Pictet Asset Management Ltd. Sells 74,280 Shares of Sysco Corporation (SYY)

Pictet Asset Management Ltd. lessened its holdings in shares of Sysco Corporation (NYSE:SYY) by 9.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 711,677 shares of the company’s stock after selling 74,280 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.13% of Sysco Corporation worth $38,395,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Arcadia Investment Management Corp MI raised its position in Sysco Corporation by 10.7% during the second quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after acquiring an additional 225 shares in the last quarter. Acrospire Investment Management LLC raised its position in Sysco Corporation by 84.6% during the second quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after acquiring an additional 1,100 shares in the last quarter. Manchester Capital Management LLC raised its position in Sysco Corporation by 13.4% during the second quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after acquiring an additional 300 shares in the last quarter. Kistler Tiffany Companies LLC raised its position in Sysco Corporation by 0.4% during the second quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock valued at $147,000 after acquiring an additional 12 shares in the last quarter. Finally, Blue Chip Partners Inc. raised its position in Sysco Corporation by 0.6% during the second quarter. Blue Chip Partners Inc. now owns 2,967 shares of the company’s stock valued at $149,000 after acquiring an additional 18 shares in the last quarter. 80.10% of the stock is currently owned by hedge funds and other institutional investors.

SYY has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Tuesday, October 10th. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research report on Monday, August 14th. BMO Capital Markets set a $60.00 price target on shares of Sysco Corporation and gave the company a “buy” rating in a research report on Thursday, August 3rd. Pivotal Research set a $53.00 price target on shares of Sysco Corporation and gave the company a “hold” rating in a research report on Sunday, August 13th. Finally, Royal Bank Of Canada set a $50.00 price target on shares of Sysco Corporation and gave the company a “hold” rating in a research report on Friday, August 11th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $56.42.

In other Sysco Corporation news, EVP Wayne Shurts sold 7,800 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $54.86, for a total value of $427,908.00. Following the completion of the transaction, the executive vice president now directly owns 58,776 shares in the company, valued at $3,224,451.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul T. Moskowitz sold 16,667 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $54.12, for a total value of $902,018.04. Following the completion of the transaction, the insider now owns 61,936 shares of the company’s stock, valued at $3,351,976.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,125,781 shares of company stock worth $114,211,628. 9.60% of the stock is currently owned by insiders.

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Sysco Corporation (NYSE:SYY) last posted its quarterly earnings data on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.01. The firm had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.64 EPS.

About Sysco Corporation

Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.

Institutional Ownership by Quarter for Sysco Corporation (NYSE:SYY)

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