Sysco Co. (NYSE:SYY) Shares Sold by Manchester Capital Management LLC

Manchester Capital Management LLC cut its stake in shares of Sysco Co. (NYSE:SYY) by 31.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,741 shares of the company’s stock after selling 2,146 shares during the period. Manchester Capital Management LLC’s holdings in Sysco were worth $385,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Professional Advisory Services Inc. acquired a new position in shares of Sysco in the fourth quarter valued at approximately $20,057,000. Harbour Trust & Investment Management Co purchased a new position in Sysco in the fourth quarter worth approximately $4,623,000. Pacer Advisors Inc. lifted its stake in Sysco by 40.1% in the fourth quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock worth $6,014,000 after acquiring an additional 23,558 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Sysco by 16.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock worth $21,865,000 after acquiring an additional 41,618 shares during the last quarter. Finally, Bridgefront Capital LLC purchased a new position in Sysco in the fourth quarter worth approximately $841,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Trading Up 0.9 %

Shares of SYY stock traded up $0.66 during trading hours on Friday, hitting $72.35. 420,578 shares of the company were exchanged, compared to its average volume of 3,113,568. The firm has a market cap of $36.03 billion, a PE ratio of 17.49, a PEG ratio of 1.87 and a beta of 1.18. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The firm has a fifty day moving average of $72.86 and a 200 day moving average of $76.16.

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

Sysco Increases Dividend

The company also recently disclosed 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. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.04 annualized dividend and a yield of 2.82%. Sysco’s dividend payout ratio (DPR) is 49.76%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SYY. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. UBS Group reduced 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. BMO Capital Markets reduced their price objective on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Truist Financial reduced their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Finally, Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Sysco has a consensus rating of “Moderate Buy” and a consensus price target 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.