Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Sysco Co. (NYSE:SYY – Get Rating) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,894 shares of the company’s stock after acquiring an additional 1,802 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Sysco were worth $2,871,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in SYY. Qube Research & Technologies Ltd acquired a new position in shares of Sysco in the 1st quarter valued at about $1,876,000. Wedmont Private Capital boosted its holdings in shares of Sysco by 17.0% in the 2nd quarter. Wedmont Private Capital now owns 3,599 shares of the company’s stock valued at $305,000 after buying an additional 522 shares during the period. Foundations Investment Advisors LLC boosted its holdings in shares of Sysco by 23.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 4,162 shares of the company’s stock valued at $353,000 after buying an additional 779 shares during the period. Amalgamated Bank boosted its holdings in shares of Sysco by 4.5% in the 1st quarter. Amalgamated Bank now owns 135,525 shares of the company’s stock valued at $11,066,000 after buying an additional 5,796 shares during the period. Finally, MML Investors Services LLC boosted its holdings in shares of Sysco by 5.1% in the 4th quarter. MML Investors Services LLC now owns 38,522 shares of the company’s stock valued at $3,026,000 after buying an additional 1,882 shares during the period. 82.43% of the stock is owned by institutional investors and hedge funds.
Sysco Stock Down 1.4 %
SYY stock opened at $78.45 on Thursday. Sysco Co. has a 52 week low of $68.05 and a 52 week high of $91.53. The company has a market capitalization of $39.70 billion, a price-to-earnings ratio of 29.72, a price-to-earnings-growth ratio of 2.10 and a beta of 1.01. The firm’s 50-day moving average is $84.17 and its two-hundred day moving average is $83.51. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 7.28.
Sysco Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.50%. Sysco’s payout ratio is currently 74.24%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on SYY shares. JPMorgan Chase & Co. raised shares of Sysco from a “neutral” rating to an “overweight” rating and set a $98.00 price target for the company in a report on Thursday, May 26th. Credit Suisse Group reduced their target price on shares of Sysco from $107.00 to $100.00 and set an “outperform” 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 research note on Thursday, July 14th. Barclays reduced their target price on shares of Sysco to $100.00 in a research note on Monday, August 15th. Finally, Truist Financial reduced their target price 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. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and a consensus target price of $94.13.
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.
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