tru Independence LLC acquired a new position in shares of Sysco Co. (NYSE:SYY) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 416 shares of the company’s stock, valued at approximately $31,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of SYY. Norges Bank acquired a new stake in shares of Sysco during the fourth quarter worth $351,055,000. Lazard Asset Management LLC increased its position in shares of Sysco by 41,835.4% during the fourth quarter. Lazard Asset Management LLC now owns 3,984,284 shares of the company’s stock worth $295,872,000 after buying an additional 3,974,783 shares during the period. JPMorgan Chase & Co. increased its position in shares of Sysco by 31.3% during the fourth quarter. JPMorgan Chase & Co. now owns 13,829,373 shares of the company’s stock worth $1,026,969,000 after buying an additional 3,299,518 shares during the period. Swedbank acquired a new stake in Sysco in the fourth quarter worth $118,840,000. Finally, Morgan Stanley grew its holdings in Sysco by 53.7% in the fourth quarter. Morgan Stanley now owns 3,082,937 shares of the company’s stock worth $228,939,000 after purchasing an additional 1,076,821 shares during the period. Institutional investors own 81.02% of the company’s stock.
A number of equities research analysts have commented on SYY shares. JPMorgan Chase & Co. raised their price target on shares of Sysco from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, March 15th. Piper Sandler raised their price target on shares of Sysco from $82.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, March 18th. Zacks Investment Research cut shares of Sysco from a “hold” rating to a “sell” rating and set a $77.00 price target for the company. in a report on Wednesday, February 3rd. Wells Fargo & Company raised their price target on shares of Sysco from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Wednesday, January 27th. Finally, Morgan Stanley raised their price objective on shares of Sysco from $69.00 to $76.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $78.44.
Sysco (NYSE:SYY) last released its quarterly earnings results on Monday, February 1st. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). Sysco had a negative net margin of 0.04% and a positive return on equity of 39.64%. The firm had revenue of $11.56 billion for the quarter, compared to the consensus estimate of $12.30 billion. During the same period in the previous year, the business earned $0.85 earnings per share. The firm’s revenue for the quarter was down 23.1% on a year-over-year basis. On average, equities research analysts expect that Sysco Co. will post 1.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 23rd. Investors of record on Thursday, April 1st will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Wednesday, March 31st. Sysco’s payout ratio is currently 89.55%.
Sysco Company Profile
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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.
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