The Manufacturers Life Insurance Company Buys Shares of 1,451,314 Sysco Corporation $SYY

The Manufacturers Life Insurance Company purchased a new position in shares of Sysco Corporation (NYSE:SYY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,451,314 shares of the company’s stock, valued at approximately $121,301,000. The Manufacturers Life Insurance Company owned 0.30% of Sysco at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Montag A & Associates Inc. lifted its position in Sysco by 1.4% in the fourth quarter. Montag A & Associates Inc. now owns 8,743 shares of the company’s stock valued at $644,000 after buying an additional 123 shares during the last quarter. United Community Bank increased its position in shares of Sysco by 11.4% during the fourth quarter. United Community Bank now owns 1,224 shares of the company’s stock valued at $90,000 after acquiring an additional 125 shares during the last quarter. First Citizens Bank & Trust Co. increased its position in shares of Sysco by 1.2% during the fourth quarter. First Citizens Bank & Trust Co. now owns 11,224 shares of the company’s stock valued at $827,000 after acquiring an additional 138 shares during the last quarter. Diversify Wealth Management LLC raised its stake in shares of Sysco by 1.6% in the 4th quarter. Diversify Wealth Management LLC now owns 9,173 shares of the company’s stock valued at $698,000 after acquiring an additional 143 shares during the period. Finally, Arax Advisory Partners raised its stake in shares of Sysco by 2.4% in the 4th quarter. Arax Advisory Partners now owns 6,222 shares of the company’s stock valued at $458,000 after acquiring an additional 145 shares during the period. 83.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Sysco news, EVP Ronald L. Phillips sold 7,350 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $83.61, for a total value of $614,533.50. Following the sale, the executive vice president directly owned 38,650 shares in the company, valued at $3,231,526.50. This trade represents a 15.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 sold a total of 14,508 shares of company stock valued at $1,215,250 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SYY shares. Citigroup increased their price objective on shares of Sysco from $82.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered Sysco from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Morgan Stanley upped their price target on Sysco from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Piper Sandler raised their price target on Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft downgraded Sysco from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a report on Tuesday, April 28th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.50.

Sysco Stock Performance

Shares of Sysco stock opened at $83.50 on Wednesday. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85. The company has a market cap of $40.01 billion, a PE ratio of 22.81, a P/E/G ratio of 2.86 and a beta of 0.64. The company has a debt-to-equity ratio of 4.62, a quick ratio of 0.77 and a current ratio of 1.28. The business has a 50-day simple moving average of $82.82 and a 200-day simple moving average of $80.61.

Sysco (NYSE:SYY) last issued its earnings results 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 net margin of 2.08% and a return on equity of 95.05%. The firm had revenue of $22.12 billion for the quarter, compared to analysts’ expectations of $21.95 billion. During the same quarter last year, the company earned $1.48 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. On average, equities research analysts forecast that Sysco Corporation will post 5.12 EPS for the current fiscal year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 2nd will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 2nd. Sysco’s dividend payout ratio is 60.11%.

Sysco Company Profile

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.