SkyView Investment Advisors LLC Raises Stock Position in Sysco Co. (NYSE:SYY)

SkyView Investment Advisors LLC lifted its position in shares of Sysco Co. (NYSE:SYY) by 13.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,064 shares of the company’s stock after acquiring an additional 966 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Sysco were worth $576,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital World Investors purchased a new position in shares of Sysco in the fourth quarter valued at $683,599,000. Capital Research Global Investors increased its holdings in Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after acquiring an additional 3,504,740 shares in the last quarter. ProShare Advisors LLC raised its position in Sysco by 103.0% during the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after acquiring an additional 2,408,226 shares during the last quarter. Swedbank AB purchased a new stake in shares of Sysco in the first quarter valued at about $178,824,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Sysco by 132.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after purchasing an additional 2,084,501 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SYY shares. Jefferies Financial Group upped their target price on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley reduced their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Bank of America dropped their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Barclays upped their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Sysco has a consensus rating of “Moderate Buy” and an average price target of $86.08.

Sysco Stock Performance

Shares of SYY stock opened at $77.66 on Friday. The firm has a market capitalization of $38.17 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 1.99 and a beta of 1.20. The company has a 50 day moving average price of $76.21 and a 200 day moving average price of $75.44. Sysco Co. has a one year low of $62.24 and a one year high of $82.89. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same period last year, the company posted $1.34 EPS. The business’s quarterly revenue was up 4.2% on a year-over-year basis. Sell-side analysts anticipate that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Friday, October 4th. Sysco’s payout ratio is currently 49.76%.

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.