Arizona State Retirement System Acquires 4,513 Shares of Sysco Corporation (NYSE:SYY)

Arizona State Retirement System lifted its holdings in shares of Sysco Corporation (NYSE:SYY) by 3.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,142 shares of the company’s stock after acquiring an additional 4,513 shares during the quarter. Arizona State Retirement System’s holdings in Sysco were worth $10,816,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ballentine Partners LLC raised its holdings in shares of Sysco by 10.2% during the first quarter. Ballentine Partners LLC now owns 13,169 shares of the company’s stock valued at $988,000 after acquiring an additional 1,219 shares in the last quarter. Diversify Wealth Management LLC raised its holdings in shares of Sysco by 6.7% during the first quarter. Diversify Wealth Management LLC now owns 9,623 shares of the company’s stock valued at $676,000 after acquiring an additional 606 shares in the last quarter. Xponance Inc. raised its holdings in shares of Sysco by 2.1% during the first quarter. Xponance Inc. now owns 116,897 shares of the company’s stock valued at $8,772,000 after acquiring an additional 2,356 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Sysco by 13.1% during the first quarter. Cerity Partners LLC now owns 187,646 shares of the company’s stock valued at $14,081,000 after acquiring an additional 21,757 shares in the last quarter. Finally, DMC Group LLC raised its holdings in shares of Sysco by 67.8% during the first quarter. DMC Group LLC now owns 4,495 shares of the company’s stock valued at $337,000 after acquiring an additional 1,817 shares in the last quarter. Institutional investors own 83.41% of the company’s stock.

Sysco Trading Down 0.9%

NYSE SYY opened at $76.80 on Monday. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The stock has a market cap of $37.23 billion, a P/E ratio of 19.90, a P/E/G ratio of 2.32 and a beta of 0.81. The stock’s fifty day moving average price is $73.90 and its 200-day moving average price is $73.24. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 6.37.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company had revenue of $19.60 billion during the quarter, compared to analysts’ expectations of $20.11 billion. During the same period in the prior year, the company posted $0.96 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be paid a $0.54 dividend. This is a boost from Sysco’s previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Thursday, July 3rd. Sysco’s dividend payout ratio is currently 55.96%.

Analysts Set New Price Targets

A number of equities analysts recently commented on SYY shares. Barclays decreased their target price on Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. upped their price target on Sysco from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 20th. Wall Street Zen cut Sysco from a “buy” rating to a “hold” rating in a research note on Sunday. BMO Capital Markets reduced their price target on Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Citigroup began coverage on Sysco in a research note on Thursday, May 22nd. They issued a “neutral” rating and a $78.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sysco has an average rating of “Moderate Buy” and an average price target of $82.77.

Insider Activity at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director owned 12,738 shares of the company’s stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.54% of the stock is owned by company insiders.

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.