Corient Private Wealth LLC Sells 93,767 Shares of Sysco Co. (NYSE:SYY)

Corient Private Wealth LLC trimmed its position in shares of Sysco Co. (NYSE:SYY) by 13.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 622,055 shares of the company’s stock after selling 93,767 shares during the period. Corient Private Wealth LLC owned about 0.12% of Sysco worth $45,491,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. First United Bank & Trust bought a new position in Sysco in the 4th quarter worth about $26,000. AdvisorNet Financial Inc grew its stake in Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after acquiring an additional 159 shares in the last quarter. Headlands Technologies LLC bought a new position in Sysco in the 4th quarter worth about $34,000. JFS Wealth Advisors LLC grew its stake in Sysco by 39.3% in the 4th quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 141 shares in the last quarter. Finally, Milestone Investment Advisors LLC bought a new position in Sysco in the 3rd quarter worth about $40,000. 83.41% of the stock is currently owned by institutional investors.

Insider Activity at Sysco

In other news, CAO Neil Russell sold 1,722 shares of Sysco stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the sale, the chief accounting officer now owns 24,082 shares in the company, valued at $1,926,560. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.58% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler dropped their target price on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Barclays upped their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. upped their price target on shares of Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Finally, UBS Group decreased their price target on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $84.56.

Sysco Stock Performance

SYY stock traded up $0.36 during midday trading on Wednesday, hitting $75.68. 124,112 shares of the stock traded hands, compared to its average volume of 2,902,947. The firm has a market cap of $37.69 billion, a P/E ratio of 18.37, a PEG ratio of 2.02 and a beta of 1.16. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The stock’s fifty day simple moving average is $77.55 and its 200-day simple moving average is $76.15. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $0.90 earnings per share. On average, analysts expect that Sysco Co. will post 4.31 earnings per share for the current year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, July 5th. This is a positive change from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio (DPR) 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.