Sysco Co. (NYSE:SYY) Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its stake in Sysco Co. (NYSE:SYY) by 11.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 359,469 shares of the company’s stock after purchasing an additional 35,943 shares during the period. Commonwealth Equity Services LLC’s holdings in Sysco were worth $26,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wealthfront Advisers LLC increased its stake in shares of Sysco by 263.4% in the 3rd quarter. Wealthfront Advisers LLC now owns 34,007 shares of the company’s stock worth $2,246,000 after acquiring an additional 24,650 shares during the last quarter. Professional Advisory Services Inc. acquired a new stake in Sysco during the fourth quarter worth about $20,057,000. Harbour Trust & Investment Management Co purchased a new position in Sysco during the fourth quarter worth about $4,623,000. Pacer Advisors Inc. boosted its holdings in Sysco by 40.1% in the 4th quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after purchasing an additional 23,558 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Sysco by 16.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after buying an additional 41,618 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Up 1.5 %

Shares of SYY opened at $75.36 on Monday. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. The stock has a market capitalization of $37.53 billion, a PE ratio of 18.38, a P/E/G ratio of 1.92 and a beta of 1.16. The company’s 50-day simple moving average is $78.65 and its 200-day simple moving average is $75.31. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same quarter last year, the company posted $0.90 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. Analysts forecast that Sysco Co. will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 annualized dividend and a yield of 2.71%. Sysco’s dividend payout ratio is 48.78%.

Wall Street Analyst Weigh In

SYY has been the subject of several analyst reports. Barclays increased their price objective on Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. BMO Capital Markets raised their price objective on Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. upped their target price on shares of Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Piper Sandler lowered their target price on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Finally, Truist Financial reduced their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $84.56.

Insider Buying and Selling at Sysco

In related news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the sale, the chief accounting officer now directly owns 24,082 shares in the company, valued at $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.58% of the stock is owned by corporate insiders.

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.