Sysco Co. (NYSE:SYY) Shares Sold by FORVIS Wealth Advisors LLC

FORVIS Wealth Advisors LLC trimmed its holdings in shares of Sysco Co. (NYSE:SYY) by 8.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 10,338 shares of the company’s stock after selling 949 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Sysco were worth $839,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SYY. First United Bank & Trust purchased a new stake in shares of Sysco during the fourth quarter worth about $26,000. AdvisorNet Financial Inc grew its position in Sysco by 74.0% during the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after purchasing an additional 159 shares during the last quarter. Burkett Financial Services LLC acquired a new position in Sysco during the 4th quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new position in shares of Sysco in the fourth quarter worth $34,000. Finally, JFS Wealth Advisors LLC lifted its stake in shares of Sysco by 39.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock worth $37,000 after buying an additional 141 shares during the period. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Stock Performance

SYY stock traded down $0.54 during midday trading on Thursday, hitting $70.05. 1,781,874 shares of the stock traded hands, compared to its average volume of 3,922,399. The stock’s fifty day simple moving average is $73.52 and its 200-day simple moving average is $76.31. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The firm has a market cap of $34.88 billion, a P/E ratio of 17.09, a PEG ratio of 1.90 and a beta of 1.18.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. Sysco’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts expect that Sysco Co. will post 4.3 earnings per share for the current year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a dividend of $0.51 per share. This is a positive change from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.91%. Sysco’s dividend payout ratio (DPR) is 48.78%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SYY. Barclays lowered their price target on Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Piper Sandler dropped their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Morgan Stanley reduced their price target on shares of Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, May 23rd. UBS Group dropped their price objective on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus price target of $84.90.

About Sysco

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.