AlphaCore Capital LLC Takes $462,000 Position in Sysco Corporation (NYSE:SYY)

AlphaCore Capital LLC purchased a new stake in shares of Sysco Corporation (NYSE:SYY) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 6,160 shares of the company’s stock, valued at approximately $462,000.

Several other institutional investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC grew its stake in Sysco by 188.7% in the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company’s stock valued at $25,000 after purchasing an additional 217 shares during the last quarter. Parvin Asset Management LLC purchased a new position in Sysco in the fourth quarter valued at about $29,000. Golden State Wealth Management LLC grew its stake in Sysco by 48.4% in the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new position in Sysco in the first quarter valued at about $33,000. Finally, Capital A Wealth Management LLC purchased a new position in Sysco in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Trading Up 0.3%

Sysco stock opened at $80.64 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75. Sysco Corporation has a 52 week low of $67.12 and a 52 week high of $82.23. The company has a market capitalization of $39.09 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 2.50 and a beta of 0.83. The stock has a 50-day moving average price of $76.94 and a 200 day moving average price of $73.91.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%. The company had revenue of $21.14 billion during the quarter, compared to the consensus estimate of $21.01 billion. During the same period in the previous year, the company posted $1.39 earnings per share. Sysco’s revenue for the quarter was up 2.8% on a year-over-year basis. Sell-side analysts anticipate that Sysco Corporation will post 4.58 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on SYY shares. BMO Capital Markets cut their target price on Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Barclays boosted their price target on Sysco from $77.00 to $82.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the stock an “overweight” rating in a research note on Tuesday, April 22nd. Morgan Stanley boosted their price target on Sysco from $72.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company set a $88.00 price target on Sysco and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $85.69.

Insider Buying and Selling

In other Sysco news, EVP Greg D. Bertrand sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value 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 approximately $4,504,320. The trade was a 41.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ronald L. Phillips sold 37,606 shares of the business’s stock in a transaction that occurred on 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 $2,449,035. The trade was a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.