LS Investment Advisors LLC Cuts Holdings in Sysco Co. (NYSE:SYY)

LS Investment Advisors LLC lowered its stake in shares of Sysco Co. (NYSE:SYY) by 44.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 34,180 shares of the company’s stock after selling 27,083 shares during the period. LS Investment Advisors LLC’s holdings in Sysco were worth $2,440,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. TruNorth Capital Management LLC bought a new position in Sysco during the second quarter valued at approximately $25,000. First United Bank & Trust bought a new position in shares of Sysco during the 4th quarter valued at $26,000. Verity & Verity LLC purchased a new position in Sysco in the 1st quarter worth $26,000. Burkett Financial Services LLC bought a new stake in Sysco in the fourth quarter worth $30,000. Finally, OFI Invest Asset Management purchased a new stake in Sysco during the first quarter valued at about $31,000. 83.41% of the stock is owned by institutional investors.

Sysco Trading Down 1.0 %

NYSE:SYY traded down $0.79 during trading hours on Tuesday, hitting $76.20. The company had a trading volume of 2,861,768 shares, compared to its average volume of 3,069,234. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The stock has a 50-day moving average price of $73.73 and a 200 day moving average price of $75.88. The company has a market capitalization of $37.95 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 2.02 and a beta of 1.18. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The firm had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same quarter in the previous year, the firm posted $1.34 EPS. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts predict that Sysco Co. will post 4.6 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio is currently 49.76%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SYY shares. Piper Sandler decreased their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Barclays lifted their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Bank of America cut their target price on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $85.27.

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.