State of Michigan Retirement System Sells 600 Shares of Sysco Co. (NYSE:SYY)

State of Michigan Retirement System lessened its holdings in Sysco Co. (NYSE:SYY) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 133,317 shares of the company’s stock after selling 600 shares during the period. State of Michigan Retirement System’s holdings in Sysco were worth $10,193,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Fortem Financial Group LLC increased its holdings in shares of Sysco by 3.6% in the 4th quarter. Fortem Financial Group LLC now owns 3,875 shares of the company’s stock worth $296,000 after buying an additional 136 shares during the last quarter. SRS Capital Advisors Inc. grew its position in Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after acquiring an additional 149 shares in the last quarter. S.A. Mason LLC increased its stake in Sysco by 10.7% during the fourth quarter. S.A. Mason LLC now owns 1,546 shares of the company’s stock worth $118,000 after acquiring an additional 150 shares during the last quarter. Cable Hill Partners LLC raised its position in Sysco by 3.9% during the third quarter. Cable Hill Partners LLC now owns 4,049 shares of the company’s stock valued at $316,000 after purchasing an additional 152 shares during the period. Finally, Brooklyn Investment Group lifted its stake in shares of Sysco by 12.3% in the 4th quarter. Brooklyn Investment Group now owns 1,410 shares of the company’s stock valued at $108,000 after purchasing an additional 154 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Trading Down 0.6 %

SYY opened at $74.48 on Thursday. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. The stock’s fifty day moving average is $73.52 and its two-hundred day moving average is $75.62. The company has a market capitalization of $36.44 billion, a P/E ratio of 19.15, a PEG ratio of 1.88 and a beta of 1.17. Sysco Co. has a 52 week low of $69.03 and a 52 week high of $82.33.

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

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.74%. Sysco’s payout ratio is presently 52.44%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Jefferies Financial Group boosted their target price on Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. cut their price objective on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Barclays lowered their target price on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. Truist Financial cut their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Finally, UBS Group decreased their price objective on shares of Sysco from $87.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $84.77.

Insider Activity at Sysco

In other Sysco news, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the sale, the executive vice president now owns 56,304 shares of the company’s stock, valued at approximately $4,335,408. This trade represents a 46.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.54% of the stock is currently owned by corporate insiders.

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.