Eastern Bank Acquires 8,347 Shares of Sysco Co. (NYSE:SYY)

Eastern Bank lifted its holdings in shares of Sysco Co. (NYSE:SYY) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,181 shares of the company’s stock after purchasing an additional 8,347 shares during the period. Eastern Bank’s holdings in Sysco were worth $17,109,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. ORG Partners LLC raised its stake 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 worth $495,000 after purchasing an additional 6,855 shares during the period. Mizuho Markets Americas LLC raised its stake in shares of Sysco by 102.1% during the 1st quarter. Mizuho Markets Americas LLC now owns 139,875 shares of the company’s stock worth $11,355,000 after purchasing an additional 70,660 shares during the period. Wedge Capital Management L L P NC raised its stake in Sysco by 11.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 176,170 shares of the company’s stock valued at $12,577,000 after acquiring an additional 18,296 shares during the period. Diversify Advisory Services LLC bought a new stake in Sysco in the 1st quarter valued at about $1,677,000. Finally, Shell Asset Management Co. raised its stake in Sysco by 205.0% in the 1st quarter. Shell Asset Management Co. now owns 14,305 shares of the company’s stock valued at $1,161,000 after acquiring an additional 9,615 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Down 0.1 %

Shares of NYSE SYY traded down $0.11 during trading on Tuesday, reaching $74.60. The company had a trading volume of 735,748 shares, compared to its average volume of 3,148,343. Sysco Co. has a 12-month low of $64.28 and a 12-month high of $82.89. The stock has a market cap of $36.65 billion, a PE ratio of 19.21, a P/E/G ratio of 1.97 and a beta of 1.20. The business’s 50-day moving average is $76.54 and its 200 day moving average is $74.84. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm had revenue of $20.56 billion for the quarter, compared to analysts’ expectations of $20.51 billion. During the same period in the prior year, the firm posted $1.34 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, equities analysts forecast that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.73%. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SYY shares. Bank of America lowered their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Barclays boosted their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial lowered their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. JPMorgan Chase & Co. upped their price target on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Morgan Stanley decreased their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.08.

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.