Sciencast Management LP purchased a new position in shares of SYSCO Co. (NYSE:SYY) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,885 shares of the company’s stock, valued at approximately $735,000.
A number of other institutional investors also recently made changes to their positions in SYY. Wellington Management Group LLP grew its holdings in SYSCO by 41.3% during the first quarter. Wellington Management Group LLP now owns 26,753,337 shares of the company’s stock worth $1,220,755,000 after buying an additional 7,816,822 shares in the last quarter. Longview Partners Guernsey LTD grew its stake in SYSCO by 66.7% in the 1st quarter. Longview Partners Guernsey LTD now owns 11,406,975 shares of the company’s stock valued at $520,500,000 after purchasing an additional 4,564,387 shares during the period. Capital International Investors bought a new position in SYSCO in the 1st quarter valued at $169,106,000. Yacktman Asset Management LP grew its stake in SYSCO by 61.9% in the 1st quarter. Yacktman Asset Management LP now owns 6,157,606 shares of the company’s stock valued at $280,972,000 after purchasing an additional 2,353,956 shares during the period. Finally, Unigestion Holding SA bought a new position in SYSCO in the 1st quarter valued at $79,981,000. Institutional investors and hedge funds own 79.35% of the company’s stock.
NYSE:SYY opened at $52.85 on Friday. The business’s 50-day moving average price is $54.03 and its two-hundred day moving average price is $58.98. SYSCO Co. has a twelve month low of $26.00 and a twelve month high of $85.98. The stock has a market cap of $27.20 billion, a P/E ratio of 15.85, a PEG ratio of 2.14 and a beta of 1.12. The company has a quick ratio of 0.93, a current ratio of 1.49 and a debt-to-equity ratio of 5.21.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Thursday, July 2nd were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Wednesday, July 1st. SYSCO’s payout ratio is 50.70%.
In other SYSCO news, Director Trian Fund Management, L.P. acquired 703,700 shares of the stock in a transaction dated Monday, May 18th. The shares were acquired at an average cost of $51.38 per share, for a total transaction of $36,156,106.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joshua D. Frank acquired 600,000 shares of the stock in a transaction dated Friday, May 15th. The stock was acquired at an average price of $47.42 per share, for a total transaction of $28,452,000.00. The disclosure for this purchase can be found here. 5.24% of the stock is currently owned by company insiders.
A number of research analysts have issued reports on the company. Credit Suisse Group reduced their price objective on SYSCO from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, May 6th. Wells Fargo & Co raised SYSCO from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $50.00 to $70.00 in a research report on Friday, June 5th. Zacks Investment Research cut SYSCO from a “hold” rating to a “sell” rating and set a $62.00 price target on the stock. in a research report on Saturday, May 2nd. Piper Sandler reaffirmed a “buy” rating and set a $64.00 price target on shares of SYSCO in a research report on Wednesday, July 1st. Finally, BMO Capital Markets cut SYSCO from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $88.00 to $51.00 in a report on Thursday, April 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $69.36.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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