Sysco Co. (NYSE:SYY) Shares Sold by Grimes & Company Inc.

Grimes & Company Inc. reduced its position in Sysco Co. (NYSE:SYY) by 2.6% in the 3rd quarter, Holdings Channel reports. The firm owned 16,046 shares of the company’s stock after selling 421 shares during the quarter. Grimes & Company Inc.’s holdings in Sysco were worth $1,253,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SYY. Capital Research Global Investors increased its stake in shares of Sysco by 112.8% in the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after acquiring an additional 3,504,740 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Sysco by 103.0% in the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after acquiring an additional 2,408,226 shares during the last quarter. Swedbank AB acquired a new stake in shares of Sysco in the 1st quarter worth $178,824,000. Diamond Hill Capital Management Inc. increased its stake in shares of Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock worth $429,240,000 after acquiring an additional 1,997,895 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock worth $615,076,000 after acquiring an additional 1,782,180 shares during the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Barclays raised their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Morgan Stanley cut their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a research report on Monday. JPMorgan Chase & Co. raised their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group raised their price objective on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $86.08.

Sysco Stock Performance

Shares of Sysco stock opened at $74.37 on Friday. The business has a 50-day moving average of $76.51 and a 200 day moving average of $74.82. Sysco Co. has a 12 month low of $64.28 and a 12 month high of $82.89. The stock has a market capitalization of $36.53 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 1.95 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.01. The business had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 EPS. As a group, sell-side analysts forecast that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 52.44%.

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.