Nemes Rush Group LLC Lowers Position in Sysco Co. (NYSE:SYY)

Nemes Rush Group LLC cut its stake in Sysco Co. (NYSE:SYY) by 23.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,480 shares of the company’s stock after selling 764 shares during the period. Nemes Rush Group LLC’s holdings in Sysco were worth $181,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new position in shares of Sysco during the fourth quarter valued at approximately $450,794,000. Trian Fund Management L.P. purchased a new position in shares of Sysco during the third quarter valued at approximately $80,812,000. Invesco Ltd. lifted its holdings in shares of Sysco by 11.0% during the third quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock valued at $717,283,000 after purchasing an additional 1,076,287 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Sysco by 1,591.5% during the third quarter. Acadian Asset Management LLC now owns 764,235 shares of the company’s stock valued at $50,462,000 after purchasing an additional 719,054 shares during the last quarter. Finally, Becker Capital Management Inc. increased its position in shares of Sysco by 3,671.0% during the third quarter. Becker Capital Management Inc. now owns 470,888 shares of the company’s stock valued at $31,102,000 after acquiring an additional 458,401 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Price Performance

Sysco stock traded down $2.40 during mid-day trading on Wednesday, hitting $72.92. The stock had a trading volume of 3,344,201 shares, compared to its average volume of 2,933,342. The firm has a market capitalization of $36.31 billion, a P/E ratio of 18.37, a P/E/G ratio of 2.02 and a beta of 1.16. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77. The firm’s 50 day moving average is $77.55 and its 200 day moving average is $76.15. Sysco Co. has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. Sysco’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. On average, sell-side analysts forecast that Sysco Co. will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is 48.78%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SYY shares. Barclays raised their price target on shares of Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Piper Sandler reduced their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. JPMorgan Chase & Co. upped their price objective on Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Finally, Truist Financial reduced their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Sysco presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.56.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the stock in a transaction dated Wednesday, March 6th. The shares were 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 owns 24,082 shares of the company’s stock, valued at approximately $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.58% of the company’s stock.

Sysco Company Profile

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.