State of Alaska Department of Revenue Reduces Stock Holdings in Sysco Co. (NYSE:SYY)

State of Alaska Department of Revenue lessened its holdings in shares of Sysco Co. (NYSE:SYY) by 4.2% in the 1st quarter, HoldingsChannel reports. The firm owned 61,142 shares of the company’s stock after selling 2,705 shares during the quarter. State of Alaska Department of Revenue’s holdings in Sysco were worth $4,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First United Bank & Trust purchased a new stake in Sysco in the 4th quarter worth approximately $26,000. AdvisorNet Financial Inc increased its position in shares of Sysco by 74.0% in the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after buying an additional 159 shares in the last quarter. Burkett Financial Services LLC purchased a new stake in shares of Sysco in the fourth quarter valued at approximately $30,000. Headlands Technologies LLC acquired a new position in shares of Sysco during the 4th quarter worth approximately $34,000. Finally, JFS Wealth Advisors LLC grew its stake in Sysco by 39.3% in the 4th quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock valued at $37,000 after acquiring an additional 141 shares during the period. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley reduced their price objective on shares of Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, May 23rd. Piper Sandler decreased their price target on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. UBS Group cut their price objective on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. dropped their price target on Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average target price of $84.90.

Sysco Stock Performance

Shares of Sysco stock opened at $70.05 on Friday. The business’s 50 day moving average price is $73.52 and its 200 day moving average price is $76.31. The company has a market cap of $34.88 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.88 and a beta of 1.18. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. Sysco Co. has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The firm had revenue of $19.38 billion for the quarter, compared to analysts’ expectations of $19.74 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts predict that Sysco Co. will post 4.3 EPS for the current year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.91%. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

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.