Asset Dedication LLC Reduces Stock Position in Sysco Co. (NYSE:SYY)

Asset Dedication LLC trimmed its position in Sysco Co. (NYSE:SYY) by 14.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,120 shares of the company’s stock after selling 187 shares during the period. Asset Dedication LLC’s holdings in Sysco were worth $87,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SYY. Fisher Asset Management LLC grew its stake in Sysco by 52.5% in the 4th quarter. Fisher Asset Management LLC now owns 8,084 shares of the company’s stock worth $591,000 after acquiring an additional 2,784 shares during the period. Nomura Holdings Inc. increased its stake in Sysco by 30.7% in the fourth quarter. Nomura Holdings Inc. now owns 21,326 shares of the company’s stock valued at $1,560,000 after purchasing an additional 5,011 shares during the last quarter. GAMMA Investing LLC lifted its position in Sysco by 13.8% during the first quarter. GAMMA Investing LLC now owns 4,127 shares of the company’s stock worth $335,000 after buying an additional 502 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Sysco by 479.7% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 9,826 shares of the company’s stock worth $798,000 after buying an additional 8,131 shares during the last quarter. Finally, Alaska Permanent Fund Corp purchased a new stake in Sysco in the 1st quarter valued at about $105,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Stock Performance

Sysco stock opened at $75.38 on Friday. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. Sysco Co. has a one year low of $64.28 and a one year high of $82.89. The stock’s 50 day moving average price is $76.56 and its 200 day moving average price is $74.96. The firm has a market capitalization of $37.03 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 1.96 and a beta of 1.20.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business had revenue of $20.56 billion during the quarter, compared to the consensus estimate of $20.51 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts expect that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.51 dividend. 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 is currently 52.44%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Truist Financial decreased their target price on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Bank of America dropped their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Jefferies Financial Group increased their target price on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Morgan Stanley lowered their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. lifted their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

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.