Rhumbline Advisers Buys 46,793 Shares of Sysco Co. (NYSE:SYY)

Rhumbline Advisers grew its stake in shares of Sysco Co. (NYSE:SYY) by 4.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,016,156 shares of the company’s stock after buying an additional 46,793 shares during the period. Rhumbline Advisers owned approximately 0.20% of Sysco worth $72,543,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

Several research analysts have weighed in on SYY shares. Barclays lifted their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. BMO Capital Markets decreased their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. Morgan Stanley decreased their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Bank of America decreased their target price on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective 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. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.27.

Sysco Stock Up 0.6 %

Sysco stock opened at $78.74 on Thursday. The company has a fifty day simple moving average of $74.34 and a 200 day simple moving average of $75.82. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The company has a market cap of $38.70 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 2.03 and a beta of 1.20.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate 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 last year, the company earned $1.34 EPS. Sysco’s revenue for the quarter was up 4.2% compared to the same quarter last year. Research analysts anticipate that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s payout ratio 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.