State of Michigan Retirement System raised its stake in shares of SYSCO Co. (NYSE:SYY) by 10.8% in the 2nd quarter, Holdings Channel reports. The firm owned 129,612 shares of the company’s stock after acquiring an additional 12,633 shares during the period. State of Michigan Retirement System’s holdings in SYSCO were worth $7,085,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Pensionfund Sabic boosted its stake in SYSCO by 20.2% during the first quarter. Pensionfund Sabic now owns 29,700 shares of the company’s stock valued at $1,355,000 after buying an additional 5,000 shares during the last quarter. Foundations Investment Advisors LLC grew its holdings in shares of SYSCO by 786.3% in the first quarter. Foundations Investment Advisors LLC now owns 26,253 shares of the company’s stock valued at $1,099,000 after purchasing an additional 23,291 shares in the last quarter. State of Alaska Department of Revenue increased its position in SYSCO by 7.6% in the first quarter. State of Alaska Department of Revenue now owns 195,836 shares of the company’s stock worth $8,935,000 after purchasing an additional 13,751 shares during the last quarter. Gradient Investments LLC raised its stake in SYSCO by 3,252.1% during the first quarter. Gradient Investments LLC now owns 141,658 shares of the company’s stock valued at $6,464,000 after purchasing an additional 137,432 shares in the last quarter. Finally, Truehand Inc lifted its position in SYSCO by 12.0% during the first quarter. Truehand Inc now owns 61,720 shares of the company’s stock valued at $2,816,000 after purchasing an additional 6,610 shares during the last quarter. Hedge funds and other institutional investors own 79.35% of the company’s stock.
SYY stock opened at $52.85 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.49 and a debt-to-equity ratio of 5.21. The business’s fifty day simple moving average is $54.03 and its two-hundred day simple moving average is $58.98. SYSCO Co. has a twelve month low of $26.00 and a twelve month high of $85.98. The firm has a market cap of $26.83 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 2.11 and a beta of 1.12.
SYSCO (NYSE:SYY) last issued its earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.08). The company had revenue of $13.70 billion for the quarter, compared to analysts’ expectations of $14.04 billion. SYSCO had a net margin of 2.30% and a return on equity of 73.70%. The firm’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.79 earnings per share. Research analysts expect that SYSCO Co. will post 1.97 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Thursday, July 2nd were paid a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $1.80 dividend on an annualized basis and a yield of 3.41%. SYSCO’s dividend payout ratio is currently 50.70%.
SYY has been the subject of a number of analyst reports. Piper Sandler reaffirmed a “buy” rating and issued a $64.00 price target on shares of SYSCO in a report on Wednesday, July 1st. JPMorgan Chase & Co. raised their price objective on SYSCO from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Credit Suisse Group cut their target price on SYSCO from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Wells Fargo & Co upgraded SYSCO from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $50.00 to $70.00 in a report on Friday, June 5th. Finally, BMO Capital Markets lowered shares of SYSCO from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $88.00 to $51.00 in a research note on Thursday, April 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. SYSCO presently has a consensus rating of “Hold” and an average target price of $69.36.
In other news, Director Trian Fund Management, L.P. purchased 703,700 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $51.38 per share, for a total transaction of $36,156,106.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua D. Frank acquired 600,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was purchased at an average price of $47.42 per share, with a total value of $28,452,000.00. The disclosure for this purchase can be found here. Company insiders own 5.24% of the company’s stock.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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