Wedmont Private Capital Decreases Stake in Sysco Co. (NYSE:SYY)

Wedmont Private Capital cut its holdings in shares of Sysco Co. (NYSE:SYY) by 9.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,810 shares of the company’s stock after selling 619 shares during the period. Wedmont Private Capital’s holdings in Sysco were worth $434,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Chicago Partners Investment Group LLC grew its stake in shares of Sysco by 1.8% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,150 shares of the company’s stock worth $536,000 after acquiring an additional 124 shares during the period. Plimoth Trust Co. LLC grew its position in Sysco by 0.6% in the 2nd quarter. Plimoth Trust Co. LLC now owns 22,547 shares of the company’s stock worth $1,610,000 after purchasing an additional 139 shares during the period. Meeder Advisory Services Inc. grew its position in Sysco by 1.7% in the 1st quarter. Meeder Advisory Services Inc. now owns 8,362 shares of the company’s stock worth $679,000 after purchasing an additional 141 shares during the period. Tompkins Financial Corp grew its position in Sysco by 1.6% in the 1st quarter. Tompkins Financial Corp now owns 9,144 shares of the company’s stock worth $742,000 after purchasing an additional 144 shares during the period. Finally, Moseley Investment Management Inc. grew its position in Sysco by 2.0% in the 1st quarter. Moseley Investment Management Inc. now owns 7,322 shares of the company’s stock worth $594,000 after purchasing an additional 145 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Performance

NYSE:SYY opened at $74.42 on Friday. The stock has a 50-day moving average price of $76.53 and a 200 day moving average price of $75.08. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco Co. has a 12-month low of $62.45 and a 12-month high of $82.89. The stock has a market capitalization of $36.56 billion, a P/E ratio of 19.13, a P/E/G ratio of 1.92 and a beta of 1.20.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate 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 net margin of 2.48% and a return on equity of 102.09%. The company’s quarterly revenue 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. Equities research analysts forecast that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.74%. Sysco’s payout ratio is 52.44%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Morgan Stanley cut their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. JPMorgan Chase & Co. lifted their target price 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. Truist Financial cut their target price on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Barclays lifted their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group boosted their price objective 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. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.