TIAA Trust National Association Trims Stock Position in Sysco Co. (NYSE:SYY)

TIAA Trust National Association trimmed its holdings in Sysco Co. (NYSE:SYY) by 1.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 34,626 shares of the company’s stock after selling 520 shares during the quarter. TIAA Trust National Association’s holdings in Sysco were worth $2,472,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Rhumbline Advisers increased its position in shares of Sysco by 4.8% during the second quarter. Rhumbline Advisers now owns 1,016,156 shares of the company’s stock valued at $72,543,000 after acquiring an additional 46,793 shares during the last quarter. Chilton Capital Management LLC increased its holdings in Sysco by 187.8% in the 2nd quarter. Chilton Capital Management LLC now owns 294,134 shares of the company’s stock valued at $20,998,000 after purchasing an additional 191,935 shares during the last quarter. Carret Asset Management LLC raised its position in Sysco by 8.0% in the second quarter. Carret Asset Management LLC now owns 19,206 shares of the company’s stock valued at $1,371,000 after purchasing an additional 1,420 shares during the period. Mechanics Financial Corp lifted its stake in Sysco by 31.5% during the second quarter. Mechanics Financial Corp now owns 1,963 shares of the company’s stock worth $140,000 after purchasing an additional 470 shares in the last quarter. Finally, Equitable Trust Co. grew its stake in shares of Sysco by 4.1% in the second quarter. Equitable Trust Co. now owns 35,409 shares of the company’s stock valued at $2,528,000 after buying an additional 1,405 shares in the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays raised their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America lowered their price objective on shares of Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. StockNews.com raised shares of Sysco from a “buy” rating to a “strong-buy” rating in a research note on Monday. Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, May 28th. Finally, Truist Financial cut their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.27.

Sysco Price Performance

SYY stock opened at $78.74 on Thursday. The stock has a market cap of $38.70 billion, a price-to-earnings ratio of 19.20, a PEG ratio of 2.03 and a beta of 1.20. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The business has a 50 day moving average price of $74.34 and a 200 day moving average price of $75.82.

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

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.59%. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Sysco Profile

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.