SummitTX Capital L.P. Has $4.10 Million Stock Position in Sysco Corporation $SYY

SummitTX Capital L.P. lowered its position in shares of Sysco Corporation (NYSE:SYY) by 50.9% during the first quarter, Holdings Channel reports. The fund owned 57,533 shares of the company’s stock after selling 59,642 shares during the quarter. SummitTX Capital L.P.’s holdings in Sysco were worth $4,104,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lloyd Advisory Services LLC. purchased a new stake in shares of Sysco in the fourth quarter valued at $25,000. Motiv8 Investments LLC acquired a new stake in shares of Sysco in the fourth quarter worth $25,000. Torren Management LLC purchased a new position in shares of Sysco during the fourth quarter valued at $27,000. Bard Associates Inc. purchased a new position in shares of Sysco during the fourth quarter valued at $27,000. Finally, Elyxium Wealth LLC acquired a new position in Sysco during the fourth quarter valued at $28,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SYY shares. Barclays reduced their price objective on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Morgan Stanley upped their target price on Sysco from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Melius Research lowered shares of Sysco from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. UBS Group decreased their price target on shares of Sysco from $95.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Finally, Sanford C. Bernstein lowered their price objective on shares of Sysco from $90.00 to $85.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Sysco currently has a consensus rating of “Hold” and an average target price of $88.00.

Insider Buying and Selling

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

Sysco Stock Performance

SYY stock opened at $84.12 on Tuesday. The firm has a 50 day moving average of $79.73 and a two-hundred day moving average of $79.86. Sysco Corporation has a 12 month low of $68.19 and a 12 month high of $91.85. The company has a market capitalization of $40.27 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 3.27 and a beta of 0.64. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 5.58.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.01). The business had revenue of $20.52 billion during the quarter, compared to analyst estimates of $20.56 billion. Sysco had a net margin of 2.08% and a return on equity of 103.57%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS. As a group, equities analysts anticipate 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.