Parsons Capital Management Inc. RI Buys 43,672 Shares of Sysco Corporation $SYY

Parsons Capital Management Inc. RI increased its stake in shares of Sysco Corporation (NYSE:SYY) by 186.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,127 shares of the company’s stock after purchasing an additional 43,672 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Sysco were worth $5,084,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its stake in shares of Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Sysco during the first quarter valued at approximately $33,000. 1248 Management LLC bought a new stake in shares of Sysco during the first quarter valued at approximately $35,000. Cheviot Value Management LLC bought a new stake in shares of Sysco during the first quarter valued at approximately $34,000. Finally, Banque Transatlantique SA bought a new position in Sysco in the first quarter valued at approximately $35,000. 83.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on shares of Sysco from $72.00 to $77.00 and gave the company an “equal weight” rating in a research note on Monday, July 14th. UBS Group set a $90.00 price objective on shares of Sysco in a research note on Wednesday, July 30th. Bank of America raised their price objective on shares of Sysco from $81.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Truist Financial raised their price objective on shares of Sysco from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Sysco from a “buy” rating to a “hold” rating in a research note on Saturday, September 13th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Sysco has an average rating of “Moderate Buy” and an average price target of $85.69.

Insider Buying and Selling at Sysco

In related news, EVP Ronald L. Phillips sold 961 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $81.00, for a total value of $77,841.00. Following the sale, the executive vice president directly owned 41,501 shares of the company’s stock, valued at approximately $3,361,581. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the completion of the sale, the executive vice president directly owned 56,304 shares in the company, valued at $4,504,320. This represents a 41.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,338 shares of company stock worth $7,439,331 over the last ninety days. 0.54% of the stock is currently owned by insiders.

Sysco Trading Up 0.6%

Shares of NYSE SYY opened at $82.85 on Thursday. The company’s fifty day moving average is $80.75 and its 200-day moving average is $75.98. The stock has a market cap of $40.16 billion, a price-to-earnings ratio of 22.21, a P/E/G ratio of 2.55 and a beta of 0.82. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $83.24. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.09. The company had revenue of $21.14 billion for the quarter, compared to analysts’ expectations of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the firm posted $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. Equities research analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Friday, October 3rd will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 3rd. Sysco’s payout ratio is currently 57.91%.

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.