Fifth Third Wealth Advisors LLC Has $760,000 Position in Sysco Co. (NYSE:SYY)

Fifth Third Wealth Advisors LLC grew its position in Sysco Co. (NYSE:SYY) by 66.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,642 shares of the company’s stock after acquiring an additional 4,265 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Sysco were worth $760,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Capital World Investors increased its position in Sysco by 17.5% during the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock worth $891,758,000 after buying an additional 1,637,232 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after acquiring an additional 3,504,740 shares during the last quarter. Norges Bank acquired a new stake in Sysco during the 4th quarter valued at $450,794,000. The Manufacturers Life Insurance Company lifted its holdings in Sysco by 132.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after purchasing an additional 2,084,501 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Sysco by 8.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock valued at $222,029,000 after purchasing an additional 240,671 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SYY has been the subject of a number of research reports. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Morgan Stanley lowered their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. JPMorgan Chase & Co. decreased their price objective on Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Piper Sandler decreased their price target on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Finally, Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.27.

Sysco Price Performance

SYY traded up $0.58 during trading on Wednesday, hitting $77.12. 1,774,509 shares of the stock traded hands, compared to its average volume of 3,090,073. The business has a 50 day moving average price of $73.39 and a 200 day moving average price of $75.97. The company has a market cap of $38.40 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 2.00 and a beta of 1.18. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. During the same quarter in the previous year, the firm earned $1.34 EPS. Sysco’s revenue was up 4.2% on a year-over-year basis. Equities research analysts forecast that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

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.