SVB Wealth LLC Takes $968,000 Position in Sysco Co. (NYSE:SYY)

SVB Wealth LLC acquired a new position in Sysco Co. (NYSE:SYY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,662 shares of the company’s stock, valued at approximately $968,000.

Several other hedge funds also recently modified their holdings of SYY. State Street Corp increased its holdings in Sysco by 11.1% in the third quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after purchasing an additional 2,721,449 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Sysco by 11.2% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock valued at $521,874,000 after acquiring an additional 672,940 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Sysco by 9.7% in the 3rd quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company’s stock valued at $374,410,000 after acquiring an additional 422,954 shares during the period. Montrusco Bolton Investments Inc. boosted its stake in Sysco by 8.5% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company’s stock worth $366,789,000 after acquiring an additional 375,409 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Sysco by 4.1% during the third quarter. Janus Henderson Group PLC now owns 4,265,723 shares of the company’s stock valued at $332,983,000 after purchasing an additional 168,163 shares during the period. Institutional investors own 83.41% of the company’s stock.

Sysco Stock Performance

Shares of SYY opened at $75.61 on Tuesday. The firm has a fifty day simple moving average of $73.63 and a 200 day simple moving average of $75.64. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. Sysco Co. has a 12 month low of $69.03 and a 12 month high of $82.33. The stock has a market capitalization of $36.99 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.88 and a beta of 1.17.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the prior year, the company earned $0.89 EPS. Research analysts forecast that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Friday, April 4th. Sysco’s payout ratio is presently 52.44%.

Insider Activity at Sysco

In related news, SVP Eve M. Mcfadden sold 6,499 shares of Sysco stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $519,920.00. Following the completion of the transaction, the senior vice president now owns 48,451 shares in the company, valued at approximately $3,876,080. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Greg D. Bertrand sold 21,844 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total value of $1,747,520.00. Following the transaction, the executive vice president now directly owns 60,581 shares in the company, valued at approximately $4,846,480. This trade represents a 26.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,370 shares of company stock valued at $5,965,519. 0.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SYY. Guggenheim reiterated a “buy” rating and issued a $85.00 target price on shares of Sysco in a report on Wednesday, January 29th. JPMorgan Chase & Co. dropped their price objective on Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Wells Fargo & Company boosted their target price on Sysco from $82.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Truist Financial lowered their price target on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, Melius Research upgraded Sysco to a “hold” rating in a report on Wednesday, December 18th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.77.

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.