Alpine Bank Wealth Management Invests $222,000 in Sysco Corporation (NYSE:SYY)

Alpine Bank Wealth Management acquired a new position in shares of Sysco Corporation (NYSE:SYY) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,963 shares of the company’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Boston Partners increased its position in shares of Sysco by 143.7% in 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. Norges Bank bought a new stake in shares of Sysco in the fourth quarter worth about $450,441,000. Capital Research Global Investors increased its holdings in shares of Sysco by 27.3% in the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company’s stock worth $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Mondrian Investment Partners LTD acquired a new stake in shares of Sysco during the fourth quarter worth about $123,928,000. Finally, Canoe Financial LP lifted its holdings in shares of Sysco by 29,610.4% during the 1st quarter. Canoe Financial LP now owns 1,431,149 shares of the company’s stock valued at $107,393,000 after purchasing an additional 1,426,332 shares in the last quarter. Institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling

In other news, Director Sheila Talton sold 356 shares of Sysco stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director now owns 12,738 shares of the company’s stock, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on SYY. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the stock an “overweight” rating in a research note on Tuesday, April 22nd. Barclays lowered their price objective on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Citigroup started coverage on shares of Sysco in a report on Thursday, May 22nd. They set a “neutral” rating and a $78.00 price objective on the stock. Wall Street Zen lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. lifted their price target on Sysco from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, May 20th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

Sysco Price Performance

Shares of NYSE SYY opened at $75.13 on Thursday. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76. The business has a 50-day moving average of $72.67 and a 200-day moving average of $73.48. The stock has a market capitalization of $36.42 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 2.46 and a beta of 0.81. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23.

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

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be paid a $0.54 dividend. The ex-dividend date is Thursday, July 3rd. This is a boost from Sysco’s previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 2.88%. Sysco’s dividend payout ratio (DPR) is currently 52.85%.

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.