Parnassus Investments LLC Cuts Stake in Sysco Co. (NYSE:SYY)

Parnassus Investments LLC reduced its stake in Sysco Co. (NYSE:SYY) by 75.7% during the fourth quarter, HoldingsChannel reports. The fund owned 2,041,218 shares of the company’s stock after selling 6,352,150 shares during the period. Parnassus Investments LLC’s holdings in Sysco were worth $156,072,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Sysco in the third quarter worth $26,000. Valley Wealth Managers Inc. bought a new position in shares of Sysco during the third quarter valued at $31,000. Stonebridge Financial Group LLC bought a new position in shares of Sysco during the fourth quarter valued at $31,000. Sherman Asset Management Inc. bought a new position in shares of Sysco during the fourth quarter valued at $31,000. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Sysco by 53.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock valued at $33,000 after purchasing an additional 149 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Down 1.4 %

NYSE SYY opened at $72.63 on Friday. The stock’s 50-day moving average price is $73.32 and its 200-day moving average price is $75.54. 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 52 week low of $69.03 and a 52 week high of $82.33. The company has a market capitalization of $35.53 billion, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, hitting the consensus estimate 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 prior year, the company earned $0.89 EPS. On average, equities research analysts predict that Sysco Co. will post 4.58 earnings per share for the current year.

Sysco Announces Dividend

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 paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, April 4th. Sysco’s dividend payout ratio (DPR) is currently 52.44%.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the completion of the sale, the executive vice president now owns 56,304 shares in the company, valued at approximately $4,335,408. This trade represents a 46.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SYY shares. Morgan Stanley lowered their price target on Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Wells Fargo & Company upped their price target on Sysco from $82.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Melius Research raised Sysco to a “hold” rating in a report on Wednesday, December 18th. Melius initiated coverage on Sysco in a report on Wednesday, December 18th. They set a “hold” rating and a $85.00 price target on the stock. Finally, StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $84.77.

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.