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Should You Sell Sysco Corporation (SYY)?

Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The composite returned 7.63% gross of fees (7.56% net of fees) in the first quarter trailing the 8.99% return of the Russell 1000 Value Index and the 10.56% return of the S&P 500 Index. Security selection and allocation effects led the composite to underperform in the quarter relative to the Russell 1000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Aristotle Capital’s Value Equity Strategy featured stocks like Sysco Corporation (NYSE:SYY) in the first quarter 2024 investor letter. Headquartered in Houston, Texas, Sysco Corporation (NYSE:SYY) markets and distributes various food and related products. On April 12, 2024, Sysco Corporation (NYSE:SYY) stock closed at $75.25 per share. One-month return of Sysco Corporation (NYSE:SYY) was -7.01%, and its shares gained 2.41% of their value over the last 52 weeks. Sysco Corporation (NYSE:SYY) has a market capitalization of $37.462 billion.

Aristotle Capital’s Value Equity Strategy stated the following regarding Sysco Corporation (NYSE:SYY) in its first quarter 2024 investor letter:

"During the quarter, we sold our positions in Phillips 66 and Sysco Corporation (NYSE:SYY) and invested in two new positions: Lowe’s Companies and TotalEnergies.

We have owned Sysco, one of the largest food distribution companies in the world, since the fourth quarter of 2022. During our holding period, Sysco’s CEO Kevin Hourican has made progress transforming various aspects of the business, including implementing new technologies able to assist customers with their own changing menus and needs. Through leveraging its scale and purchasing power, we continue to view Sysco as well positioned to gain further share of the highly fragmented U.S. food distribution market, all while sustaining its more than 50-year streak of increasing dividends. Though the company meets each of our criteria for investment, we decided it was the best candidate for sale to fund the purchase of Lowe’s Companies, which we believe is a more optimal investment."

20 Most Meat Eating States Per Capita
20 Most Meat Eating States Per Capita

A butcher shop showcasing fresh meats and seafood for customers.

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Sysco Corporation (NYSE:SYY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Sysco Corporation (NYSE:SYY) was held by 39 hedge fund portfolios, compared to 39 in the previous quarter, according to our database.

We previously discussed Sysco Corporation (NYSE:SYY) in another article, where we shared the list of biggest food companies in the world by revenue. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.