BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 35,135 Shares of Sysco Co. (NYSE:SYY)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Sysco Co. (NYSE:SYY) by 58.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 95,353 shares of the company’s stock after acquiring an additional 35,135 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Sysco were worth $6,807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SYY. Capital World Investors bought a new position in shares of Sysco in the fourth quarter valued at $683,599,000. Capital Research Global Investors boosted its position in Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after purchasing an additional 3,504,740 shares during the period. ProShare Advisors LLC boosted its position in Sysco by 103.0% during the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after purchasing an additional 2,408,226 shares during the period. Swedbank AB bought a new position in Sysco during the first quarter worth $178,824,000. Finally, The Manufacturers Life Insurance Company boosted its position in Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after purchasing an additional 2,084,501 shares during the period. 83.41% of the stock is owned by institutional investors.

Sysco Stock Up 1.6 %

SYY stock opened at $77.96 on Friday. The company has a market cap of $38.32 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.20. The business has a 50-day simple moving average of $76.06 and a 200 day simple moving average of $75.48. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last posted 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 during 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%. Sysco’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.34 earnings per share. Sell-side analysts anticipate that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Jefferies Financial Group lifted their price objective on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America reduced their price objective on shares of Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Truist Financial dropped their target price on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $86.08.

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.