Bank of Montreal Can Acquires 311,725 Shares of Sysco Co. (NYSE:SYY)

Bank of Montreal Can lifted its holdings in Sysco Co. (NYSE:SYY) by 26.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,487,136 shares of the company’s stock after acquiring an additional 311,725 shares during the period. Bank of Montreal Can owned 0.30% of Sysco worth $110,732,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SYY. Capital World Investors bought a new position in Sysco during the fourth quarter valued at approximately $683,599,000. Capital Research Global Investors boosted its stake in Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after buying an additional 3,504,740 shares during the last quarter. ProShare Advisors LLC boosted its stake in Sysco by 103.0% during the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after buying an additional 2,408,226 shares during the last quarter. Swedbank AB bought a new position in Sysco during the first quarter valued at approximately $178,824,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after buying an additional 2,084,501 shares during the last quarter. Institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Bank of America dropped their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Tuesday, May 28th. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Truist Financial decreased 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 investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Sysco currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.55.

Sysco Trading Up 0.3 %

Shares of NYSE SYY opened at $76.41 on Wednesday. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. The business’s 50 day moving average price is $76.03 and its 200-day moving average price is $75.47. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a market cap of $37.56 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 1.98 and a beta of 1.20.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. The firm 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 company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 earnings per share. On average, sell-side analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.67%. Sysco’s payout ratio is currently 49.76%.

Sysco Company 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.