State of Michigan Retirement System Sells 500 Shares of Sysco Co. (NYSE:SYY)

State of Michigan Retirement System trimmed its stake in Sysco Co. (NYSE:SYYFree Report) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 138,017 shares of the company’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in Sysco were worth $10,093,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. AdvisorNet Financial Inc increased its position in shares of Sysco by 74.0% in the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after purchasing an additional 159 shares during the last quarter. Hexagon Capital Partners LLC grew its position in Sysco by 74.6% during the third quarter. Hexagon Capital Partners LLC now owns 419 shares of the company’s stock valued at $28,000 after acquiring an additional 179 shares during the last quarter. Sunbelt Securities Inc. bought a new position in Sysco during the first quarter valued at approximately $32,000. CGC Financial Services LLC bought a new position in Sysco during the second quarter valued at approximately $33,000. Finally, Intrepid Capital Management Inc. bought a new position in shares of Sysco in the second quarter worth approximately $35,000. 83.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.58% of the stock is currently owned by company insiders.

Sysco Stock Performance

Shares of SYY stock opened at $80.43 on Wednesday. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The stock has a market cap of $40.04 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 1.64 and a beta of 1.15. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00. The company’s fifty day moving average price is $79.90 and its 200-day moving average price is $73.56.

Sysco (NYSE:SYYGet Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $19.29 billion for the quarter, compared to analysts’ expectations of $19.32 billion. Sysco had a net margin of 2.69% and a return on equity of 105.22%. Sysco’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 EPS. On average, equities analysts expect that Sysco Co. will post 4.3 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 5th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Thursday, April 4th. Sysco’s payout ratio is 48.90%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SYY shares. Barclays raised their target price on shares of Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. BMO Capital Markets raised their target price on shares of Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. raised their price target on Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Finally, Stephens lifted their price target on shares of Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.38.

Read Our Latest Stock Analysis on SYY

Sysco Company 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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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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