Mid Atlantic Financial Management Inc. ADV Sells 694 Shares of Sysco Co. (NYSE:SYY)

Mid Atlantic Financial Management Inc. ADV reduced its holdings in shares of Sysco Co. (NYSE:SYY) by 7.1% during the first quarter, HoldingsChannel reports. The firm owned 9,026 shares of the company’s stock after selling 694 shares during the period. Mid Atlantic Financial Management Inc. ADV’s holdings in Sysco were worth $711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Wedbush Securities Inc. lifted its holdings in shares of Sysco by 1.7% during the first quarter. Wedbush Securities Inc. now owns 7,601 shares of the company’s stock valued at $598,000 after purchasing an additional 129 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Sysco by 2.9% during the first quarter. Allworth Financial LP now owns 4,600 shares of the company’s stock valued at $362,000 after purchasing an additional 129 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in Sysco by 17.8% in the fourth quarter. Prestige Wealth Management Group LLC now owns 920 shares of the company’s stock valued at $69,000 after acquiring an additional 139 shares during the period. SeaBridge Investment Advisors LLC lifted its holdings in Sysco by 0.4% in the first quarter. SeaBridge Investment Advisors LLC now owns 31,796 shares of the company’s stock valued at $2,504,000 after acquiring an additional 140 shares during the period. Finally, Octavia Wealth Advisors LLC lifted its holdings in Sysco by 2.0% in the first quarter. Octavia Wealth Advisors LLC now owns 7,310 shares of the company’s stock valued at $579,000 after acquiring an additional 142 shares during the period. 79.37% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have weighed in on the company. Barclays increased their target price on Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a report on Friday, May 21st. Wells Fargo & Company increased their target price on Sysco from $89.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, April 27th. Morgan Stanley increased their target price on Sysco from $88.00 to $89.00 and gave the company an “equal weight” rating in a report on Monday, May 24th. Piper Sandler increased their target price on Sysco from $82.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, March 18th. Finally, JPMorgan Chase & Co. upped their price target on Sysco from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, April 12th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Sysco currently has an average rating of “Hold” and a consensus price target of $85.38.

NYSE:SYY opened at $78.93 on Friday. The company has a debt-to-equity ratio of 8.41, a current ratio of 1.65 and a quick ratio of 1.19. Sysco Co. has a 12-month low of $50.03 and a 12-month high of $86.73. The stock’s 50-day simple moving average is $81.71. The stock has a market capitalization of $40.38 billion, a PE ratio of -157.86, a P/E/G ratio of 5.59 and a beta of 1.44.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, May 4th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. Sysco had a positive return on equity of 17.14% and a negative net margin of 0.56%. The firm had revenue of $11.82 billion during the quarter, compared to analysts’ expectations of $12.02 billion. During the same quarter last year, the business posted $0.45 earnings per share. The firm’s revenue was down 13.7% on a year-over-year basis. Research analysts predict that Sysco Co. will post 1.31 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 23rd. Investors of record on Friday, July 2nd will be given a dividend of $0.47 per share. The ex-dividend date is Thursday, July 1st. This represents a $1.88 annualized dividend and a dividend yield of 2.38%. This is a boost from Sysco’s previous quarterly dividend of $0.45. Sysco’s dividend payout ratio (DPR) is currently 89.55%.

In other Sysco news, Director Joshua D. Frank sold 650,000 shares of the firm’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $79.56, for a total transaction of $51,714,000.00. Following the completion of the transaction, the director now owns 4,840 shares in the company, valued at approximately $385,070.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua D. Frank sold 357,884 shares of the firm’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $81.08, for a total value of $29,017,234.72. Following the transaction, the director now owns 4,840 shares of the company’s stock, valued at approximately $392,427.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,167,884 shares of company stock valued at $93,808,035 in the last 90 days. 5.17% of the stock is currently owned by company insiders.

Sysco Company Profile

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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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