Cornerstone Wealth Group LLC Invests $207,000 in Sysco Co. (NYSE:SYY)

Cornerstone Wealth Group LLC acquired a new position in Sysco Co. (NYSE:SYY) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,647 shares of the company’s stock, valued at approximately $207,000.

A number of other large investors also recently modified their holdings of SYY. Allspring Global Investments Holdings LLC raised its holdings in shares of Sysco by 23.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 500,562 shares of the company’s stock worth $40,636,000 after purchasing an additional 94,231 shares during the period. Norden Group LLC purchased a new stake in shares of Sysco during the 1st quarter valued at about $434,000. First Trust Direct Indexing L.P. raised its holdings in shares of Sysco by 11.8% during the 1st quarter. First Trust Direct Indexing L.P. now owns 20,268 shares of the company’s stock valued at $1,645,000 after buying an additional 2,135 shares during the period. Van ECK Associates Corp raised its holdings in shares of Sysco by 9.3% during the 1st quarter. Van ECK Associates Corp now owns 68,097 shares of the company’s stock valued at $5,528,000 after buying an additional 5,781 shares during the period. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Sysco during the 1st quarter valued at about $1,677,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SYY has been the topic of several analyst reports. Morgan Stanley dropped their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Wells Fargo & Company dropped their target price on Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a report on Wednesday. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. raised their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Finally, Bank of America dropped their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $85.77.

Sysco Price Performance

Shares of NYSE SYY opened at $74.93 on Friday. Sysco Co. has a twelve month low of $64.28 and a twelve month high of $82.89. The company has a current ratio of 1.26, a quick ratio of 0.69 and a debt-to-equity ratio of 5.38. The company has a market capitalization of $36.81 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 1.94 and a beta of 1.20. The business has a 50 day simple moving average of $76.23 and a 200-day simple moving average of $74.75.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). Sysco had a net margin of 2.44% and a return on equity of 101.04%. The company had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.47 billion. During the same quarter in the prior year, the firm earned $1.07 EPS. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities research analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 4th were given a dividend of $0.51 per share. The ex-dividend date was Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.72%. Sysco’s dividend payout ratio is currently 52.44%.

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.