Prio Wealth Limited Partnership Trims Position in Sysco Co. (NYSE:SYY)

Prio Wealth Limited Partnership cut its holdings in shares of Sysco Co. (NYSE:SYY) by 10.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,441 shares of the company’s stock after selling 3,114 shares during the period. Prio Wealth Limited Partnership’s holdings in Sysco were worth $1,888,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Capital World Investors increased its stake in shares of Sysco by 17.5% during the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after buying an additional 1,637,232 shares during the period. Ameriprise Financial Inc. grew its stake in Sysco by 26.1% in the second quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock worth $615,076,000 after purchasing an additional 1,782,180 shares during the period. Capital Research Global Investors grew its stake 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 purchasing an additional 3,504,740 shares during the period. Diamond Hill Capital Management Inc. grew its stake in 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 purchasing an additional 1,997,895 shares during the period. Finally, ProShare Advisors LLC grew its stake in Sysco by 103.0% in 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. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Trading Down 0.5 %

Shares of NYSE:SYY opened at $77.38 on Thursday. The company has a market cap of $38.03 billion, a P/E ratio of 18.87, a PEG ratio of 2.02 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. The stock’s fifty day moving average price is $76.52 and its 200-day moving average price is $75.39.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The firm 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 quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 earnings per share. Sell-side analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s payout ratio is currently 49.76%.

Analyst Ratings Changes

Several brokerages recently weighed in on SYY. JPMorgan Chase & Co. upped their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Morgan Stanley reduced their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Barclays upped their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Truist Financial cut their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

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.