VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Stake in Sysco Corporation $SYY

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Sysco Corporation (NYSE:SYY) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 838,400 shares of the company’s stock, valued at approximately $70,073,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Nicholas Company Inc. acquired a new stake in shares of Sysco during the fourth quarter valued at about $2,278,000. United Capital Financial Advisors LLC bought a new position in Sysco during the 2nd quarter worth approximately $2,633,000. Rakuten Investment Management Inc. bought a new stake in shares of Sysco in the second quarter valued at approximately $6,523,000. Empowered Funds LLC bought a new stake in Sysco in the second quarter valued at $9,370,000. Finally, Norges Bank bought a new stake in Sysco during the fourth quarter worth $542,780,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insider Activity at Sysco

In related news, EVP Ronald Phillips sold 7,350 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $83.61, for a total value of $614,533.50. Following the completion of the transaction, the executive vice president owned 38,650 shares in the company, valued at $3,231,526.50. This represents a 15.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 14,508 shares of company stock worth $1,215,250 in the last three months. 0.56% of the stock is currently owned by corporate insiders.

Sysco Stock Up 0.1%

Shares of NYSE SYY opened at $80.10 on Monday. The stock has a market capitalization of $38.38 billion, a P/E ratio of 21.89, a PEG ratio of 2.73 and a beta of 0.63. The firm’s 50 day simple moving average is $83.13 and its two-hundred day simple moving average is $80.26. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The firm had revenue of $22.12 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same quarter last year, the business posted $1.48 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, analysts expect that Sysco Corporation will post 5.12 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 2nd will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, October 2nd. Sysco’s dividend payout ratio (DPR) is presently 60.11%.

Analyst Ratings Changes

Several equities analysts recently commented on SYY shares. Melius Research cut Sysco from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. Piper Sandler boosted their price objective on Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded Sysco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, August 19th. Morgan Stanley raised their price objective on Sysco from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Finally, Citigroup raised their price objective on Sysco from $82.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and an average target price of $89.50.

About Sysco

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.