Summit Global Investments Lowers Position in Sysco Co. (NYSE:SYY)

Summit Global Investments decreased its holdings in shares of Sysco Co. (NYSE:SYY) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,473 shares of the company’s stock after selling 1,847 shares during the quarter. Summit Global Investments’ holdings in Sysco were worth $5,735,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SYY. Mainstream Capital Management LLC bought a new position in shares of Sysco in the 3rd quarter worth $516,000. Principal Financial Group Inc. lifted its position in Sysco by 3.8% in the third quarter. Principal Financial Group Inc. now owns 608,135 shares of the company’s stock valued at $47,471,000 after purchasing an additional 22,513 shares during the last quarter. Advisors Management Group Inc. ADV purchased a new stake in shares of Sysco during the third quarter valued at approximately $218,000. Graypoint LLC grew its holdings in shares of Sysco by 12.1% in the third quarter. Graypoint LLC now owns 4,100 shares of the company’s stock worth $320,000 after purchasing an additional 443 shares during the last quarter. Finally, Radnor Capital Management LLC purchased a new position in shares of Sysco in the third quarter worth $491,000. 83.41% of the stock is currently owned by institutional investors.

Insider Transactions at Sysco

In related news, SVP Eve M. Mcfadden sold 4,036 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $75.10, for a total value of $303,103.60. Following the completion of the transaction, the senior vice president now directly owns 48,451 shares in the company, valued at $3,638,670.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.54% of the stock is owned by insiders.

Sysco Stock Performance

Shares of SYY stock opened at $76.87 on Friday. The company’s fifty day moving average price is $76.17 and its 200-day moving average price is $74.74. The stock has a market cap of $37.76 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 2.02 and a beta of 1.20. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 5.38. Sysco Co. has a 12 month low of $66.27 and a 12 month high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The business had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.47 billion. During the same period in the previous year, the firm earned $1.07 EPS. The company’s revenue was up 4.4% on a year-over-year basis. On average, equities analysts expect that Sysco Co. will post 4.57 EPS for the current fiscal year.

Sysco Announces Dividend

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. This represents a $2.04 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SYY shares. Jefferies Financial Group raised their price target on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. StockNews.com downgraded Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. Morgan Stanley lowered their price target on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Barclays lifted their price objective on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. raised their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.77.

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.