Acadian Asset Management LLC Sells 481,164 Shares of Sysco Co. (NYSE:SYY)

Acadian Asset Management LLC reduced its holdings in shares of Sysco Co. (NYSE:SYY) by 63.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 278,515 shares of the company’s stock after selling 481,164 shares during the quarter. Acadian Asset Management LLC owned 0.06% of Sysco worth $22,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Harbour Trust & Investment Management Co purchased a new stake in Sysco during the 4th quarter valued at $4,623,000. Pacer Advisors Inc. lifted its holdings in Sysco by 40.1% in the fourth quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after acquiring an additional 23,558 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Sysco by 16.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock worth $21,865,000 after purchasing an additional 41,618 shares during the last quarter. Bridgefront Capital LLC bought a new stake in shares of Sysco during the 4th quarter valued at about $841,000. Finally, Nebula Research & Development LLC bought a new stake in shares of Sysco during the 4th quarter valued at about $916,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Price Performance

NYSE SYY traded down $0.09 during trading hours on Monday, reaching $73.53. The company’s stock had a trading volume of 1,305,140 shares, compared to its average volume of 3,082,998. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The company has a market capitalization of $36.62 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.98 and a beta of 1.18. The firm’s 50-day moving average price is $72.60 and its 200-day moving average price is $76.18.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, equities research analysts predict that Sysco Co. will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is 49.76%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. UBS Group reduced their target price on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Barclays decreased 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. Piper Sandler cut their price target on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Morgan Stanley decreased their price objective 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. Finally, JPMorgan Chase & Co. cut their price objective on Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

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.