OVERSEA CHINESE BANKING Corp Ltd Purchases Shares of 2,907 Sysco Co. (NYSE:SYY)

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Sysco Co. (NYSE:SYY) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,907 shares of the company’s stock, valued at approximately $227,000.

Other institutional investors have also recently made changes to their positions in the company. TruNorth Capital Management LLC bought a new position in Sysco in the 2nd quarter worth approximately $25,000. Armstrong Advisory Group Inc. boosted its position in shares of Sysco by 1,240.0% during the third quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after acquiring an additional 310 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Sysco during the third quarter valued at $26,000. Focused Wealth Management Inc bought a new stake in Sysco in the 3rd quarter valued at $37,000. Finally, Fairscale Capital LLC purchased a new stake in Sysco in the 2nd quarter worth $38,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insider Transactions at Sysco

In related news, SVP Eve M. Mcfadden sold 4,036 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $75.10, for a total value of $303,103.60. Following the completion of the sale, the senior vice president now owns 48,451 shares in the company, valued at approximately $3,638,670.10. The trade was a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SYY shares. Wells Fargo & Company reduced their target price on Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. Jefferies Financial Group upped their price target on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Barclays lifted their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.77.

Sysco Price Performance

Shares of SYY stock opened at $74.96 on Friday. The stock has a 50 day moving average price of $76.08 and a 200 day moving average price of $74.74. Sysco Co. has a 52-week low of $69.03 and a 52-week high of $82.89. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.73 and a current ratio of 1.26. The firm has a market capitalization of $36.82 billion, a P/E ratio of 19.27, a P/E/G ratio of 2.03 and a beta of 1.20.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). The company had revenue of $20.48 billion for the quarter, compared to analysts’ expectations of $20.47 billion. Sysco had a net margin of 2.44% and a return on equity of 101.04%. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.07 earnings per share. As a group, sell-side analysts predict that Sysco Co. will post 4.57 earnings per share for the current year.

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.