Renaissance Group LLC Lowers Stake in Sysco Co. (NYSE:SYY)

Renaissance Group LLC lessened its stake in Sysco Co. (NYSE:SYYFree Report) by 13.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,722 shares of the company’s stock after selling 1,158 shares during the period. Renaissance Group LLC’s holdings in Sysco were worth $564,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. First United Bank & Trust purchased a new position in shares of Sysco during the fourth quarter worth approximately $26,000. AdvisorNet Financial Inc raised its position in Sysco by 74.0% during the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after purchasing an additional 159 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Sysco in the 4th quarter worth $34,000. JFS Wealth Advisors LLC increased its stake in shares of Sysco by 39.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 141 shares during the period. Finally, Milestone Investment Advisors LLC bought a new stake in shares of Sysco in the third quarter valued at about $40,000. Institutional investors own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. BMO Capital Markets boosted their price objective on shares of Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Stephens increased their target price on Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st. Finally, Truist Financial decreased their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $84.56.

Get Our Latest Stock Analysis on Sysco

Insider Buying and Selling

In related news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the transaction, the chief accounting officer now owns 24,082 shares of the company’s stock, valued at $1,926,560. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.58% of the stock is owned by corporate insiders.

Sysco Stock Performance

Sysco stock traded up $0.33 during mid-day trading on Wednesday, reaching $75.65. 196,120 shares of the company traded hands, compared to its average volume of 2,903,290. The firm’s fifty day moving average is $77.55 and its two-hundred day moving average is $76.15. The company has a market capitalization of $37.67 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 2.02 and a beta of 1.16. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

Sysco (NYSE:SYYGet Free Report) last released its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The firm had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. During the same period in the prior year, the firm earned $0.90 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts expect that Sysco Co. will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a $0.51 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.70%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.78%.

Sysco Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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