Sysco Co. (NYSE:SYY) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale cut its position in shares of Sysco Co. (NYSE:SYY) by 88.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 134,954 shares of the company’s stock after selling 1,074,285 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Sysco were worth $9,753,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital World Investors raised its holdings in shares of Sysco by 17.5% in the first 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 shares of 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 acquiring an additional 3,504,740 shares during the last quarter. Norges Bank acquired a new position in shares of Sysco in the fourth quarter worth $450,794,000. The Manufacturers Life Insurance Company raised its holdings in shares of Sysco by 132.9% in 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 last quarter. Finally, Fiduciary Management Inc. WI raised its holdings in shares of Sysco by 92.1% in 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 last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Price Performance

SYY stock opened at $77.18 on Tuesday. The stock has a 50-day moving average price of $75.49 and a two-hundred day moving average price of $75.64. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. The company has a market cap of $38.43 billion, a PE ratio of 18.82, a price-to-earnings-growth ratio of 2.01 and a beta of 1.20.

Sysco (NYSE:SYY) last issued 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. 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 the consensus estimate of $20.51 billion. During the same quarter in the prior year, the business earned $1.34 earnings per share. The company’s revenue was up 4.2% compared to the same quarter last year. As a group, research analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Friday, October 4th. Sysco’s payout ratio is 49.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SYY shares. Bank of America cut their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Truist Financial lowered their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Deutsche Bank Aktiengesellschaft lowered their price objective on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Barclays lifted their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $85.55.

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.