VELA Investment Management LLC Buys 1,286 Shares of Sysco Co. (NYSE:SYY)

VELA Investment Management LLC raised its position in Sysco Co. (NYSE:SYY) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,721 shares of the company’s stock after acquiring an additional 1,286 shares during the period. Sysco comprises approximately 1.4% of VELA Investment Management LLC’s holdings, making the stock its 11th largest holding. VELA Investment Management LLC’s holdings in Sysco were worth $4,620,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SYY. Capital World Investors bought a new position in Sysco in the fourth quarter worth $683,599,000. Norges Bank acquired a new stake in shares of Sysco during the 4th quarter valued at about $450,794,000. Capital Research Global Investors increased its stake in Sysco by 112.8% in the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after acquiring an additional 3,504,740 shares during the period. Swedbank AB bought a new position in Sysco during the first quarter worth about $178,824,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after purchasing an additional 2,084,501 shares in the last quarter. Institutional investors own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SYY shares. BMO Capital Markets cut their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Morgan Stanley reduced their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Tuesday, May 28th. JPMorgan Chase & Co. reduced their price target on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Finally, Truist Financial dropped their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $85.27.

Sysco Price Performance

SYY opened at $78.98 on Friday. 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 market capitalization of $38.82 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 2.03 and a beta of 1.20. The company’s 50 day simple moving average is $74.47 and its 200-day simple moving average is $75.84. Sysco Co. has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The firm had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the company earned $1.34 EPS. Sell-side analysts anticipate that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.58%. Sysco’s dividend payout ratio is currently 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.