Chevy Chase Trust Holdings LLC Trims Stake in Sysco Co. (NYSE:SYY)

Chevy Chase Trust Holdings LLC trimmed its position in shares of Sysco Co. (NYSE:SYY) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 273,765 shares of the company’s stock after selling 3,783 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Sysco worth $19,544,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SYY. Capital World Investors purchased a new stake in Sysco in the fourth quarter worth $683,599,000. Norges Bank purchased a new position in Sysco during the 4th quarter valued at about $450,794,000. 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 worth $536,770,000 after acquiring an additional 3,504,740 shares in the last quarter. Swedbank AB purchased a new stake in Sysco in the first quarter worth about $178,824,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of 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 purchasing an additional 2,084,501 shares in the last quarter. 83.41% of the stock is owned by institutional investors.

Sysco Stock Performance

Sysco stock traded down $0.37 during mid-day trading on Tuesday, reaching $76.54. 1,408,932 shares of the stock traded hands, compared to its average volume of 3,098,295. The business’s 50-day moving average is $73.17 and its 200-day moving average is $76.00. The stock has a market capitalization of $38.12 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 1.98 and a beta of 1.18. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89. 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 (NYSE:SYY) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. During the same quarter last year, the firm posted $1.34 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts predict that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared 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. This represents a $2.04 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio is presently 49.76%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SYY shares. BMO Capital Markets reduced their price objective on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Bank of America dropped their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Tuesday, May 28th. Truist Financial reduced their price target on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Finally, Piper Sandler lowered their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Sysco has an average rating of “Moderate Buy” and a consensus price target of $85.27.

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.