Bank of America Corp DE Purchases 170,288 Shares of Sysco Co. (NYSE:SYY)

Bank of America Corp DE boosted its position in Sysco Co. (NYSE:SYYGet Rating) by 4.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,474,864 shares of the company’s stock after purchasing an additional 170,288 shares during the period. Bank of America Corp DE owned approximately 0.88% of Sysco worth $365,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Sysco by 0.9% during the first quarter. Vanguard Group Inc. now owns 45,402,613 shares of the company’s stock valued at $3,707,123,000 after acquiring an additional 409,441 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Sysco by 11.1% during the first quarter. Wellington Management Group LLP now owns 35,539,582 shares of the company’s stock valued at $2,901,806,000 after acquiring an additional 3,536,646 shares in the last quarter. BlackRock Inc. raised its stake in shares of Sysco by 0.5% during the first quarter. BlackRock Inc. now owns 31,668,083 shares of the company’s stock valued at $2,585,695,000 after acquiring an additional 148,215 shares in the last quarter. State Street Corp raised its stake in shares of Sysco by 2.0% during the first quarter. State Street Corp now owns 24,545,969 shares of the company’s stock valued at $2,015,561,000 after acquiring an additional 477,454 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Sysco by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 7,854,811 shares of the company’s stock valued at $615,028,000 after acquiring an additional 242,350 shares in the last quarter. Institutional investors own 82.43% of the company’s stock.

Sysco Stock Down 1.8 %

Shares of NYSE SYY opened at $78.19 on Monday. Sysco Co. has a 12-month low of $68.05 and a 12-month high of $91.53. The stock has a market cap of $39.57 billion, a PE ratio of 29.62, a P/E/G ratio of 2.07 and a beta of 1.01. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 7.28. The company has a 50-day moving average of $84.60 and a 200 day moving average of $83.64.

Sysco (NYSE:SYYGet Rating) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.03. Sysco had a net margin of 1.98% and a return on equity of 119.55%. The company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $18.29 billion. During the same quarter in the prior year, the company earned $0.71 EPS. Sysco’s revenue was up 17.5% compared to the same quarter last year. As a group, sell-side analysts predict that Sysco Co. will post 4.2 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be paid a $0.49 dividend. The ex-dividend date is Thursday, October 6th. This represents a $1.96 annualized dividend and a dividend yield of 2.51%. Sysco’s dividend payout ratio (DPR) is 74.24%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Barclays decreased their price target on shares of Sysco to $100.00 in a research note on Monday, August 15th. JPMorgan Chase & Co. raised shares of Sysco from a “neutral” rating to an “overweight” rating and set a $98.00 price objective for the company in a research note on Thursday, May 26th. Truist Financial reduced their price objective on shares of Sysco from $98.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. StockNews.com raised shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 14th. Finally, Credit Suisse Group cut their price target on shares of Sysco from $107.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Sysco has a consensus rating of “Moderate Buy” and an average price target of $94.13.

Insider Activity

In other news, CFO Aaron E. Alt purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, June 21st. The stock was acquired at an average price of $80.09 per share, with a total value of $80,090.00. Following the purchase, the chief financial officer now directly owns 14,220 shares in the company, valued at approximately $1,138,879.80. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.31% of the company’s stock.

Sysco Profile

(Get Rating)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products primarily 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.

Further Reading

Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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