SouthState Corp Has $212,000 Stock Position in Sysco Co. (NYSE:SYY)

SouthState Corp reduced its position in shares of Sysco Co. (NYSE:SYY) by 17.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,965 shares of the company’s stock after selling 628 shares during the period. SouthState Corp’s holdings in Sysco were worth $212,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SYY. Capital World Investors raised its stake in shares of Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after acquiring an additional 1,637,232 shares during the last quarter. Capital Research Global Investors raised its position in Sysco by 112.8% in the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after purchasing an additional 3,504,740 shares during the last quarter. Norges Bank acquired a new position in Sysco in the fourth quarter worth $450,794,000. The Manufacturers Life Insurance Company grew its holdings in shares of Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after purchasing an additional 2,084,501 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Sysco by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock valued at $222,029,000 after buying an additional 240,671 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SYY has been the topic of several research reports. Morgan Stanley reduced their price target on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. BMO Capital Markets lowered their price target on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Barclays upped their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Tuesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Sysco currently has an average rating of “Moderate Buy” and an average price target of $85.27.

Sysco Trading Up 0.3 %

NYSE:SYY opened at $78.98 on Friday. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The firm has a market capitalization of $38.82 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 2.03 and a beta of 1.20. The business’s 50-day moving average price is $74.47 and its two-hundred day moving average price is $75.84.

Sysco (NYSE:SYY) last announced its quarterly 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. The business had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. Sysco’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the company posted $1.34 EPS. On average, equities analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 49.76%.

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.