3,034 Shares in Sysco Co. (NYSE:SYY) Bought by Covenant Partners LLC

Covenant Partners LLC bought a new stake in Sysco Co. (NYSE:SYY) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,034 shares of the company’s stock, valued at approximately $237,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SYY. Capital World Investors increased its holdings in Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after buying an additional 1,637,232 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Sysco by 26.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock worth $615,076,000 after purchasing an additional 1,782,180 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after purchasing an additional 3,504,740 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after purchasing an additional 1,997,895 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Sysco by 103.0% in the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after purchasing an additional 2,408,226 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Performance

Sysco stock traded down $0.46 on Friday, hitting $73.92. The company’s stock had a trading volume of 2,512,573 shares, compared to its average volume of 3,147,916. Sysco Co. has a one year low of $64.28 and a one year high of $82.89. The firm has a market cap of $36.31 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 1.95 and a beta of 1.20. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The company has a fifty day moving average price of $76.42 and a 200-day moving average price of $74.80.

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

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 4th were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 52.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SYY. Bank of America reduced their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Barclays lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Morgan Stanley dropped their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. JPMorgan Chase & Co. upped their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Finally, StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $86.08.

Sysco Company 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.