Glen Eagle Advisors LLC Lowers Stock Position in Sysco Co. (NYSE:SYY)

by · The Markets Daily

Glen Eagle Advisors LLC reduced its position in shares of Sysco Co. (NYSE:SYY – Free Report) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,392 shares of the company’s stock after selling 184 shares during the period. Glen Eagle Advisors LLC’s holdings in Sysco were worth $412,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SYY. Boston Partners lifted its position in shares of Sysco by 143.7% during the 4th quarter. Boston Partners now owns 12,184,114 shares of the company’s stock worth $930,296,000 after buying an additional 7,184,754 shares in the last quarter. Norges Bank purchased a new stake in shares of Sysco during the fourth quarter valued at approximately $450,441,000. Capital Research Global Investors lifted its holdings in Sysco by 27.3% during the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company’s stock worth $687,488,000 after acquiring an additional 1,928,002 shares during the period. Mondrian Investment Partners LTD purchased a new position in Sysco in the fourth quarter worth $123,928,000. Finally, Raymond James Financial Inc. bought a new position in Sysco in the 4th quarter valued at $97,078,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SYY. JPMorgan Chase & Co. lifted their target price on Sysco from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday. BMO Capital Markets dropped their target price on shares of Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley decreased their price target on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Truist Financial dropped their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company decreased their target price on Sysco from $87.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus price target of $83.62.

View Our Latest Report on SYY

Insider Activity

In related news, Director Sheila Talton sold 356 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the sale, the director now directly owns 12,738 shares of the company’s stock, valued at $902,359.92. This trade represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.54% of the company’s stock.

Sysco Trading Down 2.0%

Shares of Sysco stock opened at $72.25 on Thursday. The company’s 50-day moving average price is $71.76 and its 200-day moving average price is $74.00. The company has a market cap of $35.02 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 1.88 and a beta of 0.80. Sysco Co. has a 12-month low of $67.12 and a 12-month high of $82.23. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY – Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). The firm had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. Sysco had a net margin of 2.40% and a return on equity of 106.30%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.96 earnings per share. On average, equities analysts expect that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.54 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 annualized dividend and a dividend yield of 2.99%. This is a boost from Sysco’s previous quarterly dividend of $0.51. Sysco’s dividend payout ratio (DPR) is presently 55.96%.

Sysco Profile

(Free Report)

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.

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