Parsec Financial Management Inc. lifted its stake in SYSCO Co. (NYSE:SYY) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 207,774 shares of the company’s stock after acquiring an additional 3,923 shares during the quarter. Parsec Financial Management Inc.’s holdings in SYSCO were worth $14,694,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of SYY. Dimensional Fund Advisors LP boosted its holdings in shares of SYSCO by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,401,640 shares of the company’s stock worth $87,825,000 after purchasing an additional 54,838 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of SYSCO by 20.5% in the fourth quarter. Geode Capital Management LLC now owns 6,331,895 shares of the company’s stock valued at $396,070,000 after purchasing an additional 1,076,459 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of SYSCO by 1.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 20,949 shares of the company’s stock valued at $1,313,000 after purchasing an additional 369 shares during the last quarter. FMR LLC raised its holdings in shares of SYSCO by 25.8% in the fourth quarter. FMR LLC now owns 4,443,512 shares of the company’s stock valued at $278,431,000 after purchasing an additional 911,812 shares during the last quarter. Finally, Machina Capital S.A.S. purchased a new stake in shares of SYSCO in the fourth quarter valued at about $1,158,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.
NYSE SYY traded down $0.64 during trading hours on Tuesday, reaching $69.32. 935,119 shares of the company were exchanged, compared to its average volume of 1,892,654. SYSCO Co. has a 1 year low of $59.44 and a 1 year high of $75.98. The firm has a 50 day simple moving average of $71.44. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 3.44. The company has a market cap of $35.83 billion, a PE ratio of 22.07, a P/E/G ratio of 1.89 and a beta of 0.54.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.25%. SYSCO’s dividend payout ratio (DPR) is presently 49.68%.
SYY has been the subject of several analyst reports. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Buckingham Research increased their target price on shares of SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Loop Capital increased their target price on shares of SYSCO to $80.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Pivotal Research reiterated a “sell” rating and issued a $58.00 target price (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. Finally, Consumer Edge initiated coverage on shares of SYSCO in a report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 target price for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $73.63.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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