Summit Financial LLC Raises Stock Position in Sysco Co. (NYSE:SYY)

Summit Financial LLC lifted its holdings in Sysco Co. (NYSE:SYY) by 166.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,788 shares of the company’s stock after purchasing an additional 5,492 shares during the period. Summit Financial LLC’s holdings in Sysco were worth $672,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Buckley Wealth Management LLC increased its holdings in Sysco by 0.8% during the 4th quarter. Buckley Wealth Management LLC now owns 18,188 shares of the company’s stock worth $1,391,000 after purchasing an additional 150 shares during the period. WR Wealth Planners LLC raised its holdings in Sysco by 9.9% in the fourth quarter. WR Wealth Planners LLC now owns 4,270 shares of the company’s stock valued at $326,000 after acquiring an additional 386 shares in the last quarter. Clark & Stuart Inc purchased a new position in Sysco in the fourth quarter worth approximately $7,613,000. Kovitz Investment Group Partners LLC increased its position in shares of Sysco by 76.0% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 135,362 shares of the company’s stock valued at $10,256,000 after purchasing an additional 58,430 shares during the last quarter. Finally, Boston Trust Walden Corp raised its holdings in shares of Sysco by 179.5% in the 4th quarter. Boston Trust Walden Corp now owns 804,345 shares of the company’s stock valued at $61,500,000 after purchasing an additional 516,585 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SYY has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price objective on Sysco from $86.00 to $82.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Wells Fargo & Company raised their price objective on shares of Sysco from $82.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. UBS Group dropped their target price on shares of Sysco from $87.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Barclays reduced their price target on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Finally, Melius started coverage on Sysco in a research report on Wednesday, December 18th. They set a “hold” rating and a $85.00 target price on the stock. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $84.77.

Sysco Trading Down 0.2 %

Shares of NYSE SYY opened at $75.28 on Thursday. The company has a market cap of $36.83 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The stock’s 50 day simple moving average is $73.11 and its 200 day simple moving average is $75.10. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.23.

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

Sysco Announces Dividend

The company 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 dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, April 4th. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

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.