Saratoga Research & Investment Management Sells 308 Shares of Sysco Co. (NYSE:SYY)

Saratoga Research & Investment Management decreased its holdings in Sysco Co. (NYSE:SYY) by 1.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 16,383 shares of the company’s stock after selling 308 shares during the period. Saratoga Research & Investment Management’s holdings in Sysco were worth $1,330,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Grimes & Company Inc. boosted its holdings in shares of Sysco by 2.9% during the 1st quarter. Grimes & Company Inc. now owns 177,299 shares of the company’s stock valued at $14,393,000 after acquiring an additional 4,981 shares in the last quarter. Griffin Asset Management Inc. boosted its holdings in shares of Sysco by 5.0% during the 1st quarter. Griffin Asset Management Inc. now owns 35,918 shares of the company’s stock valued at $2,916,000 after acquiring an additional 1,700 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Sysco by 2.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 62,536 shares of the company’s stock valued at $5,077,000 after acquiring an additional 1,446 shares in the last quarter. Toth Financial Advisory Corp boosted its holdings in shares of Sysco by 5.3% during the 1st quarter. Toth Financial Advisory Corp now owns 129,731 shares of the company’s stock valued at $10,532,000 after acquiring an additional 6,584 shares in the last quarter. Finally, Independence Bank of Kentucky boosted its holdings in shares of Sysco by 12.9% during the 1st quarter. Independence Bank of Kentucky now owns 3,598 shares of the company’s stock valued at $292,000 after acquiring an additional 410 shares in the last quarter. Institutional investors own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SYY. Piper Sandler cut their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Truist Financial cut their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Deutsche Bank Aktiengesellschaft cut their target price on Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Barclays cut their target price on Sysco from $88.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Finally, Morgan Stanley cut their target price on Sysco from $84.00 to $82.00 and set an “equal weight” rating on the stock in a report on Thursday, May 23rd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.90.

Sysco Trading Down 1.5 %

Shares of NYSE:SYY traded down $1.08 during midday trading on Friday, reaching $71.39. The company’s stock had a trading volume of 15,189,200 shares, compared to its average volume of 3,513,296. The firm has a market capitalization of $35.55 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 2.08 and a beta of 1.17. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. The firm has a 50 day moving average price of $73.94 and a two-hundred day moving average price of $76.40. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. As a group, analysts forecast that Sysco Co. will post 4.29 earnings per share for the current year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.86%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s payout ratio is presently 49.76%.

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.