FDx Advisors Inc. Trims Stock Position in Sysco Co. (NYSE:SYY)

FDx Advisors Inc. trimmed its holdings in Sysco Co. (NYSE:SYY) by 10.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 4,965 shares of the company’s stock after selling 551 shares during the period. FDx Advisors Inc.’s holdings in Sysco were worth $403,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SYY. First United Bank & Trust acquired a new position in shares of Sysco during the fourth quarter worth about $26,000. AdvisorNet Financial Inc increased its stake in shares of Sysco by 74.0% during the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after acquiring an additional 159 shares during the period. OFI Invest Asset Management acquired a new position in shares of Sysco during the first quarter worth about $31,000. Burkett Financial Services LLC acquired a new position in shares of Sysco during the fourth quarter worth about $30,000. Finally, Headlands Technologies LLC acquired a new position in shares of Sysco during the fourth quarter worth about $34,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Up 2.9 %

SYY stock opened at $71.69 on Friday. The company’s 50 day simple moving average is $72.86 and its 200-day simple moving average is $76.16. The firm has a market capitalization of $35.70 billion, a PE ratio of 17.49, a P/E/G ratio of 1.87 and a beta of 1.18. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The business had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 earnings per share. Equities analysts expect 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. Investors of record on Friday, July 5th will be paid a dividend of $0.51 per share. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.04 annualized dividend and a dividend yield of 2.85%. Sysco’s dividend payout ratio is presently 49.76%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SYY shares. JPMorgan Chase & Co. dropped their price target on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Guggenheim upgraded shares of 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. Morgan Stanley lowered their target price on shares of Sysco from $84.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 23rd. Truist Financial lowered their target price on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Finally, BMO Capital Markets lowered their target price on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.