FinArc Investments Inc. Takes Position in Sysco Corporation $SYY

FinArc Investments Inc. purchased a new position in Sysco Corporation (NYSE:SYY) during the first quarter, HoldingsChannel reports. The firm purchased 34,237 shares of the company’s stock, valued at approximately $2,442,000. Sysco accounts for about 2.4% of FinArc Investments Inc.’s investment portfolio, making the stock its 19th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SYY. Intech Investment Management LLC boosted its position in Sysco by 53.1% in the 1st quarter. Intech Investment Management LLC now owns 22,310 shares of the company’s stock valued at $1,674,000 after buying an additional 7,742 shares during the period. Schnieders Capital Management LLC. increased its position in shares of Sysco by 24.1% during the second quarter. Schnieders Capital Management LLC. now owns 10,310 shares of the company’s stock worth $781,000 after acquiring an additional 2,000 shares during the period. NewEdge Advisors LLC raised its stake in shares of Sysco by 62.4% during the second quarter. NewEdge Advisors LLC now owns 35,447 shares of the company’s stock valued at $2,685,000 after acquiring an additional 13,616 shares in the last quarter. Sei Investments Co. raised its stake in shares of Sysco by 14.2% during the second quarter. Sei Investments Co. now owns 344,504 shares of the company’s stock valued at $26,092,000 after acquiring an additional 42,903 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Sysco by 0.8% in the second quarter. Treasurer of the State of North Carolina now owns 226,648 shares of the company’s stock valued at $17,166,000 after purchasing an additional 1,710 shares during the period. Institutional investors own 83.41% of the company’s stock.

Insider Activity

In related news, Director John M. Hinshaw purchased 13,304 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average cost of $75.17 per share, for a total transaction of $1,000,061.68. Following the acquisition, the director owned 40,200 shares of the company’s stock, valued at $3,021,834. The trade was a 49.46% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SYY. Sanford C. Bernstein dropped their price objective on Sysco from $90.00 to $85.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 29th. Wall Street Zen lowered Sysco from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Piper Sandler lowered their target price on Sysco from $83.00 to $77.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Morgan Stanley increased their price target on Sysco from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Citigroup restated a “neutral” rating on shares of Sysco in a research note on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sysco currently has a consensus rating of “Hold” and a consensus target price of $88.00.

Sysco Price Performance

NYSE SYY opened at $84.65 on Friday. The company has a market cap of $40.53 billion, a PE ratio of 23.45, a P/E/G ratio of 3.36 and a beta of 0.64. The firm’s 50 day moving average price is $80.28 and its 200-day moving average price is $80.10. The company has a debt-to-equity ratio of 5.58, a quick ratio of 0.80 and a current ratio of 1.33. Sysco Corporation has a 52-week low of $68.19 and a 52-week high of $91.85.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The business had revenue of $20.52 billion during the quarter, compared to the consensus estimate of $20.56 billion. Sysco had a return on equity of 103.57% and a net margin of 2.08%.The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $0.96 EPS. Sell-side analysts forecast that Sysco Corporation will post 4.59 EPS for the current fiscal year.

Sysco Profile

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.