State of Michigan Retirement System Boosts Stake in SYSCO Co. (NYSE:SYY)

State of Michigan Retirement System increased its stake in SYSCO Co. (NYSE:SYY) by 10.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 129,612 shares of the company’s stock after acquiring an additional 12,633 shares during the period. State of Michigan Retirement System’s holdings in SYSCO were worth $7,085,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. bought a new stake in SYSCO during the first quarter worth about $29,000. Balentine LLC purchased a new position in shares of SYSCO during the 1st quarter valued at about $31,000. Financial Management Professionals Inc. bought a new stake in SYSCO in the 2nd quarter worth approximately $32,000. Key Financial Inc purchased a new stake in SYSCO in the first quarter worth approximately $34,000. Finally, Efficient Wealth Management LLC bought a new position in SYSCO during the first quarter valued at approximately $38,000. 79.35% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE SYY opened at $52.85 on Friday. The firm has a fifty day simple moving average of $54.03 and a two-hundred day simple moving average of $58.98. SYSCO Co. has a 12 month low of $26.00 and a 12 month high of $85.98. The company has a current ratio of 1.49, a quick ratio of 0.93 and a debt-to-equity ratio of 5.21. The firm has a market capitalization of $26.83 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12.

SYSCO (NYSE:SYY) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.08). The company had revenue of $13.70 billion for the quarter, compared to analysts’ expectations of $14.04 billion. SYSCO had a net margin of 2.30% and a return on equity of 73.70%. SYSCO’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.79 EPS. On average, sell-side analysts predict that SYSCO Co. will post 1.97 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Thursday, July 2nd were paid a $0.45 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 3.41%. SYSCO’s payout ratio is 50.70%.

In related news, Director Trian Fund Management, L.P. purchased 703,700 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were purchased at an average cost of $51.38 per share, with a total value of $36,156,106.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joshua D. Frank purchased 600,000 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was bought 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. Company insiders own 5.24% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Co raised shares of SYSCO from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $50.00 to $70.00 in a research note on Friday, June 5th. Zacks Investment Research lowered shares of SYSCO from a “hold” rating to a “sell” rating and set a $62.00 price target for the company. in a research report on Saturday, May 2nd. BMO Capital Markets downgraded SYSCO from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $88.00 to $51.00 in a report on Thursday, April 23rd. Piper Sandler restated a “buy” rating and set a $64.00 target price on shares of SYSCO in a report on Wednesday, July 1st. Finally, Credit Suisse Group reduced their price target on SYSCO from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $69.36.

SYSCO Company Profile

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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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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