Sysco Co. (NYSE:SYY) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its position in Sysco Co. (NYSE:SYY) by 2.5% in the 1st quarter, Holdings Channel reports. The fund owned 347,106 shares of the company’s stock after selling 8,975 shares during the period. Janney Montgomery Scott LLC’s holdings in Sysco were worth $28,178,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SYY. Capital World Investors purchased a new stake in Sysco during the 4th quarter worth $683,599,000. Norges Bank purchased a new stake in shares of Sysco during the fourth quarter worth about $450,794,000. Capital Research Global Investors purchased a new stake in shares of Sysco during the fourth quarter worth about $227,241,000. The Manufacturers Life Insurance Company lifted its stake in shares of Sysco by 132.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after acquiring an additional 2,084,501 shares in the last quarter. Finally, Fiduciary Management Inc. WI grew its stake in Sysco by 92.1% during the 4th quarter. Fiduciary Management Inc. WI now owns 2,619,940 shares of the company’s stock valued at $191,596,000 after purchasing an additional 1,255,908 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SYY shares. Piper Sandler reduced their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Morgan Stanley reduced their price objective on shares of Sysco from $84.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. BMO Capital Markets reduced their price target on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Finally, Truist Financial lowered their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a report on Monday, June 24th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.90.

Sysco Stock Performance

SYY stock traded up $0.21 during midday trading on Friday, reaching $69.75. The company had a trading volume of 2,308,655 shares, compared to its average volume of 3,712,760. The firm has a market capitalization of $34.73 billion, a PE ratio of 17.01, a P/E/G ratio of 1.88 and a beta of 1.18. The stock has a 50 day moving average price of $73.23 and a 200 day moving average price of $76.25. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77.

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

Sysco Increases Dividend

The company also recently declared 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. The ex-dividend date is Friday, July 5th. This represents a $2.04 annualized dividend and a dividend yield of 2.92%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.78%.

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.