Sysco Co. (NYSE:SYY) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its position in Sysco Co. (NYSE:SYY) by 31.5% in the 4th quarter, Holdings Channel reports. The firm owned 3,328,371 shares of the company’s stock after selling 1,527,721 shares during the quarter. Victory Capital Management Inc.’s holdings in Sysco were worth $243,404,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Hunter Associates Investment Management LLC grew its holdings in Sysco by 1.5% in the 4th quarter. Hunter Associates Investment Management LLC now owns 8,275 shares of the company’s stock valued at $606,000 after buying an additional 125 shares in the last quarter. Hazlett Burt & Watson Inc. grew its holdings in Sysco by 6.4% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 2,246 shares of the company’s stock valued at $165,000 after buying an additional 135 shares in the last quarter. Quent Capital LLC grew its holdings in Sysco by 5.0% in the 4th quarter. Quent Capital LLC now owns 2,948 shares of the company’s stock valued at $216,000 after buying an additional 140 shares in the last quarter. GHE LLC grew its holdings in Sysco by 1.0% in the 4th quarter. GHE LLC now owns 14,718 shares of the company’s stock valued at $1,076,000 after buying an additional 146 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in Sysco by 0.5% in the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 30,360 shares of the company’s stock valued at $2,457,000 after buying an additional 149 shares in the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SYY. Piper Sandler lowered their price target on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday. Stephens increased their price target on Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Barclays increased their price target on Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Finally, UBS Group cut their target price on Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.90.

Insider Buying and Selling

In related news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.58% of the stock is currently owned by insiders.

Sysco Price Performance

Shares of NYSE SYY opened at $73.04 on Thursday. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.80 and a current ratio of 1.34. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The firm has a market capitalization of $36.36 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.16. The stock’s 50-day simple moving average is $78.89 and its 200-day simple moving average is $75.09.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The company had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $19.74 billion. During the same period last year, the business posted $0.90 EPS. The company’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Sysco Co. will post 4.33 EPS for the current fiscal year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, July 5th. This is a boost from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.79%. Sysco’s payout ratio is currently 48.78%.

About Sysco

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.