LRI Investments LLC Acquires New Stake in Sysco Co. (NYSE:SYY)

LRI Investments LLC bought a new position in Sysco Co. (NYSE:SYY) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 591 shares of the company’s stock, valued at approximately $45,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors raised its stake in Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after purchasing an additional 1,637,232 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after acquiring an additional 3,504,740 shares during the last quarter. Norges Bank purchased a new position in Sysco in the fourth quarter worth $450,794,000. The Manufacturers Life Insurance Company grew its position in Sysco by 132.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after acquiring an additional 2,084,501 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Sysco by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock valued at $222,029,000 after acquiring an additional 240,671 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Stock Up 1.0 %

SYY stock traded up $0.73 during midday trading on Friday, hitting $72.85. The company’s stock had a trading volume of 3,196,592 shares, compared to its average volume of 2,946,025. The company has a market cap of $36.28 billion, a PE ratio of 17.77, a P/E/G ratio of 1.96 and a beta of 1.18. The firm’s 50-day moving average is $72.27 and its 200-day moving average is $76.08. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. On average, equities research analysts forecast that Sysco Co. will post 4.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on SYY shares. Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Tuesday, May 28th. BMO Capital Markets cut their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. Truist Financial reduced their price target on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Bank of America lowered their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

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.