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Good Time To Buy SYSCO Corporation (SYY) After Court Rules Against US Foods Merger?

Hedge Funds’ activity around SYSCO Corporation (NYSE:SYY)

The total value of hedge funds’ investment in SYSCO Corporation (NYSE:SYY) increased to approximately $212 million at the close of the first quarter of 2015, from around $193 million in the previous quarter, nearly a 10% increase, despite shares falling by just under 5% during the first quarter. This too showed bullishness on the part of funds, which as mentioned, increased by 54% in terms of ownership.

According to the data of hedge funds tracked by website Insider Monkey, Donald Yacktman‘s Yacktman Asset Management had the biggest stake in SYSCO Corporation (NYSE:SYY), worth approximately $1.18 billion, comprising 5.5% of its total 13F portfolio. York Capital Management, led by James Dinan, has the second biggest stake in the food company, worth $92 million, comprising 0.6% of its 13F portfolio. Israel Englander‘s Millennium Management, Alex Snow‘s Lansdowne Partners and Ken Griffin’s Citadel Investment Group are some of the other notable hedge funds having long positions in SYSCO

Several investment firms recently downgraded their ratings for SYSCO Corporation (NYSE:SYY). The stock is down more than 3% after the recent court ruling, and insider sentiment is neutral. Though hedge funds were quite bullish, we don’t currently recommend a Buy for SYSCO Corporation (NYSE:SYY).

Disclosure: None

 

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