Bank of Nova Scotia Has $4.76 Million Stake in Sysco Corporation $SYY

Bank of Nova Scotia lessened its holdings in Sysco Corporation (NYSE:SYY) by 10.9% in the first quarter, HoldingsChannel reports. 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 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of SYY. Teacher Retirement System of Texas lifted its stake in shares of Sysco by 8.0% in the 4th quarter. Teacher Retirement System of Texas now owns 370,571 shares of the company’s stock valued at $27,307,000 after acquiring an additional 27,510 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Sysco by 9.5% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 412,423 shares of the company’s stock valued at $30,445,000 after buying an additional 35,647 shares during the period. Nicholas Company Inc. bought a new position in Sysco in the 4th quarter valued at approximately $2,278,000. Norges Bank acquired a new stake in Sysco during the 4th quarter worth approximately $542,780,000. Finally, Banque Cantonale Vaudoise boosted its position in Sysco by 301.9% during the 1st quarter. Banque Cantonale Vaudoise now owns 16,828 shares of the company’s stock worth $1,200,000 after buying an additional 12,641 shares during the period. 83.41% of the stock is owned by institutional investors.

Sysco Trading Up 1.2%

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

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Sysco had a return on equity of 103.57% and a net margin of 2.08%.The business had revenue of $20.52 billion during the quarter, compared to analysts’ expectations of $20.56 billion. During the same quarter last year, the company posted $0.96 EPS. Sysco’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts predict that Sysco Corporation will post 4.59 EPS for the current year.

Insiders Place Their Bets

In other news, Director John M. Hinshaw bought 13,304 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were acquired 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 approximately $3,021,834. This trade represents a 49.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a report on Tuesday, July 7th. UBS Group decreased their price target on Sysco from $95.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Piper Sandler dropped their price objective on Sysco from $83.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Barclays reduced their price objective on shares of Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Sysco from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a research report on Tuesday, April 28th. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $88.00.

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.