Cibc World Markets Corp Purchases 24,785 Shares of Sysco Co. (NYSE:SYY)

Cibc World Markets Corp lifted its position in shares of Sysco Co. (NYSE:SYY) by 14.8% in the 4th quarter, Holdings Channel reports. The fund owned 192,737 shares of the company’s stock after buying an additional 24,785 shares during the quarter. Cibc World Markets Corp’s holdings in Sysco were worth $14,737,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SYY. State Street Corp increased its stake in shares of Sysco by 11.1% in the third quarter. State Street Corp now owns 27,294,612 shares of the company’s stock worth $2,130,617,000 after purchasing an additional 2,721,449 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Sysco in the 3rd quarter valued at approximately $137,900,000. Mondrian Investment Partners LTD bought a new stake in Sysco during the 4th quarter valued at $123,928,000. Raymond James Financial Inc. purchased a new stake in shares of Sysco during the fourth quarter worth $97,078,000. Finally, Nordea Investment Management AB boosted its holdings in shares of Sysco by 52.3% in the fourth quarter. Nordea Investment Management AB now owns 2,719,478 shares of the company’s stock worth $208,666,000 after acquiring an additional 933,327 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Sysco Stock Performance

Shares of NYSE SYY opened at $74.78 on Tuesday. The stock’s 50-day moving average is $73.28 and its 200 day moving average is $75.49. The stock has a market cap of $36.58 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 1.88 and a beta of 1.11. Sysco Co. has a 1-year low of $69.03 and a 1-year high of $82.33. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same period last year, the business posted $0.89 earnings per share. On average, sell-side analysts anticipate that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, April 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.73%. Sysco’s dividend payout ratio (DPR) is currently 52.44%.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 48,027 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the transaction, the executive vice president now directly owns 56,304 shares in the company, valued at $4,335,408. This trade represents a 46.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group dropped their price objective on Sysco from $87.00 to $86.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Melius initiated coverage on shares of Sysco in a report on Wednesday, December 18th. They issued a “hold” rating and a $85.00 price target on the stock. Wells Fargo & Company boosted their price objective on shares of Sysco from $82.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Barclays lowered their target price on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Finally, Truist Financial reduced their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.77.

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.