Commerce Bank Reduces Position in Sysco Co. (NYSE:SYY)

Commerce Bank trimmed its holdings in Sysco Co. (NYSE:SYY) by 6.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 241,021 shares of the company’s stock after selling 15,537 shares during the quarter. Commerce Bank’s holdings in Sysco were worth $18,428,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Sysco by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company’s stock worth $4,703,775,000 after purchasing an additional 429,711 shares during the period. Invesco Ltd. increased its stake in Sysco by 5.3% in the 4th quarter. Invesco Ltd. now owns 16,907,541 shares of the company’s stock worth $1,292,751,000 after buying an additional 851,441 shares during the period. Boston Partners lifted its holdings in Sysco by 143.7% during the 4th quarter. Boston Partners now owns 12,184,114 shares of the company’s stock valued at $930,296,000 after buying an additional 7,184,754 shares in the last quarter. Geode Capital Management LLC boosted its position in Sysco by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company’s stock valued at $905,120,000 after buying an additional 233,885 shares during the period. Finally, FMR LLC increased its position in shares of Sysco by 0.8% during the fourth quarter. FMR LLC now owns 7,590,141 shares of the company’s stock worth $580,342,000 after acquiring an additional 60,059 shares during the period. 83.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SYY. Truist Financial lowered their price target on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Morgan Stanley cut their price target on Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Guggenheim reiterated a “buy” rating and set a $85.00 target price on shares of Sysco in a report on Wednesday, January 29th. Finally, Barclays cut their target price on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.77.

Sysco Price Performance

Shares of SYY opened at $71.71 on Friday. The company has a 50 day moving average of $72.67 and a two-hundred day moving average of $74.56. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. Sysco Co. has a twelve month low of $67.12 and a twelve month high of $82.23. The company has a market cap of $35.08 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 1.88 and a beta of 0.91.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the previous year, the business posted $0.89 earnings per share. As a group, analysts predict that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.84%. Sysco’s dividend payout ratio (DPR) is currently 52.44%.

Sysco 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.