SouthState Corp Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

SouthState Corp lowered its stake in Sysco Co. (NYSE:SYY) by 23.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,310 shares of the company’s stock after selling 408 shares during the period. SouthState Corp’s holdings in Sysco were worth $100,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new stake in Sysco in the fourth quarter valued at approximately $31,000. Sherman Asset Management Inc. purchased a new position in shares of Sysco in the fourth quarter worth $31,000. SRS Capital Advisors Inc. raised its holdings in Sysco by 53.0% during the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock valued at $33,000 after buying an additional 149 shares during the last quarter. HHM Wealth Advisors LLC grew its holdings in Sysco by 107.4% in the 4th quarter. HHM Wealth Advisors LLC now owns 620 shares of the company’s stock worth $47,000 after acquiring an additional 321 shares during the last quarter. Finally, Hager Investment Management Services LLC purchased a new position in shares of Sysco in the fourth quarter valued at about $50,000. Institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial cut their target price on Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Guggenheim reaffirmed a “buy” rating and issued a $85.00 price target on shares of Sysco in a research note on Wednesday, January 29th. Melius began coverage on shares of Sysco in a report on Wednesday, December 18th. They issued a “hold” rating and a $85.00 price objective for the company. Finally, Jefferies Financial Group lifted their target price on shares of Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Sysco presently has an average rating of “Moderate Buy” and an average target price of $84.77.

Sysco Stock Performance

Shares of SYY opened at $74.78 on Tuesday. 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 has a market cap of $36.58 billion, a P/E ratio of 19.22, a P/E/G ratio of 1.88 and a beta of 1.11. The business’s 50 day moving average price is $73.28 and its 200-day moving average price is $75.49. Sysco Co. has a 52 week low of $69.03 and a 52 week high of $82.33.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, hitting 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 previous year, the company earned $0.89 EPS. Equities research analysts anticipate that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be paid 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 2.73%. Sysco’s dividend payout ratio is presently 52.44%.

Insider Activity

In related news, EVP Greg D. Bertrand sold 48,027 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the transaction, the executive vice president now directly owns 56,304 shares of the company’s stock, valued at approximately $4,335,408. This represents a 46.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.54% of the company’s stock.

Sysco 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.