Meyer Handelman Co. Cuts Stock Position in Sysco Co. (NYSE:SYY)

Meyer Handelman Co. cut its holdings in shares of Sysco Co. (NYSE:SYYGet Rating) by 0.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 586,194 shares of the company’s stock after selling 1,700 shares during the quarter. Sysco makes up 2.1% of Meyer Handelman Co.’s portfolio, making the stock its 9th largest position. Meyer Handelman Co. owned about 0.12% of Sysco worth $49,657,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SYY. Hilltop Holdings Inc. lifted its position in Sysco by 10.1% during the 4th quarter. Hilltop Holdings Inc. now owns 5,439 shares of the company’s stock worth $427,000 after buying an additional 500 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Sysco by 10.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 23,631 shares of the company’s stock valued at $1,854,000 after purchasing an additional 2,167 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Sysco by 3.1% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 56,605 shares of the company’s stock valued at $4,446,000 after purchasing an additional 1,708 shares during the period. Blair William & Co. IL raised its holdings in shares of Sysco by 11.4% in the 4th quarter. Blair William & Co. IL now owns 376,765 shares of the company’s stock valued at $29,595,000 after purchasing an additional 38,474 shares during the period. Finally, Clearstead Advisors LLC raised its holdings in shares of Sysco by 2.1% in the 4th quarter. Clearstead Advisors LLC now owns 26,707 shares of the company’s stock valued at $2,098,000 after purchasing an additional 560 shares during the period. 82.43% of the stock is owned by institutional investors.

Sysco Stock Performance

Shares of NYSE:SYY traded down $2.14 on Friday, reaching $75.24. 39,410 shares of the company’s stock were exchanged, compared to its average volume of 1,773,847. The company has a fifty day moving average of $83.98 and a 200-day moving average of $83.51. Sysco Co. has a twelve month low of $68.05 and a twelve month high of $91.53. The company has a market capitalization of $38.08 billion, a price-to-earnings ratio of 28.69, a PEG ratio of 2.07 and a beta of 1.01. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 7.28.

Sysco (NYSE:SYYGet Rating) last announced its earnings results on Tuesday, August 9th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. Sysco had a net margin of 1.98% and a return on equity of 119.55%. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $18.29 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up 17.5% compared to the same quarter last year. On average, research analysts predict that Sysco Co. will post 4.2 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be given a dividend of $0.49 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.96 annualized dividend and a dividend yield of 2.60%. Sysco’s dividend payout ratio is 74.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SYY shares. JPMorgan Chase & Co. raised shares of Sysco from a “neutral” rating to an “overweight” rating and set a $98.00 target price on the stock in a report on Thursday, May 26th. StockNews.com raised shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 14th. Stephens initiated coverage on shares of Sysco in a research note on Thursday. They issued an “overweight” rating and a $90.00 price target on the stock. Credit Suisse Group decreased their price target on shares of Sysco from $107.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 10th. Finally, Truist Financial decreased their price target on shares of Sysco from $98.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.67.

Sysco Profile

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Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various 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 U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.

See Also

Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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