Sysco Co. (NYSE:SYY) Stake Reduced by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP cut its position in Sysco Co. (NYSE:SYY) by 8.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,152 shares of the company’s stock after selling 1,874 shares during the quarter. DoubleLine ETF Adviser LP’s holdings in Sysco were worth $1,439,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Capital World Investors raised its stake in Sysco by 17.5% during the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after acquiring an additional 1,637,232 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Sysco by 26.1% during the second quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after purchasing an additional 1,782,180 shares in the last quarter. Capital Research Global Investors lifted its holdings in Sysco by 112.8% in the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after purchasing an additional 3,504,740 shares during the period. Diamond Hill Capital Management Inc. grew its position in Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after buying an additional 1,997,895 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Sysco by 103.0% during the 2nd 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 period. Institutional investors own 83.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SYY. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Truist Financial decreased their price target on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Morgan Stanley dropped their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Bank of America decreased their target price on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Finally, Barclays boosted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Stock Performance

Shares of SYY opened at $76.76 on Thursday. The company has a 50-day moving average of $76.03 and a two-hundred day moving average of $75.47. The stock has a market cap of $38.23 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.98 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. Sysco Co. has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings data 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 analysts’ expectations of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. On average, equities research analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 dividend on an annualized basis and a yield of 2.66%. Sysco’s 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.