Wedge Capital Management L L P NC Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

Wedge Capital Management L L P NC lowered its position in Sysco Co. (NYSE:SYY) by 11.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 155,485 shares of the company’s stock after selling 20,685 shares during the period. Wedge Capital Management L L P NC’s holdings in Sysco were worth $12,137,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TruNorth Capital Management LLC purchased a new position in shares of Sysco in the 2nd quarter worth approximately $25,000. Armstrong Advisory Group Inc. grew its position in shares of Sysco by 1,240.0% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after buying an additional 310 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Sysco in the 1st quarter worth approximately $31,000. Fairscale Capital LLC purchased a new position in shares of Sysco in the 2nd quarter worth approximately $38,000. Finally, Fairman Group LLC purchased a new position in shares of Sysco in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SYY. Barclays lifted their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Morgan Stanley lowered their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Finally, Jefferies Financial Group lifted their target price on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Stock Up 1.1 %

Sysco stock opened at $75.26 on Tuesday. The business’s 50-day moving average price is $76.54 and its 200 day moving average price is $74.99. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The firm has a market cap of $36.97 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 1.92 and a beta of 1.20. Sysco Co. has a 52 week low of $63.18 and a 52 week 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 (EPS) for the quarter, beating 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 company had revenue of $20.56 billion during the quarter, compared to the consensus estimate of $20.51 billion. During the same period in the previous year, the company posted $1.34 earnings per share. Sysco’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, sell-side 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. Stockholders of record on Friday, October 4th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

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.