iA Global Asset Management Inc. Purchases 4,324 Shares of Sysco Co. (NYSE:SYY)

iA Global Asset Management Inc. grew its position in shares of Sysco Co. (NYSE:SYY) by 13.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,426 shares of the company’s stock after buying an additional 4,324 shares during the quarter. iA Global Asset Management Inc.’s holdings in Sysco were worth $2,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Capital World Investors grew its stake 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 grew its stake in Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after buying an additional 3,504,740 shares during the last quarter. Norges Bank bought a new stake in Sysco during the fourth quarter worth about $450,794,000. The Manufacturers Life Insurance Company grew its stake 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 valued at $267,177,000 after purchasing an additional 2,084,501 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Sysco by 8.6% during the fourth 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 owned by institutional investors.

Sysco Trading Up 0.6 %

Shares of NYSE SYY opened at $77.97 on Friday. The company’s 50 day simple moving average is $74.07 and its 200 day simple moving average is $75.86. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The firm has a market capitalization of $38.32 billion, a P/E ratio of 19.02, a P/E/G ratio of 2.03 and a beta of 1.18. 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 earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. The company had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $1.34 earnings per share. On average, analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.62%. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SYY. Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Tuesday, May 28th. Morgan Stanley decreased their price target on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Bank of America decreased their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Finally, Truist Financial decreased their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and an average price target of $85.27.

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.