Saudi Central Bank Raises Stock Position in Sysco Corporation $SYY

Saudi Central Bank grew its stake in Sysco Corporation (NYSE:SYY) by 89.4% in the 2nd quarter, Holdings Channel reports. The firm owned 33,473 shares of the company’s stock after purchasing an additional 15,798 shares during the period. Saudi Central Bank’s holdings in Sysco were worth $2,798,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Nicholas Company Inc. purchased a new stake in Sysco during the 4th quarter valued at about $2,278,000. United Capital Financial Advisors LLC acquired a new stake in shares of Sysco during the second quarter worth about $2,633,000. Rakuten Investment Management Inc. purchased a new position in Sysco during the 2nd quarter worth approximately $6,523,000. Empowered Funds LLC acquired a new stake in Sysco during the 2nd quarter valued at approximately $9,370,000. Finally, Norges Bank acquired a new stake in shares of Sysco in the fourth quarter worth $542,780,000. Institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling

In other news, EVP Ronald Phillips sold 506 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $84.09, for a total value of $42,549.54. Following the completion of the sale, the executive vice president directly owned 36,313 shares in the company, valued at $3,053,560.17. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 14,508 shares of company stock valued at $1,215,250. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SYY shares. Weiss Ratings raised shares of Sysco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, August 19th. Morgan Stanley boosted their price target on Sysco from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. UBS Group raised their price objective on shares of Sysco from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Piper Sandler increased their price target on shares of Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Finally, Citigroup raised their price target on shares of Sysco from $82.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $89.50.

Sysco Trading Up 0.1%

Shares of Sysco stock opened at $80.10 on Tuesday. The company has a current ratio of 1.28, a quick ratio of 0.77 and a debt-to-equity ratio of 4.62. Sysco Corporation has a twelve month low of $68.19 and a twelve month high of $91.85. The firm has a market capitalization of $38.38 billion, a PE ratio of 21.89, a P/E/G ratio of 2.73 and a beta of 0.63. The firm’s 50-day moving average price is $83.07 and its 200 day moving average price is $80.19.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The firm had revenue of $22.12 billion for the quarter, compared to analyst estimates of $21.95 billion. During the same period in the previous year, the company posted $1.48 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. On average, sell-side analysts predict that Sysco Corporation will post 5.12 EPS for the current fiscal year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be issued a $0.55 dividend. The ex-dividend date is Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.7%. Sysco’s dividend payout ratio is presently 60.11%.

About Sysco

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.