TIAA Trust National Association Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

TIAA Trust National Association cut its holdings in Sysco Co. (NYSE:SYY) by 10.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,146 shares of the company’s stock after selling 4,231 shares during the quarter. TIAA Trust National Association’s holdings in Sysco were worth $2,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Harbour Trust & Investment Management Co purchased a new stake in Sysco in the 4th quarter valued at $4,623,000. Pacer Advisors Inc. boosted 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 purchasing an additional 23,558 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Sysco by 16.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after buying an additional 41,618 shares during the last quarter. Bridgefront Capital LLC purchased a new stake in shares of Sysco in the 4th quarter valued at about $841,000. Finally, Nebula Research & Development LLC acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $916,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Down 0.5 %

Shares of Sysco stock traded down $0.38 on Monday, hitting $73.24. 1,159,802 shares of the company’s stock traded hands, compared to its average volume of 3,081,736. 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 firm’s 50-day moving average is $72.60 and its 200 day moving average is $76.18. The stock has a market cap of $36.47 billion, a P/E ratio of 17.93, a PEG ratio of 1.98 and a beta of 1.18. Sysco Co. has a 52-week low of $62.24 and a 52-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 for the quarter, topping the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. Equities analysts anticipate that Sysco Co. will post 4.3 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. Stockholders of record on Friday, July 5th will be given a $0.51 dividend. 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. This represents a $2.04 annualized dividend and a dividend yield of 2.79%. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Analysts Set New Price Targets

Several research firms have recently commented on SYY. Morgan Stanley reduced their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. BMO Capital Markets reduced their price objective on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. Truist Financial reduced their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. UBS Group reduced their price objective on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Finally, Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.