Texas Permanent School Fund Corp Reduces Holdings in Sysco Co. (NYSE:SYY)

Texas Permanent School Fund Corp trimmed its position in shares of Sysco Co. (NYSE:SYY) by 1.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 102,774 shares of the company’s stock after selling 1,196 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Sysco were worth $8,343,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. First United Bank & Trust purchased a new stake in shares of Sysco during the fourth quarter worth approximately $26,000. AdvisorNet Financial Inc increased its position in shares of Sysco by 74.0% during the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after purchasing an additional 159 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Sysco during the first quarter worth approximately $31,000. Burkett Financial Services LLC purchased a new stake in shares of Sysco during the fourth quarter worth approximately $30,000. Finally, Headlands Technologies LLC purchased a new stake in Sysco in the 4th quarter valued at $34,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Trading Up 2.9 %

SYY traded up $2.05 during mid-day trading on Thursday, hitting $71.69. 3,172,138 shares of the stock were exchanged, compared to its average volume of 3,134,550. The firm’s fifty day moving average is $72.86 and its two-hundred day moving average is $76.16. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77. The company has a market cap of $35.70 billion, a PE ratio of 17.49, a PEG ratio of 1.87 and a beta of 1.18.

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

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be given a $0.51 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a yield of 2.85%. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) is currently 49.76%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SYY shares. JPMorgan Chase & Co. dropped their target price on Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Morgan Stanley dropped their target price on Sysco from $84.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, May 23rd. Piper Sandler dropped their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Truist Financial dropped their target price on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a report on Monday, June 24th. Finally, BMO Capital Markets decreased their price target on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and an average target price of $84.90.

About Sysco

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.