Comerica Bank Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

Comerica Bank reduced its position in shares of Sysco Co. (NYSE:SYY) by 0.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,094 shares of the company’s stock after selling 191 shares during the period. Comerica Bank’s holdings in Sysco were worth $16,244,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Capital World Investors increased its stake in Sysco by 17.5% during the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after buying an additional 1,637,232 shares in the last quarter. Capital Research Global Investors increased its stake in 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 buying an additional 3,504,740 shares in the last quarter. Norges Bank purchased a new stake in Sysco during the 4th quarter worth approximately $450,794,000. The Manufacturers Life Insurance Company increased its stake in Sysco by 132.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after buying an additional 2,084,501 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Sysco by 8.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock worth $222,029,000 after buying an additional 240,671 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, May 28th. Piper Sandler dropped their target price on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Barclays lifted their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Finally, Truist Financial dropped their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average price target of $85.27.

Sysco Stock Performance

NYSE SYY traded down $0.18 on Friday, hitting $75.63. 910,187 shares of the stock were exchanged, compared to its average volume of 3,128,442. The company has a market capitalization of $37.66 billion, a PE ratio of 18.48, a P/E/G ratio of 2.06 and a beta of 1.18. The business’s fifty day moving average is $72.39 and its 200 day moving average is $76.07. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. During the same period in the prior year, the company posted $1.34 earnings per share. Sysco’s revenue was up 4.2% compared to the same quarter last year. Research analysts anticipate that Sysco Co. will post 4.59 EPS for the current fiscal 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.