FTB Advisors Inc. Trims Stock Holdings in SYSCO Co. (NYSE:SYY)

FTB Advisors Inc. lowered its position in SYSCO Co. (NYSE:SYY) by 6.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,548 shares of the company’s stock after selling 972 shares during the quarter. FTB Advisors Inc.’s holdings in SYSCO were worth $1,154,000 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 modified their holdings of SYY. Krane Funds Advisors LLC purchased a new stake in SYSCO in the second quarter valued at approximately $25,000. SRS Capital Advisors Inc. purchased a new stake in SYSCO in the second quarter valued at approximately $28,000. Coastal Capital Group Inc. purchased a new stake in SYSCO in the second quarter valued at approximately $29,000. Neo Ivy Capital Management purchased a new stake in SYSCO in the second quarter valued at approximately $32,000. Finally, FinTrust Capital Advisors LLC lifted its stake in SYSCO by 55.2% in the second quarter. FinTrust Capital Advisors LLC now owns 523 shares of the company’s stock valued at $37,000 after buying an additional 186 shares during the last quarter. Institutional investors own 78.43% of the company’s stock.

In related news, CEO Thomas Bene sold 39,384 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $78.12, for a total transaction of $3,076,678.08. Following the transaction, the chief executive officer now owns 132,929 shares of the company’s stock, valued at $10,384,413.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Brian R. Todd sold 14,706 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $78.99, for a total value of $1,161,626.94. Following the transaction, the senior vice president now directly owns 30,273 shares in the company, valued at approximately $2,391,264.27. The disclosure for this sale can be found here. In the last three months, insiders sold 117,893 shares of company stock worth $9,180,771. Corporate insiders own 5.24% of the company’s stock.

A number of equities research analysts have weighed in on SYY shares. Wells Fargo & Co reiterated a “buy” rating on shares of SYSCO in a research note on Monday, August 12th. Bank of America boosted their price objective on SYSCO from $76.00 to $80.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Consumer Edge started coverage on SYSCO in a research note on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 price objective for the company. Credit Suisse Group boosted their price objective on SYSCO from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, Barclays boosted their price objective on SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $74.52.

NYSE:SYY opened at $78.95 on Friday. The firm has a market cap of $40.37 billion, a P/E ratio of 22.21, a PEG ratio of 2.17 and a beta of 0.48. The company has a current ratio of 1.33, a quick ratio of 0.81 and a debt-to-equity ratio of 3.25. The stock’s 50 day simple moving average is $78.23 and its 200-day simple moving average is $73.23. SYSCO Co. has a 12-month low of $59.44 and a 12-month high of $79.74.

SYSCO (NYSE:SYY) last released its earnings results on Monday, August 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.03. The business had revenue of $15.47 billion for the quarter, compared to analyst estimates of $15.65 billion. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 earnings per share. Research analysts forecast that SYSCO Co. will post 3.81 EPS for the current fiscal year.

SYSCO Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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