Heritage Wealth Management Inc. Invests $387,000 in Sysco Co. (NYSE:SYY)

Heritage Wealth Management Inc. bought a new position in shares of Sysco Co. (NYSE:SYY) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,550 shares of the company’s stock, valued at approximately $387,000.

Several other hedge funds also recently made changes to their positions in SYY. Sanctuary Advisors LLC acquired a new stake in shares of Sysco during the 2nd quarter worth approximately $6,827,000. Brown Financial Advisors acquired a new stake in shares of Sysco during the 2nd quarter worth approximately $669,000. Heritage Oak Wealth Advisors LLC acquired a new stake in shares of Sysco during the 2nd quarter worth approximately $590,000. Cetera Investment Advisers boosted its position in shares of Sysco by 2.7% during the 2nd quarter. Cetera Investment Advisers now owns 292,770 shares of the company’s stock worth $20,901,000 after acquiring an additional 7,758 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its position in shares of Sysco by 18.8% during the 2nd quarter. EP Wealth Advisors LLC now owns 9,926 shares of the company’s stock worth $709,000 after acquiring an additional 1,570 shares in the last quarter. 83.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Truist Financial reduced their price target 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. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Jefferies Financial Group raised their target price on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Barclays raised their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley cut their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average target price of $86.08.

Sysco Price Performance

Shares of NYSE:SYY opened at $77.38 on Thursday. The firm has a market cap of $38.03 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.02 and a beta of 1.20. The firm’s fifty day moving average is $76.52 and its 200-day moving average is $75.39. 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 52 week low of $62.24 and a 52 week high of $82.89.

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

Sysco Dividend Announcement

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

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.