Sysco Co. (NYSE:SYY) Stake Reduced by Everett Harris & Co. CA

Everett Harris & Co. CA cut its holdings in Sysco Co. (NYSE:SYY) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,367 shares of the company’s stock after selling 2,023 shares during the quarter. Everett Harris & Co. CA’s holdings in Sysco were worth $4,819,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. First United Bank & Trust purchased a new position in Sysco in the 4th quarter worth about $26,000. AdvisorNet Financial Inc increased its stake in Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after purchasing an additional 159 shares in the last quarter. Burkett Financial Services LLC purchased a new position in Sysco in the 4th quarter worth about $30,000. Headlands Technologies LLC purchased a new position in Sysco in the 4th quarter worth about $34,000. Finally, JFS Wealth Advisors LLC increased its stake in Sysco by 39.3% in the 4th quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Stock Down 0.8 %

Shares of NYSE SYY traded down $0.54 during trading hours on Thursday, hitting $70.05. The stock had a trading volume of 1,781,874 shares, compared to its average volume of 3,922,399. The company has a market capitalization of $34.88 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.90 and a beta of 1.18. The firm’s 50-day moving average price is $73.52 and its two-hundred day moving average price is $76.31. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34.

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

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.51 dividend. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s payout ratio is 48.78%.

Analysts Set New Price Targets

SYY has been the topic of a number of analyst reports. UBS Group dropped their price target on Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Truist Financial lowered their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Piper Sandler lowered their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Tuesday, May 28th. Finally, Morgan Stanley lowered their target price on Sysco from $84.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average price target of $84.90.

Sysco Profile

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.