Sysco Co. (NYSE:SYY) Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. lowered its stake in shares of Sysco Co. (NYSE:SYY) by 0.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,713 shares of the company’s stock after selling 205 shares during the quarter. Griffin Asset Management Inc.’s holdings in Sysco were worth $2,550,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Keeler Thomas Management LLC acquired a new position in Sysco during the 2nd quarter valued at approximately $3,787,000. Fifth Third Wealth Advisors LLC raised its stake in Sysco by 66.9% during the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 10,642 shares of the company’s stock valued at $760,000 after acquiring an additional 4,265 shares in the last quarter. Fifth Third Bancorp raised its stake in Sysco by 6.8% during the 2nd quarter. Fifth Third Bancorp now owns 284,429 shares of the company’s stock valued at $20,305,000 after acquiring an additional 18,171 shares in the last quarter. Krilogy Financial LLC raised its stake in Sysco by 23.7% during the 2nd quarter. Krilogy Financial LLC now owns 14,024 shares of the company’s stock valued at $1,001,000 after acquiring an additional 2,689 shares in the last quarter. Finally, Financial Advisory Partners LLC bought a new stake in Sysco during the 2nd quarter valued at $3,404,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Price Performance

Shares of NYSE SYY traded up $0.45 during mid-day trading on Thursday, reaching $77.58. The company had a trading volume of 1,808,822 shares, compared to its average volume of 3,082,164. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. The stock has a market cap of $38.63 billion, a PE ratio of 18.81, a P/E/G ratio of 2.00 and a beta of 1.18. The company has a 50-day moving average price of $73.39 and a two-hundred day moving average price of $75.97. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $20.51 billion. During the same period in the previous year, the firm posted $1.34 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities analysts anticipate that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.63%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio is 49.76%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Truist Financial cut their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. JPMorgan Chase & Co. dropped their price objective on Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Finally, Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, May 28th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Sysco currently has an average rating of “Moderate Buy” and an average price target of $85.27.

Sysco 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.