The Vanguard Group, Inc. recently announced the acquisition of new stake in Sysco Corporation (NYSE:SYY). The institutional investor has increased its shareholding in the Consumer Defensive company by 0.89% to 45.39 million shares with purchase of 0.4 million shares. This fresh investment now brings its stake to 8.94% valued currently at $3.38 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 0.84 million to 24.72 million shares. And BlackRock Fund Advisors has lifted its position by 2.70% or 0.59 million shares – to 22.49 million shares.
With over 2.63 million Sysco Corporation (SYY) shares trading Monday and a closing price of $73.85 on the day, the dollar volume was approximately $194.04 million. The shares have shown a negative half year performance of -11.97% and its price on 03/13/23 gained nearly 0.98%. Currently, there are 507.61M common shares owned by the public and among those 506.18M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for SYY have a consensus price objective of $87.51. The analysts have set the share’s price value over the next 12 months at a high of $95.00 and a low of $80.00. The average price target is 15.87% above its recent price level and an upside to the estimated low will see the stock gain 7.69% over that period. But an upside of 22.26% will see the stock hit the forecast high price target while median target price for the stock is $87.50.
Insiders at the company have transacted a total of 99 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 66 of these insider trades were purchases, accounting for 819,647 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 442,994 shares.
The top 3 mutual fund holders in Sysco Corporation are Vanguard Wellington Fund, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. Vanguard Wellington Fund owns 15.98 million shares of the company’s stock, all valued at over $1.19 billion. The company sold -0.62 million shares recently to bring their total holdings to about 3.15% of the shares outstanding. Vanguard Total Stock Market Index bought 0.11 million shares to see its total holdings expand to 15.52 million shares valued at over $1.16 billion and representing 3.06% of the shares outstanding. Vanguard 500 Index Fund bought 27823.0 shares to bring its total holdings to over 11.74 million shares at a value of $875.6 million. Vanguard 500 Index Fund now owns shares totaling to 2.31% of the shares outstanding.
Shares of Sysco Corporation (NYSE: SYY) opened at $72.24, down -$0.89 from a prior closing price of $73.13. However, the script later moved the day high at 74.26, up 0.98%. The company’s stock has a 5-day price change of -3.27% and -11.99% over the past three months. SYY shares are trading -3.40% year to date (YTD), with the 12-month market performance down to -7.66% lower. It has a 12-month low price of $70.61 and touched a high of $91.53 over the same period. SYY has an average intraday trading volume of 2.36 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.16%, -4.40%, and -8.80% respectively.
Institutional ownership of Sysco Corporation (NYSE: SYY) shares accounts for 84.30% of the company’s 507.61M shares outstanding. Mutual fund holders own 4.77%, while other institutional holders and individual stakeholders account for 47.87% and 38.82% respectively.
It has a market capitalization of $38.09B and a beta (3y monthly) value of 1.10. The stock’s trailing 12-month PE ratio is 26.62, while the earnings-per-share (ttm) stands at $2.77. The company has a PEG of 1.65 and a Quick Ratio of 0.70 with the debt-to-equity ratio at 7.69. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.17% over the week and 1.67% over the month.
Analysts forecast that Sysco Corporation (SYY) will achieve an EPS of $0.92 for the current quarter, $1.34 for the next quarter and $4.62 for 2024. The lowest estimate earnings-per-share for the quarter is $0.85 while analysts give the company a high EPS estimate of $0.96. Comparatively, EPS for the current quarter was $0.71 a year ago. Earnings per share for the fiscal year are expected to increase by 159.00%, and 14.40% over the next financial year. EPS should grow at an annualized rate of 16.16% over the next five years, compared to 4.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Sysco Corporation (SYY) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 9 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SYY, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on March 09, 2023, with the firm’s price target at $90. Stephens was of a view on September 23, 2022 that the stock is Overweight, while JP Morgan gave the stock Overweight rating on May 26, 2022, issuing a price target of $98. CL King on their part issued Neutral rating on March 11, 2022.
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