Ledyard National Bank Takes Position in Sysco Co. (NYSE:SYY)

Ledyard National Bank acquired a new stake in Sysco Co. (NYSE:SYY) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,860 shares of the company’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. TruNorth Capital Management LLC acquired a new position in Sysco during the 2nd quarter worth approximately $25,000. Armstrong Advisory Group Inc. increased its holdings in Sysco by 1,240.0% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after purchasing an additional 310 shares during the last quarter. Fairscale Capital LLC bought a new stake in shares of Sysco in the 2nd quarter valued at approximately $38,000. LRI Investments LLC bought a new stake in shares of Sysco in the 1st quarter valued at approximately $45,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Sysco in the 3rd quarter valued at approximately $47,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SYY has been the topic of a number of recent research reports. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a research note on Monday. Barclays boosted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group boosted their target price on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, 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 research report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Price Performance

Shares of Sysco stock opened at $74.80 on Wednesday. The firm has a fifty day simple moving average of $76.53 and a 200-day simple moving average of $74.82. 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 1-year low of $64.28 and a 1-year high of $82.89. The stock has a market capitalization of $36.74 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 1.97 and a beta of 1.20.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. The business had revenue of $20.56 billion during 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%. Sysco’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 earnings per share. On average, sell-side analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, October 4th. Sysco’s payout ratio is currently 52.44%.

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.