In a recent transaction, Sysco Corp 's (NYSE:SYY) Senior Vice President Jasper James Chris sold 4,000 shares of the company's stock, resulting in a total sale value of approximately $321,640. The shares were sold at a price of $80.41 each.
The sale took place on March 14, 2024, and was disclosed in a filing with the Securities and Exchange Commission the following day. According to the filing, the transaction was carried out under a pre-arranged trading plan in accordance with Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information.
After the sale, Jasper James Chris retained a direct ownership of 18,531.277 shares in Sysco Corp. Additionally, the executive holds an indirect ownership of 4,188 shares through a trust. The recent sale by a high-ranking executive might capture the attention of investors, as it reflects a change in the insider's stake in the company.
Sysco Corp, headquartered in Houston, Texas, is a global leader in selling, marketing, and distributing food products to restaurants, healthcare and educational facilities, and other customers who prepare meals away from home. The company's stock trades on the New York Stock Exchange under the ticker symbol SYY.
InvestingPro Insights
Following the recent insider transaction at Sysco Corp (NYSE:SYY), where Senior Vice President Jasper James Chris sold shares, investors may be seeking context to better understand the company's current financial health and market position. An examination of InvestingPro data and InvestingPro Tips provides a broader perspective.
InvestingPro data indicates that Sysco Corp has a market capitalization of $40.14 billion and operates with a P/E ratio of 19.6, which adjusts to a lower 16.9 when considering the last twelve months as of Q2 2024. This suggests that the company is trading at a lower price relative to its near-term earnings growth. Additionally, Sysco's revenue growth over the last twelve months is 5.34%, demonstrating a steady increase in its financial performance.
From the InvestingPro Tips, it's notable that Sysco has a strong history of dividend payments, having raised its dividend for 8 consecutive years and maintained those payments for 54 consecutive years, which could be appealing to income-focused investors. However, it's important to note that 4 analysts have revised their earnings estimates downwards for the upcoming period, which might warrant caution.
For investors looking to delve deeper into Sysco's financial metrics and gain access to exclusive market insights, more InvestingPro Tips are available. With the use of promo code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are currently 9 additional tips listed on InvestingPro that could provide further guidance on Sysco Corp's stock performance and potential investment strategies.
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