Bridges Investment Management Inc. Takes Position in Sysco Co. (NYSE:SYY)

Bridges Investment Management Inc. acquired a new position in Sysco Co. (NYSE:SYY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 26,836 shares of the company’s stock, valued at approximately $1,916,000.

Other large investors also recently added to or reduced their stakes in the company. Capital World Investors grew its position in shares of 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 acquiring an additional 1,637,232 shares during the period. Capital Research Global Investors increased its position 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 buying an additional 3,504,740 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Sysco by 49.8% in the second quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock worth $429,240,000 after buying an additional 1,997,895 shares during the period. Primecap Management Co. CA lifted its position in shares of Sysco by 37.5% during the 2nd quarter. Primecap Management Co. CA now owns 4,373,485 shares of the company’s stock valued at $312,223,000 after buying an additional 1,192,650 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Sysco by 10.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,701,385 shares of the company’s stock valued at $264,262,000 after acquiring an additional 359,640 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Up 1.4 %

Shares of NYSE SYY opened at $75.19 on Friday. The stock has a market capitalization of $37.44 billion, a price-to-earnings ratio of 18.34, a P/E/G ratio of 2.01 and a beta of 1.20. 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 firm’s 50-day moving average price is $75.87 and its 200-day moving average price is $75.57.

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

Sysco Dividend Announcement

The company also recently disclosed 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. This represents a $2.04 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 49.76%.

Analyst Ratings Changes

Several equities analysts have weighed in on SYY shares. Truist Financial lowered their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Bank of America lowered their target price on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. 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. Barclays increased their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley lowered their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and an average 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.