HBK Sorce Advisory LLC Sells 1,378 Shares of Sysco Co. (NYSE:SYY)

HBK Sorce Advisory LLC cut its holdings in shares of Sysco Co. (NYSE:SYY) by 5.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,931 shares of the company’s stock after selling 1,378 shares during the period. HBK Sorce Advisory LLC’s holdings in Sysco were worth $1,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC bought a new position in Sysco during the second quarter worth about $25,000. Verity & Verity LLC bought a new stake in shares of Sysco in the first quarter valued at about $26,000. Burkett Financial Services LLC bought a new stake in shares of Sysco in the fourth quarter valued at about $30,000. OFI Invest Asset Management bought a new stake in shares of Sysco in the first quarter valued at about $31,000. Finally, Fairman Group LLC bought a new stake in shares of Sysco in the fourth quarter valued at about $39,000. 83.41% of the stock is currently owned by institutional investors.

Sysco Price Performance

Shares of NYSE SYY opened at $76.52 on Friday. The business’s 50 day moving average price is $75.34 and its two-hundred day moving average price is $75.74. The company has a market cap of $37.61 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 1.99 and a beta of 1.20. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89.

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

Sysco Announces Dividend

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 2.67%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s payout ratio is 49.76%.

Analyst Ratings Changes

A number of brokerages have recently commented on SYY. Morgan Stanley cut their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Bank of America cut their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. 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 report on Thursday, May 23rd. Truist Financial dropped their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Finally, BMO Capital Markets dropped their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Two 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. Based on data from MarketBeat, Sysco has an average rating of “Moderate Buy” and an average target price 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.