Forsta AP Fonden Acquires 12,100 Shares of Sysco Co. (NYSE:SYY)

Forsta AP Fonden raised its position in Sysco Co. (NYSE:SYY) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 203,400 shares of the company’s stock after purchasing an additional 12,100 shares during the quarter. Forsta AP Fonden’s holdings in Sysco were worth $16,512,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SYY. First United Bank & Trust acquired a new stake in shares of Sysco in the 4th quarter valued at about $26,000. Verity & Verity LLC acquired a new stake in shares of Sysco in the 1st quarter valued at about $26,000. AdvisorNet Financial Inc raised its stake in shares of Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after purchasing an additional 159 shares during the period. Burkett Financial Services LLC acquired a new stake in shares of Sysco in the 4th quarter valued at about $30,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Sysco in the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Performance

NYSE SYY traded up $0.48 during trading on Friday, reaching $72.17. 1,854,775 shares of the company’s stock were exchanged, compared to its average volume of 3,682,336. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The stock has a market capitalization of $35.94 billion, a P/E ratio of 17.60, a PEG ratio of 1.94 and a beta of 1.18. The business has a 50 day moving average price of $72.79 and a 200-day moving average price of $76.17. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Sell-side analysts forecast that Sysco Co. will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, July 5th. This is a boost from Sysco’s previous quarterly dividend of $0.50. Sysco’s payout ratio is currently 49.76%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SYY. Morgan Stanley lowered their target price on Sysco from $84.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 23rd. BMO Capital Markets lowered their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Piper Sandler lowered their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. UBS Group lowered their target price on Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.90.

Sysco Company Profile

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.