SouthState Corp Sells 1,247 Shares of Sysco Co. (NYSE:SYY)

SouthState Corp lessened its stake in shares of Sysco Co. (NYSE:SYY) by 42.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,718 shares of the company’s stock after selling 1,247 shares during the quarter. SouthState Corp’s holdings in Sysco were worth $134,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SYY. Armstrong Advisory Group Inc. grew its position in Sysco by 1,240.0% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after acquiring an additional 310 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Sysco during the third quarter valued at about $26,000. TruNorth Capital Management LLC bought a new stake in shares of Sysco during the second quarter worth about $25,000. Valley Wealth Managers Inc. acquired a new position in shares of Sysco in the third quarter valued at approximately $31,000. Finally, Focused Wealth Management Inc bought a new position in Sysco in the 3rd quarter valued at approximately $37,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. Jefferies Financial Group increased their price objective on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company cut their target price on Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, Barclays increased their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.77.

Sysco Stock Down 1.8 %

Sysco stock opened at $74.40 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. The company has a market capitalization of $36.55 billion, a PE ratio of 19.13, a PEG ratio of 1.97 and a beta of 1.20. The firm’s fifty day moving average is $75.79 and its 200 day moving average is $74.75. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.89.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). The company had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.47 billion. Sysco had a net margin of 2.44% and a return on equity of 101.04%. Sysco’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.07 EPS. As a group, sell-side analysts predict that Sysco Co. will post 4.57 EPS for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, January 3rd. Sysco’s payout ratio is 52.44%.

Insider Buying and Selling

In related news, SVP Eve M. Mcfadden sold 4,036 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $75.10, for a total value of $303,103.60. Following the transaction, the senior vice president now owns 48,451 shares of the company’s stock, valued at approximately $3,638,670.10. This trade represents a 7.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sheila Talton sold 2,900 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $74.63, for a total value of $216,427.00. Following the sale, the director now directly owns 12,955 shares of the company’s stock, valued at $966,831.65. This represents a 18.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by company insiders.

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.