Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Sysco Co. (NYSE:SYY – Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,631 shares of the company’s stock, valued at approximately $214,000.
A number of other hedge funds have also bought and sold shares of the business. Capital World Investors bought a new stake in shares of Sysco in the fourth quarter valued at $683,599,000. Norges Bank bought a new stake in shares of Sysco in the fourth quarter valued at $450,794,000. The Manufacturers Life Insurance Company raised 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 valued at $267,177,000 after buying an additional 2,084,501 shares during the period. Capital Research Global Investors bought a new stake in shares of Sysco in the fourth quarter valued at $227,241,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Sysco by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock valued at $222,029,000 after buying an additional 240,671 shares during the period. 83.41% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on SYY. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, May 28th. Bank of America decreased their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday. BMO Capital Markets reduced their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. UBS Group reduced their target price on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Finally, Morgan Stanley lowered their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $85.00.
Sysco Price Performance
Shares of Sysco stock traded down $0.74 during trading on Friday, reaching $73.62. 2,038,520 shares of the stock traded hands, compared to its average volume of 3,441,111. Sysco Co. has a 52-week low of $62.24 and a 52-week high of $82.89. The business has a fifty day simple moving average of $72.60 and a two-hundred day simple moving average of $76.17. The company has a market capitalization of $36.66 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 1.98 and a beta of 1.18. 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 (NYSE:SYY – Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. Sysco’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 earnings per share. Sell-side analysts expect that Sysco Co. will post 4.3 EPS for the current year.
Sysco Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a $0.51 dividend. This is an increase 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 yield of 2.77%. Sysco’s payout ratio is 49.76%.
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.
See Also
- Five stocks we like better than Sysco
- How to Find Undervalued Stocks
- Why This AI Stock is Rising Despite Tech Sell-Off
- What is the S&P 500 and How It is Distinct from Other Indexes
- Investors Are Moving into Bonds and Small Cap Stocks: Here’s Why
- The Role Economic Reports Play in a Successful Investment Strategy
- MarketBeat Week in Review – 7/15 – 7/19
Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sysco Co. (NYSE:SYY – Free Report).
Receive News & Ratings for Sysco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sysco and related companies with MarketBeat.com's FREE daily email newsletter.