Pallas Capital Advisors LLC Trims Holdings in Sysco Co. (NYSE:SYY)

Pallas Capital Advisors LLC reduced its stake in shares of Sysco Co. (NYSE:SYY) by 6.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,245 shares of the company’s stock after selling 566 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Sysco were worth $613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SYY. Bridgefront Capital LLC bought a new position in shares of Sysco during the 4th quarter valued at approximately $841,000. ORG Partners LLC boosted its position in shares of Sysco by 3,159.0% during the 2nd quarter. ORG Partners LLC now owns 7,072 shares of the company’s stock valued at $495,000 after acquiring an additional 6,855 shares during the last quarter. Nebula Research & Development LLC bought a new position in shares of Sysco during the 4th quarter valued at approximately $916,000. Artisan Partners Limited Partnership boosted its position in shares of Sysco by 11.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 597,216 shares of the company’s stock valued at $43,674,000 after acquiring an additional 62,556 shares during the last quarter. Finally, Cannell & Co. lifted its position in Sysco by 20.4% in the fourth quarter. Cannell & Co. now owns 206,834 shares of the company’s stock worth $15,126,000 after buying an additional 35,089 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Truist Financial lowered their price target on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. BMO Capital Markets lowered their price target on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. UBS Group lowered their price target on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Finally, Bank of America decreased their target price on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $85.27.

Sysco Stock Up 0.3 %

Shares of Sysco stock traded up $0.20 during trading on Wednesday, hitting $76.74. 193,332 shares of the stock traded hands, compared to its average volume of 3,080,252. The firm has a market cap of $38.21 billion, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco Co. has a 52-week low of $62.24 and a 52-week high of $82.89. The stock’s fifty day simple moving average is $73.27 and its 200 day simple moving average is $75.96.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same quarter in the previous year, the firm earned $1.34 earnings per share. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities analysts predict that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.66%. Sysco’s payout ratio is 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.