Sysco Co. (NYSE:SYY) Position Reduced by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC reduced its holdings in Sysco Co. (NYSE:SYY) by 1.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 97,402 shares of the company’s stock after selling 1,413 shares during the quarter. Sysco makes up 1.6% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 23rd biggest position. Summit Financial Wealth Advisors LLC’s holdings in Sysco were worth $7,123,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Hexagon Capital Partners LLC lifted its position in shares of Sysco by 74.6% in the 3rd quarter. Hexagon Capital Partners LLC now owns 419 shares of the company’s stock worth $28,000 after buying an additional 179 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in Sysco in the 1st quarter valued at about $32,000. CGC Financial Services LLC bought a new stake in Sysco in the 2nd quarter valued at about $33,000. Intrepid Capital Management Inc. bought a new stake in Sysco in the 2nd quarter valued at about $35,000. Finally, Tyler Stone Wealth Management bought a new stake in Sysco in the 2nd quarter valued at about $37,000. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Performance

Sysco stock opened at $81.18 on Friday. The firm’s 50 day simple moving average is $79.80 and its 200-day simple moving average is $73.44. The company has a market cap of $40.41 billion, a P/E ratio of 19.85, a price-to-earnings-growth ratio of 1.66 and a beta of 1.16. The company has a debt-to-equity ratio of 5.00, a current ratio of 1.37 and a quick ratio of 0.80. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, January 30th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01. The business had revenue of $19.29 billion for the quarter, compared to the consensus estimate of $19.32 billion. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm posted $0.80 earnings per share. As a group, equities research analysts predict that Sysco Co. will post 4.3 EPS for the current year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 5th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, April 4th. Sysco’s dividend payout ratio is currently 48.90%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Stephens lifted their price objective on shares of Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Barclays raised their target price on shares of Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. raised their target price on shares of Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. BMO Capital Markets raised their target price on shares of Sysco from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Finally, StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $85.38.

Insider Buying and Selling

In related news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the sale, the chief accounting officer now directly owns 24,082 shares in the company, valued at $1,926,560. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.58% of the stock is currently owned by corporate insiders.

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.