19,640 Shares in Sysco Co. (NYSE:SYY) Acquired by Seven Eight Capital LP

Seven Eight Capital LP acquired a new stake in Sysco Co. (NYSE:SYY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,640 shares of the company’s stock, valued at approximately $1,402,000.

A number of other hedge funds also recently made changes to their positions in SYY. TruNorth Capital Management LLC acquired a new stake in Sysco during the 2nd quarter valued at $25,000. Burkett Financial Services LLC purchased a new position in Sysco in the 4th quarter valued at about $30,000. OFI Invest Asset Management purchased a new position in Sysco in the 1st quarter valued at about $31,000. Fairman Group LLC acquired a new stake in shares of Sysco during the fourth quarter valued at about $39,000. Finally, Livelsberger Financial Advisory purchased a new stake in shares of Sysco during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on SYY. Truist Financial lowered their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. JPMorgan Chase & Co. lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Bank of America dropped their target price on shares of Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Finally, Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $85.55.

Sysco Stock Performance

Shares of NYSE SYY opened at $74.14 on Friday. 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 firm’s 50-day moving average price is $75.81 and its two-hundred day moving average price is $75.60. Sysco Co. has a 52-week low of $62.24 and a 52-week high of $82.89. The stock has a market capitalization of $36.44 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.01 and a beta of 1.20.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.01. The business had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $1.34 EPS. As a group, sell-side analysts forecast that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.75%. Sysco’s dividend payout ratio is currently 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.