its position in shares of Sysco by 1,240.0% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock valued at $26,000 after purchasing an additional 310 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of Sysco in the 3rd quarter valued at approximately $26,000. TruNorth Capital Management LLC acquired a new position in shares of Sysco in the 2nd quarter valued at approximately $25,000. Focused Wealth Management Inc acquired a new position in shares of Sysco in the 3rd quarter valued at approximately $37,000. Finally, Canoe Financial LP acquired a new position in Sysco during the 3rd quarter worth approximately $38,000. 83.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SYY shares. JPMorgan Chase & Co. upped their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 21st. Wells Fargo & Company reduced their price target on Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Barclays upped their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group raised their target price on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $85.77.

Insider Transactions at Sysco

In other news, SVP Eve M. Mcfadden sold 4,036 shares of Sysco stock in a transaction on Friday, November 1st. The stock was sold at an average price of $75.10, for a total transaction of $303,103.60. Following the completion of the sale, the senior vice president now owns 48,451 shares of the company’s stock, valued at approximately $3,638,670.10. This trade represents a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.54% of the company’s stock.

Sysco Trading Down 0.0 %

SYY stock opened at $74.95 on Monday. The company has a debt-to-equity ratio of 5.38, a current ratio of 1.26 and a quick ratio of 0.73. The company has a fifty day moving average price of $75.93 and a two-hundred day moving average price of $74.74. Sysco Co. has a one year low of $69.03 and a one year high of $82.89. The stock has a market cap of $36.82 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The company had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.47 billion. During the same period last year, the firm earned $1.07 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. Equities analysts anticipate that Sysco Co. will post 4.57 EPS for the current year.

Sysco Profile

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.