State of Michigan Retirement System Cuts Holdings in Sysco Co. (NYSE:SYY)

State of Michigan Retirement System lessened its position in shares of Sysco Co. (NYSE:SYY) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 136,417 shares of the company’s stock after selling 1,600 shares during the period. State of Michigan Retirement System’s holdings in Sysco were worth $11,074,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC increased its position in Sysco by 1.8% during the 4th quarter. Chicago Partners Investment Group LLC now owns 7,150 shares of the company’s stock worth $536,000 after purchasing an additional 124 shares in the last quarter. Hunter Associates Investment Management LLC lifted its holdings in shares of Sysco by 1.5% during the 4th quarter. Hunter Associates Investment Management LLC now owns 8,275 shares of the company’s stock valued at $606,000 after acquiring an additional 125 shares in the last quarter. Bell Investment Advisors Inc boosted its position in Sysco by 8.2% during the 4th quarter. Bell Investment Advisors Inc now owns 1,722 shares of the company’s stock worth $126,000 after purchasing an additional 131 shares during the period. Beacon Investment Advisors LLC increased its holdings in Sysco by 0.5% in the 4th quarter. Beacon Investment Advisors LLC now owns 24,680 shares of the company’s stock valued at $1,805,000 after purchasing an additional 133 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its stake in shares of Sysco by 6.4% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 2,246 shares of the company’s stock worth $165,000 after purchasing an additional 135 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Stock Performance

Shares of SYY stock traded up $0.71 on Tuesday, hitting $70.59. 2,540,009 shares of the stock traded hands, compared to its average volume of 3,178,131. The company has a market capitalization of $35.15 billion, a PE ratio of 17.21, a PEG ratio of 2.05 and a beta of 1.18. The company’s fifty day moving average is $73.79 and its 200 day moving average is $76.38. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. During the same period last year, the firm posted $0.90 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Sysco Co. will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a dividend yield of 2.89%. Sysco’s dividend payout ratio is 48.78%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SYY. Morgan Stanley lowered their target price on Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday, May 23rd. UBS Group lowered their price objective on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. BMO Capital Markets dropped their price target on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Finally, Truist Financial lowered their target price on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and an average price target of $84.90.

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.