Park Place Capital Corp Sells 972 Shares of Sysco Co. (NYSE:SYY)

Park Place Capital Corp lowered its position in Sysco Co. (NYSE:SYY) by 66.9% in the 1st quarter, Holdings Channel reports. The firm owned 482 shares of the company’s stock after selling 972 shares during the quarter. Park Place Capital Corp’s holdings in Sysco were worth $39,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Capital World Investors purchased a new position in shares of Sysco during the fourth quarter worth approximately $683,599,000. Norges Bank purchased a new position in shares of Sysco during the fourth quarter worth approximately $450,794,000. Capital Research Global Investors purchased a new position in shares of Sysco during the fourth quarter worth approximately $227,241,000. The Manufacturers Life Insurance Company increased its position in shares of Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after acquiring an additional 2,084,501 shares during the period. Finally, Fiduciary Management Inc. WI increased its position in shares of Sysco by 92.1% during the fourth quarter. Fiduciary Management Inc. WI now owns 2,619,940 shares of the company’s stock worth $191,596,000 after acquiring an additional 1,255,908 shares during the period. Institutional investors own 83.41% of the company’s stock.

Sysco Trading Down 2.1 %

NYSE SYY opened at $69.88 on Tuesday. The company has a market capitalization of $34.80 billion, a PE ratio of 17.04, a P/E/G ratio of 2.05 and a beta of 1.18. The company has a fifty day moving average of $73.94 and a 200 day moving average of $76.41. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. 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 posted its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. Research analysts forecast that Sysco Co. will post 4.3 earnings per share for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a $0.51 dividend. This is a boost from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.92%. Sysco’s payout ratio is presently 48.78%.

Wall Street Analyst Weigh In

SYY has been the topic of several research reports. Truist Financial cut their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Piper Sandler cut their price objective on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. UBS Group cut their price objective on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft cut their price target on shares of Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Finally, BMO Capital Markets cut their price target on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Sysco has a consensus rating of “Moderate Buy” and an average target price of $84.90.

About Sysco

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.