Summit Global Investments Decreases Holdings in Sysco Co. (NYSE:SYY)

Summit Global Investments reduced its position in Sysco Co. (NYSE:SYY) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,473 shares of the company’s stock after selling 1,847 shares during the period. Summit Global Investments’ holdings in Sysco were worth $5,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of SYY. Mainstream Capital Management LLC bought a new position in Sysco in the third quarter valued at about $516,000. Principal Financial Group Inc. increased its position in shares of Sysco by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 608,135 shares of the company’s stock valued at $47,471,000 after purchasing an additional 22,513 shares during the last quarter. Advisors Management Group Inc. ADV bought a new position in shares of Sysco in the 3rd quarter worth approximately $218,000. Graypoint LLC boosted its holdings in shares of Sysco by 12.1% in the third quarter. Graypoint LLC now owns 4,100 shares of the company’s stock worth $320,000 after buying an additional 443 shares during the last quarter. Finally, Radnor Capital Management LLC bought a new stake in Sysco during the third quarter valued at approximately $491,000. Institutional investors own 83.41% of the company’s stock.

Insider Transactions at Sysco

In other news, SVP Eve M. Mcfadden sold 4,036 shares of the business’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 completion of the sale, the senior vice president now owns 48,451 shares in the company, valued at approximately $3,638,670.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.54% of the company’s stock.

Sysco Stock Performance

Sysco stock opened at $76.87 on Friday. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. Sysco Co. has a twelve month low of $66.27 and a twelve month high of $82.89. The company’s 50-day moving average price is $76.17 and its 200-day moving average price is $74.74. The company has a market cap of $37.76 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 2.02 and a beta of 1.20.

Sysco (NYSE:SYY) last released its earnings results 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 business had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.47 billion. Sysco had a return on equity of 101.04% and a net margin of 2.44%. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share. On average, equities research analysts forecast that Sysco Co. will post 4.57 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 4th were paid a $0.51 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.65%. Sysco’s dividend payout ratio (DPR) is currently 52.44%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley dropped their price target on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Barclays lifted their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Bank of America cut their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Finally, Wells Fargo & Company lowered their price objective on Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $85.77.

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.