Envestnet Portfolio Solutions Inc. Increases Stock Position in Sysco Co. (NYSE:SYY)

Envestnet Portfolio Solutions Inc. boosted its position in Sysco Co. (NYSE:SYY) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,551 shares of the company’s stock after acquiring an additional 3,256 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Sysco were worth $4,680,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System purchased a new position in shares of Sysco in the 4th quarter valued at $2,230,000. Keel Point LLC acquired a new position in Sysco during the 4th quarter worth approximately $223,000. SVB Wealth LLC boosted its holdings in Sysco by 34.7% in the 4th quarter. SVB Wealth LLC now owns 27,566 shares of the company’s stock worth $2,016,000 after acquiring an additional 7,102 shares during the period. Cookson Peirce & Co. Inc. grew its position in Sysco by 27.1% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 6,092 shares of the company’s stock valued at $446,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Everence Capital Management Inc. raised its stake in shares of Sysco by 41.7% during the fourth quarter. Everence Capital Management Inc. now owns 24,650 shares of the company’s stock valued at $1,803,000 after purchasing an additional 7,250 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Performance

Shares of SYY traded down $0.49 during midday trading on Thursday, hitting $75.52. 1,254,069 shares of the stock traded hands, compared to its average volume of 3,111,964. The business’s 50 day moving average price is $72.94 and its two-hundred day moving average price is $76.10. The firm has a market capitalization of $37.61 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 1.97 and a beta of 1.18. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. The firm had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. Sysco’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 EPS. Equities research analysts predict that Sysco Co. will post 4.6 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on SYY. UBS Group dropped their price target on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Piper Sandler reduced their price target on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Bank of America cut their target price on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Tuesday, May 28th. Finally, Truist Financial cut their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $85.27.

Sysco Company Profile

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.