Sysco Co. (NYSE:SYY) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in Sysco Co. (NYSE:SYY) by 23.2% during the 1st quarter, Holdings Channel reports. The firm owned 500,562 shares of the company’s stock after purchasing an additional 94,231 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Sysco were worth $40,636,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Lido Advisors LLC raised its stake in Sysco by 8.0% in the 3rd quarter. Lido Advisors LLC now owns 34,800 shares of the company’s stock valued at $2,299,000 after purchasing an additional 2,581 shares during the last quarter. Scotia Capital Inc. lifted its stake in shares of Sysco by 1.0% in the third quarter. Scotia Capital Inc. now owns 60,973 shares of the company’s stock worth $4,027,000 after buying an additional 630 shares in the last quarter. Royal London Asset Management Ltd. boosted its position in Sysco by 9.7% during the third quarter. Royal London Asset Management Ltd. now owns 287,706 shares of the company’s stock worth $19,002,000 after acquiring an additional 25,450 shares during the last quarter. Baker Avenue Asset Management LP grew its stake in Sysco by 2.6% during the 3rd quarter. Baker Avenue Asset Management LP now owns 80,192 shares of the company’s stock valued at $5,297,000 after acquiring an additional 2,024 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Sysco by 4.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,568,945 shares of the company’s stock valued at $103,629,000 after acquiring an additional 67,576 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SYY. UBS Group lowered their target price on 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 dropped their target price on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Truist Financial reduced their price target on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. 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. Finally, JPMorgan Chase & Co. cut their price objective on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating for the company 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’s stock. According to data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus price target of $84.90.

Sysco Price Performance

Shares of SYY opened at $70.05 on Friday. The firm has a 50-day simple moving average of $73.52 and a two-hundred day simple moving average of $76.31. The stock has a market cap of $34.88 billion, a PE ratio of 17.09, a P/E/G ratio of 1.88 and a beta of 1.18. 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 quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $0.90 EPS. As a group, analysts forecast that Sysco Co. will post 4.3 EPS for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s payout ratio is currently 48.78%.

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.