Morton Community Bank Boosts Stock Position in Sysco Co. (NYSE:SYY)

Morton Community Bank increased its holdings in Sysco Co. (NYSE:SYY) by 6.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,965 shares of the company’s stock after acquiring an additional 2,410 shares during the quarter. Morton Community Bank’s holdings in Sysco were worth $2,853,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Waddell & Associates LLC raised its holdings in shares of Sysco by 7.5% during the second quarter. Waddell & Associates LLC now owns 5,379 shares of the company’s stock worth $384,000 after purchasing an additional 375 shares during the last quarter. Ellis Investment Partners LLC grew its position in Sysco by 8.5% in the second quarter. Ellis Investment Partners LLC now owns 3,499 shares of the company’s stock worth $250,000 after acquiring an additional 273 shares during the period. Lynch & Associates IN grew its stake in shares of Sysco by 2.8% in the second quarter. Lynch & Associates IN now owns 62,107 shares of the company’s stock valued at $4,434,000 after buying an additional 1,679 shares in the last quarter. Kerusso Capital Management LLC purchased a new position in Sysco in the 2nd quarter valued at approximately $1,220,000. Finally, Custom Index Systems LLC acquired a new stake in Sysco in the second quarter valued at approximately $383,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Stock Down 0.5 %

NYSE SYY traded down $0.40 during trading on Friday, reaching $78.58. 2,155,147 shares of the company’s stock were exchanged, compared to its average volume of 2,165,221. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company’s fifty day simple moving average is $74.61 and its 200-day simple moving average is $75.81. The firm has a market capitalization of $39.13 billion, a PE ratio of 19.17, a P/E/G ratio of 2.05 and a beta of 1.20.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company had revenue of $20.56 billion during the quarter, compared to analyst estimates of $20.51 billion. During the same quarter last year, the business posted $1.34 EPS. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. Sell-side analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.60%. Sysco’s dividend payout ratio is currently 49.76%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Barclays increased their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. BMO Capital Markets cut their price objective on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, May 28th. Finally, Truist Financial reduced their target price on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.27.

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.