Wedmont Private Capital Grows Stake in Sysco Co. (NYSE:SYY)

Wedmont Private Capital grew its holdings in Sysco Co. (NYSE:SYY) by 4.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,622 shares of the company’s stock after buying an additional 210 shares during the quarter. Wedmont Private Capital’s holdings in Sysco were worth $358,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Capital World Investors purchased a new stake in Sysco in the 4th quarter worth approximately $683,599,000. Norges Bank purchased a new position in shares of Sysco in the 4th quarter valued at approximately $450,794,000. Northern Trust Corp lifted its stake in shares of Sysco by 3.0% in the 3rd quarter. Northern Trust Corp now owns 6,138,310 shares of the company’s stock valued at $405,435,000 after purchasing an additional 178,464 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Sysco by 132.9% in 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 period. Finally, Capital Research Global Investors purchased a new position in shares of Sysco in the 4th quarter valued at approximately $227,241,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Price Performance

NYSE SYY opened at $73.35 on Friday. The company has a market capitalization of $36.53 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.09 and a beta of 1.17. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. The business’s fifty day moving average is $74.22 and its 200 day moving average is $76.40. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. Sysco’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. Sell-side analysts predict that Sysco Co. will post 4.3 earnings per share for the current year.

Sysco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.78%. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. Sysco’s payout ratio is presently 48.78%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Truist Financial reduced their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. UBS Group reduced their price objective on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Morgan Stanley reduced their price objective on Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, May 23rd. Barclays reduced their price objective on Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Finally, BMO Capital Markets reduced their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.10.

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.