Brookstone Capital Management Cuts Position in Sysco Co. (NYSE:SYY)

Brookstone Capital Management lowered its position in Sysco Co. (NYSE:SYY) by 4.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,486 shares of the company’s stock after selling 746 shares during the quarter. Brookstone Capital Management’s holdings in Sysco were worth $1,176,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mutual Advisors LLC increased its holdings in shares of Sysco by 1.5% in the 3rd quarter. Mutual Advisors LLC now owns 11,626 shares of the company’s stock valued at $768,000 after acquiring an additional 172 shares during the last quarter. Bank of Nova Scotia raised its holdings in Sysco by 372.0% during the third quarter. Bank of Nova Scotia now owns 167,643 shares of the company’s stock worth $11,073,000 after purchasing an additional 132,127 shares in the last quarter. Ancora Advisors LLC boosted its holdings in shares of Sysco by 3.9% in the 3rd quarter. Ancora Advisors LLC now owns 4,602 shares of the company’s stock valued at $304,000 after buying an additional 171 shares in the last quarter. United Services Automobile Association grew its position in shares of Sysco by 12.4% in the 3rd quarter. United Services Automobile Association now owns 13,630 shares of the company’s stock valued at $900,000 after buying an additional 1,502 shares during the last quarter. Finally, New England Asset Management Inc. raised its stake in Sysco by 8.6% during the 3rd quarter. New England Asset Management Inc. now owns 118,595 shares of the company’s stock worth $7,833,000 after acquiring an additional 9,350 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Price Performance

Shares of SYY opened at $71.39 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77. The stock’s 50 day moving average is $73.94 and its two-hundred day moving average is $76.38. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89. The firm has a market capitalization of $35.55 billion, a PE ratio of 17.41, a P/E/G ratio of 2.08 and a beta of 1.17.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The firm had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Research analysts anticipate that Sysco Co. will post 4.29 earnings per share for the current year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a $0.51 dividend. This is a boost 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 2.86%. Sysco’s dividend payout ratio (DPR) is 48.78%.

Analyst Ratings Changes

SYY has been the subject of several research analyst reports. Truist Financial decreased 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. BMO Capital Markets cut their price target on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Barclays dropped their price objective on shares of Sysco from $88.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Finally, Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Tuesday, May 28th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.90.

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.