State of New Jersey Common Pension Fund D Sells 110,961 Shares of Sysco Co. (NYSE:SYY)

State of New Jersey Common Pension Fund D cut its holdings in shares of Sysco Co. (NYSE:SYY) by 39.1% in the 2nd quarter, Holdings Channel reports. The firm owned 172,646 shares of the company’s stock after selling 110,961 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Sysco were worth $12,325,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC bought a new stake in Sysco during the second quarter worth $25,000. OFI Invest Asset Management bought a new stake in Sysco during the first quarter worth $31,000. Burkett Financial Services LLC bought a new stake in Sysco during the fourth quarter worth $30,000. Fairman Group LLC bought a new stake in Sysco during the fourth quarter worth $39,000. Finally, LRI Investments LLC acquired a new position in shares of Sysco during the first quarter worth $45,000. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Performance

NYSE SYY opened at $76.52 on Friday. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The company has a market capitalization of $37.61 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.99 and a beta of 1.20. The stock has a fifty day simple moving average of $75.34 and a 200 day simple moving average of $75.74. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The business had revenue of $20.56 billion for the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 earnings per share. Sell-side analysts expect that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.67%. Sysco’s dividend payout ratio (DPR) is currently 49.76%.

Analyst Ratings Changes

Several research analysts have recently issued reports on SYY shares. Barclays upped their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Truist Financial lowered their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a report on Monday, June 24th. Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.27.

Sysco 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.