Sysco Co. (NYSE:SYY) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lessened its position in shares of Sysco Co. (NYSE:SYY) by 2.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 277,548 shares of the company’s stock after selling 6,104 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Sysco were worth $22,531,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SYY. Professional Advisory Services Inc. purchased a new position in shares of Sysco in the 4th quarter valued at approximately $20,057,000. Harbour Trust & Investment Management Co purchased a new stake in shares of Sysco in the fourth quarter valued at approximately $4,623,000. Pacer Advisors Inc. boosted its stake in shares of 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 buying an additional 23,558 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Sysco by 16.2% in the fourth 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 in the last quarter. Finally, Bridgefront Capital LLC purchased a new stake in shares of Sysco in the fourth quarter valued at approximately $841,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on SYY shares. Truist Financial decreased their price target on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Piper Sandler reduced their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Barclays reduced their price objective on Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. UBS Group reduced their price objective on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Finally, Morgan Stanley cut their price target on Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.90.

Sysco Stock Up 1.5 %

Shares of NYSE SYY traded up $1.03 on Thursday, hitting $70.67. The company had a trading volume of 147,322 shares, compared to its average volume of 3,111,519. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89. The business has a 50 day moving average of $72.91 and a two-hundred day moving average of $76.19. The firm has a market capitalization of $35.19 billion, a P/E ratio of 16.99, a PEG ratio of 1.87 and a beta of 1.18.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business 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 firm posted $0.90 earnings per share. The company’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Sysco Co. will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, July 5th. This represents a $2.04 annualized dividend and a yield of 2.89%. This is a boost from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is presently 49.76%.

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.