Oppenheimer Asset Management Inc. Increases Holdings in Sysco Co. (NYSE:SYY)

Oppenheimer Asset Management Inc. boosted its position in Sysco Co. (NYSE:SYY) by 12.7% during the second quarter, Holdings Channel.com reports. The institutional investor owned 26,790 shares of the company’s stock after purchasing an additional 3,022 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Sysco were worth $1,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Chicago Partners Investment Group LLC increased its stake in shares of Sysco by 1.8% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,150 shares of the company’s stock worth $536,000 after acquiring an additional 124 shares during the period. Bell Investment Advisors Inc raised its stake in shares of Sysco by 8.2% during the 4th quarter. Bell Investment Advisors Inc now owns 1,722 shares of the company’s stock valued at $126,000 after buying an additional 131 shares during the last quarter. Beacon Investment Advisors LLC lifted its holdings in shares of Sysco by 0.5% in the 4th quarter. Beacon Investment Advisors LLC now owns 24,680 shares of the company’s stock valued at $1,805,000 after buying an additional 133 shares during the period. Plimoth Trust Co. LLC boosted its stake in shares of Sysco by 0.6% in the second quarter. Plimoth Trust Co. LLC now owns 22,547 shares of the company’s stock worth $1,610,000 after buying an additional 139 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its holdings in Sysco by 1.7% during the first quarter. Meeder Advisory Services Inc. now owns 8,362 shares of the company’s stock worth $679,000 after acquiring an additional 141 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Performance

NYSE SYY opened at $77.79 on Wednesday. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The stock’s 50 day simple moving average is $75.66 and its 200-day simple moving average is $75.62. The company has a market cap of $38.74 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 2.01 and a beta of 1.20. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89.

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 analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $20.51 billion. During the same quarter last year, the firm posted $1.34 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, equities research analysts anticipate that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.62%. Sysco’s dividend payout ratio is presently 49.76%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SYY shares. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Tuesday, May 28th. BMO Capital Markets lowered their price target on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. StockNews.com raised shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Finally, Morgan Stanley cut their price target 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. Two research 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $85.55.

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.