Parallel Advisors LLC Sells 927 Shares of Sysco Co. (NYSE:SYY)

Parallel Advisors LLC cut its holdings in shares of Sysco Co. (NYSE:SYY) by 16.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,726 shares of the company’s stock after selling 927 shares during the quarter. Parallel Advisors LLC’s holdings in Sysco were worth $337,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital World Investors increased its position in Sysco by 17.5% during the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after purchasing an additional 1,637,232 shares during the period. Capital Research Global Investors increased its position in shares of Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after buying an additional 3,504,740 shares during the period. The Manufacturers Life Insurance Company raised its stake in 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 buying an additional 2,084,501 shares in the last quarter. Fiduciary Management Inc. WI lifted its holdings in 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 buying an additional 1,255,908 shares during the period. Finally, Swedbank AB bought a new stake in Sysco during the 1st quarter valued at approximately $178,824,000. Institutional investors own 83.41% of the company’s stock.

Sysco Trading Down 4.2 %

NYSE:SYY opened at $74.55 on Thursday. The stock has a market cap of $37.12 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 2.01 and a beta of 1.20. 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’s 50 day moving average price is $75.76 and its 200-day moving average price is $75.62. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.38 by $0.01. The business had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $1.34 EPS. On average, equities research analysts forecast that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 49.76%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Truist Financial decreased their target price 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 upped their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Bank of America cut their price objective on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target 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.