Bank of Nova Scotia Sells 8,187 Shares of Sysco Corporation $SYY

Bank of Nova Scotia lessened its position in shares of Sysco Corporation (NYSE:SYY) by 10.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,710 shares of the company’s stock after selling 8,187 shares during the period. Bank of Nova Scotia’s holdings in Sysco were worth $4,758,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Dickmeyer Boyce Financial Management Inc. bought a new position in shares of Sysco in the first quarter worth approximately $930,000. Sei Investments Co. boosted its holdings in shares of Sysco by 114.7% in the first quarter. Sei Investments Co. now owns 626,554 shares of the company’s stock worth $44,694,000 after buying an additional 334,663 shares during the last quarter. Lido Advisors LLC increased its stake in shares of Sysco by 46.8% in the first quarter. Lido Advisors LLC now owns 21,108 shares of the company’s stock worth $1,506,000 after purchasing an additional 6,726 shares in the last quarter. State of Wyoming boosted its position in shares of Sysco by 36.1% during the first quarter. State of Wyoming now owns 5,630 shares of the company’s stock worth $402,000 after acquiring an additional 1,494 shares during the last quarter. Finally, Levin Capital Strategies L.P. bought a new stake in Sysco in the first quarter worth $3,043,000. Institutional investors own 83.41% of the company’s stock.

Sysco Price Performance

SYY opened at $84.12 on Tuesday. The company has a debt-to-equity ratio of 5.58, a quick ratio of 0.80 and a current ratio of 1.33. The company has a market capitalization of $40.27 billion, a P/E ratio of 23.30, a PEG ratio of 3.27 and a beta of 0.64. Sysco Corporation has a 1-year low of $68.19 and a 1-year high of $91.85. The company has a 50-day moving average of $79.73 and a 200-day moving average of $79.86.

Sysco (NYSE:SYY) last posted 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). Sysco had a net margin of 2.08% and a return on equity of 103.57%. The company had revenue of $20.52 billion during the quarter, compared to the consensus estimate of $20.56 billion. During the same quarter last year, the business earned $0.96 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Sysco Corporation will post 4.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SYY. Citigroup reaffirmed a “neutral” rating on shares of Sysco in a research note on Wednesday, July 22nd. Morgan Stanley upped their target price on shares of Sysco from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Piper Sandler cut their target price on shares of Sysco from $83.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Barclays decreased their target price on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Finally, Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a report on Tuesday, July 7th. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.00.

Insiders Place Their Bets

In other Sysco news, Director John M. Hinshaw acquired 13,304 shares of Sysco stock in a transaction dated Tuesday, May 26th. The stock was bought at an average cost of $75.17 per share, with a total value of $1,000,061.68. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.56% of the company’s stock.

Sysco Company 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.