Johnson Investment Counsel Inc. reduced its holdings in Sysco Co. (NYSE:SYY – Free Report) by 8.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,475 shares of the company’s stock after selling 862 shares during the period. Johnson Investment Counsel Inc.’s holdings in Sysco were worth $703,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cary Street Partners Asset Management LLC lifted its position in Sysco by 38.5% during the 2nd quarter. Cary Street Partners Asset Management LLC now owns 70,538 shares of the company’s stock worth $5,234,000 after buying an additional 19,615 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in Sysco by 11.9% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 2,453 shares of the company’s stock worth $182,000 after buying an additional 261 shares in the last quarter. Ascension Asset Management LLC bought a new stake in Sysco during the 2nd quarter worth about $1,336,000. Russell Investments Group Ltd. lifted its position in Sysco by 2.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 227,904 shares of the company’s stock worth $16,904,000 after buying an additional 5,779 shares in the last quarter. Finally, Clarius Group LLC lifted its position in Sysco by 8.6% during the 2nd quarter. Clarius Group LLC now owns 6,574 shares of the company’s stock worth $488,000 after buying an additional 520 shares in the last quarter. 80.60% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the stock. Barclays cut their price target on shares of Sysco from $86.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, October 23rd. Truist Financial lowered their price objective on shares of Sysco from $88.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday, August 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Sysco in a research note on Thursday, October 19th. They set a “buy” rating and a $75.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Sysco from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 1st. Finally, Stephens lowered their price objective on shares of Sysco from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 1st. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Sysco has an average rating of “Moderate Buy” and an average target price of $83.30.
Sysco Stock Up 0.5 %
Shares of SYY opened at $71.27 on Tuesday. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $87.21. The firm has a market cap of $35.95 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 1.43 and a beta of 1.13. The firm’s 50-day simple moving average is $66.81 and its 200 day simple moving average is $70.65. The company has a debt-to-equity ratio of 5.04, a quick ratio of 0.74 and a current ratio of 1.29.
Sysco (NYSE:SYY – Get Free Report) last announced its earnings results on Tuesday, October 31st. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Sysco had a net margin of 2.35% and a return on equity of 117.17%. The firm had revenue of $19.62 billion for the quarter, compared to analyst estimates of $19.73 billion. During the same quarter in the prior year, the business posted $0.97 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. On average, analysts forecast that Sysco Co. will post 4.32 earnings per share for the current year.
Sysco Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, January 4th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.81%. Sysco’s payout ratio is presently 56.34%.
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.
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