Sysco Corporation $SYY Stock: Vise Technologies Inc. Grows Holdings

Vise Technologies Inc. grew its stake in shares of Sysco Corporation (NYSE:SYY) by 367.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 101,610 shares of the company’s stock after purchasing an additional 79,860 shares during the period. Vise Technologies Inc.’s holdings in Sysco were worth $7,922,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of SYY. Capital Investment Advisors LLC boosted its position in shares of Sysco by 1.4% during the third quarter. Capital Investment Advisors LLC now owns 9,727 shares of the company’s stock valued at $758,000 after buying an additional 133 shares during the last quarter. Kingswood Wealth Advisors LLC grew its holdings in Sysco by 1.3% during the third quarter. Kingswood Wealth Advisors LLC now owns 11,356 shares of the company’s stock worth $885,000 after buying an additional 144 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Sysco by 7.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,241 shares of the company’s stock valued at $187,000 after buying an additional 147 shares during the last quarter. Pinnacle Associates Ltd. raised its position in Sysco by 2.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 7,399 shares of the company’s stock valued at $577,000 after buying an additional 150 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC lifted its stake in Sysco by 0.7% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 20,679 shares of the company’s stock valued at $1,612,000 after acquiring an additional 151 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Trading Down 1.4%

NYSE:SYY opened at $81.76 on Tuesday. Sysco Corporation has a 12 month low of $68.19 and a 12 month high of $91.85. The company has a current ratio of 1.28, a quick ratio of 0.77 and a debt-to-equity ratio of 4.62. The firm’s 50 day moving average is $80.49 and its 200 day moving average is $80.54. The stock has a market capitalization of $40.22 billion, a PE ratio of 17.82, a price-to-earnings-growth ratio of 2.31 and a beta of 0.64.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, beating 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 business had revenue of $22.12 billion during the quarter, compared to analyst estimates of $21.95 billion. During the same period in the prior year, the company earned $1.48 earnings per share. Sysco’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts expect that Sysco Corporation will post 5.09 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd were paid a dividend of $0.55 per share. The ex-dividend date was Friday, October 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.7%. Sysco’s dividend payout ratio is presently 60.11%.

Wall Street Analyst Weigh In

SYY has been the topic of a number of analyst reports. Melius Research downgraded shares of Sysco from a “hold” rating to a “sell” rating in a report on Tuesday, July 7th. Morgan Stanley increased their target price on shares of Sysco from $88.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, October 15th. Piper Sandler raised their price target on shares of Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Wall Street Zen cut shares of Sysco from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Finally, Citigroup restated a “neutral” rating on shares of Sysco in a report on Monday, October 26th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.42.

Insider Buying and Selling at Sysco

In related news, EVP Ronald Phillips sold 7,350 shares of Sysco stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $83.61, for a total value of $614,533.50. Following the completion of the sale, the executive vice president owned 38,650 shares of the company’s stock, valued at approximately $3,231,526.50. This trade represents a 15.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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. In the last ninety days, insiders sold 15,525 shares of company stock worth $1,299,736. 0.55% of the stock is currently owned by corporate insiders.

About Sysco

Sysco Corporation is a global foodservice distribution company headquartered in Houston, Texas. It supplies food and related products to restaurants, healthcare and educational institutions, hotels, government facilities, and other foodservice operators.

The company distributes a broad range of products, including fresh and frozen foods, meat and seafood, produce, dairy products, canned and packaged goods, beverages, and specialty food items. Sysco also provides nonfood products such as kitchen and dining supplies, equipment, and cleaning products, along with services intended to help customers manage menus, procurement, and operations.

Founded in 1969, Sysco serves customers primarily across the United States and Canada, as well as in parts of Europe and other international markets.