Wedbush Securities Inc. Trims Stock Position in Sysco Co. (NYSE:SYY)

Wedbush Securities Inc. decreased its position in shares of Sysco Co. (NYSE:SYY) by 5.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,624 shares of the company’s stock after selling 477 shares during the quarter. Wedbush Securities Inc.’s holdings in Sysco were worth $616,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in SYY. TruNorth Capital Management LLC purchased a new position in Sysco during the 2nd quarter worth approximately $25,000. Verity & Verity LLC purchased a new position in shares of Sysco during the first quarter worth approximately $26,000. Burkett Financial Services LLC acquired a new position in shares of Sysco in the 4th quarter valued at $30,000. OFI Invest Asset Management purchased a new stake in Sysco in the 1st quarter valued at $31,000. Finally, Fairman Group LLC acquired a new stake in Sysco during the 4th quarter worth $39,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Price Performance

Sysco stock opened at $76.97 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 $62.24 and a one year high of $82.89. The company has a market cap of $38.33 billion, a P/E ratio of 18.77, a price-to-earnings-growth ratio of 2.05 and a beta of 1.20. The business has a fifty day moving average of $75.20 and a two-hundred day moving average of $75.77.

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

Sysco Announces Dividend

The company 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 $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.65%. The ex-dividend date is Friday, October 4th. Sysco’s payout ratio is currently 49.76%.

Analyst Ratings Changes

SYY has been the topic of a number of recent research reports. BMO Capital Markets dropped their price objective on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Morgan Stanley reduced their price objective 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. Truist Financial decreased their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Finally, JPMorgan Chase & Co. decreased their price target on Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Two 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 data from MarketBeat.com, Sysco currently has an average rating of “Moderate Buy” and a consensus target price of $85.27.

Sysco 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.