CIBC Asset Management Inc Has $7.24 Million Position in SYSCO Co. (SYY)

Share on StockTwits

CIBC Asset Management Inc decreased its position in SYSCO Co. (NYSE:SYY) by 0.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,866 shares of the company’s stock after selling 787 shares during the quarter. CIBC Asset Management Inc’s holdings in SYSCO were worth $7,242,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SYY. IFM Investors Pty Ltd raised its holdings in SYSCO by 47.2% in the second quarter. IFM Investors Pty Ltd now owns 23,005 shares of the company’s stock valued at $1,571,000 after acquiring an additional 7,381 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in SYSCO by 17.1% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,924 shares of the company’s stock valued at $609,000 after acquiring an additional 1,300 shares in the last quarter. Capital Investment Services of America Inc. acquired a new stake in SYSCO in the second quarter valued at approximately $220,000. State of Alaska Department of Revenue raised its holdings in SYSCO by 27.8% in the second quarter. State of Alaska Department of Revenue now owns 280,091 shares of the company’s stock valued at $19,125,000 after acquiring an additional 60,870 shares in the last quarter. Finally, Raymond James Trust N.A. raised its holdings in SYSCO by 1.0% in the second quarter. Raymond James Trust N.A. now owns 89,538 shares of the company’s stock valued at $6,115,000 after acquiring an additional 903 shares in the last quarter. 80.11% of the stock is currently owned by hedge funds and other institutional investors.

SYY stock opened at $64.45 on Wednesday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. SYSCO Co. has a twelve month low of $52.30 and a twelve month high of $75.98. The company has a market cap of $37.12 billion, a price-to-earnings ratio of 20.53, a P/E/G ratio of 1.93 and a beta of 0.56.

SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, November 5th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.01). SYSCO had a return on equity of 68.15% and a net margin of 2.44%. The company had revenue of $15.22 billion for the quarter, compared to analyst estimates of $15.39 billion. During the same period in the previous year, the business posted $0.74 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, analysts predict that SYSCO Co. will post 3.48 earnings per share for the current year.

Several brokerages recently weighed in on SYY. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a report on Monday, August 13th. BMO Capital Markets raised their target price on shares of SYSCO from $74.00 to $81.00 and gave the company an “outperform” rating in a report on Tuesday, August 14th. Morgan Stanley raised their price objective on shares of SYSCO from $61.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 17th. Pivotal Research raised their price objective on shares of SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a report on Saturday, August 18th. Finally, Credit Suisse Group set a $75.00 price objective on shares of SYSCO and gave the stock a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $73.15.

In other news, SVP Brian R. Todd sold 9,147 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total transaction of $675,231.54. Following the transaction, the senior vice president now directly owns 11,747 shares in the company, valued at $867,163.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $74.81, for a total transaction of $158,249,931.98. Following the transaction, the director now owns 4,005 shares in the company, valued at $299,614.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,969,811 shares of company stock worth $297,370,093. 7.88% of the stock is owned by corporate insiders.

COPYRIGHT VIOLATION NOTICE: “CIBC Asset Management Inc Has $7.24 Million Position in SYSCO Co. (SYY)” was originally reported by Week Herald and is owned by of Week Herald. If you are viewing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The correct version of this piece of content can be viewed at https://weekherald.com/2018/11/07/cibc-asset-management-inc-has-7-24-million-position-in-sysco-co-syy.html.

About SYSCO

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.

Further Reading: Swap

Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SYSCO Co. (NYSE:SYY).

Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply