OLD Point Trust & Financial Services N A lessened its holdings in shares of SYSCO Co. (NYSE:SYY) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,903 shares of the company’s stock after selling 1,500 shares during the period. SYSCO makes up 2.7% of OLD Point Trust & Financial Services N A’s holdings, making the stock its 14th biggest position. OLD Point Trust & Financial Services N A’s holdings in SYSCO were worth $5,297,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. Woodstock Corp boosted its position in SYSCO by 0.5% during the second quarter. Woodstock Corp now owns 85,741 shares of the company’s stock worth $6,064,000 after acquiring an additional 400 shares during the last quarter. Bath Savings Trust Co boosted its position in SYSCO by 0.5% during the second quarter. Bath Savings Trust Co now owns 35,920 shares of the company’s stock worth $2,540,000 after acquiring an additional 186 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in SYSCO by 12.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,014,260 shares of the company’s stock worth $67,711,000 after acquiring an additional 108,460 shares during the last quarter. FMR LLC boosted its position in SYSCO by 29.4% during the first quarter. FMR LLC now owns 5,749,922 shares of the company’s stock worth $383,865,000 after acquiring an additional 1,306,410 shares during the last quarter. Finally, Horizon Investments LLC acquired a new position in SYSCO during the first quarter worth about $237,000. 77.59% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on the stock. Pivotal Research restated a “sell” rating and set a $58.00 price target (up from $54.00) on shares of SYSCO in a research report on Tuesday, May 7th. Consumer Edge assumed coverage on shares of SYSCO in a research report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price target on the stock. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Morgan Stanley boosted their target price on shares of SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th. Finally, Loop Capital boosted their target price on shares of SYSCO to $80.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. SYSCO currently has an average rating of “Hold” and a consensus price target of $73.63.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, May 6th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. The business had revenue of $14.66 billion for the quarter, compared to the consensus estimate of $14.78 billion. During the same period in the previous year, the firm earned $0.67 EPS. The business’s revenue was up 2.1% on a year-over-year basis. Analysts anticipate that SYSCO Co. will post 3.5 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Wednesday, July 3rd. SYSCO’s payout ratio is currently 49.68%.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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