Capital Investment Counsel Inc Acquires 625 Shares of Sysco Co. (NYSE:SYY)

Capital Investment Counsel Inc boosted its stake in shares of Sysco Co. (NYSE:SYY) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,111 shares of the company’s stock after purchasing an additional 625 shares during the quarter. Capital Investment Counsel Inc’s holdings in Sysco were worth $2,792,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Global Investments increased its stake in shares of Sysco by 181.2% during the second quarter. Summit Global Investments now owns 75,320 shares of the company’s stock worth $5,377,000 after purchasing an additional 48,536 shares during the period. Focus Financial Network Inc. grew its holdings in Sysco by 56.4% in the 2nd quarter. Focus Financial Network Inc. now owns 5,044 shares of the company’s stock valued at $379,000 after buying an additional 1,818 shares in the last quarter. Liberty One Investment Management LLC increased its position in Sysco by 7.1% during the 2nd quarter. Liberty One Investment Management LLC now owns 317,388 shares of the company’s stock worth $22,658,000 after buying an additional 21,058 shares during the period. Sanibel Captiva Trust Company Inc. lifted its holdings in shares of Sysco by 29.5% during the second quarter. Sanibel Captiva Trust Company Inc. now owns 22,658 shares of the company’s stock worth $1,618,000 after buying an additional 5,161 shares in the last quarter. Finally, First Citizens Bank & Trust Co. grew its stake in shares of Sysco by 3.1% in the second quarter. First Citizens Bank & Trust Co. now owns 11,509 shares of the company’s stock valued at $822,000 after acquiring an additional 342 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Price Performance

Shares of SYY stock traded down $0.37 on Tuesday, reaching $76.54. The company had a trading volume of 1,408,932 shares, compared to its average volume of 3,098,295. The stock has a market capitalization of $38.12 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 1.98 and a beta of 1.18. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The business’s 50-day moving average is $73.27 and its 200 day moving average is $75.96. Sysco Co. has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The firm 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%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $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 announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.67%. Sysco’s dividend payout ratio is presently 49.76%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Truist Financial reduced their price target on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Piper Sandler dropped their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. dropped their price target 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 assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.27.

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.