Sysco Co. (NYSE:SYY) Shares Purchased by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd increased its position in shares of Sysco Co. (NYSE:SYY) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 41,817 shares of the company’s stock after acquiring an additional 251 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Sysco were worth $3,394,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Capital World Investors purchased a new position in Sysco during the fourth quarter worth approximately $683,599,000. Norges Bank purchased a new position in Sysco during the fourth quarter worth approximately $450,794,000. Northern Trust Corp raised its stake in Sysco by 3.0% during the third quarter. Northern Trust Corp now owns 6,138,310 shares of the company’s stock worth $405,435,000 after purchasing an additional 178,464 shares during the period. The Manufacturers Life Insurance Company raised its stake in Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after purchasing an additional 2,084,501 shares during the period. Finally, Capital Research Global Investors purchased a new position in Sysco during the fourth quarter worth approximately $227,241,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Up 0.8 %

SYY traded up $0.60 during trading hours on Friday, reaching $73.35. 8,655,336 shares of the stock traded hands, compared to its average volume of 2,982,614. The firm’s fifty day simple moving average is $74.22 and its two-hundred day simple moving average is $76.40. The company has a market cap of $36.53 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 2.09 and a beta of 1.17. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $19.38 billion during 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 business’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS. As a group, analysts forecast that Sysco Co. will post 4.3 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 is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Barclays cut their price target on shares of Sysco from $88.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. JPMorgan Chase & Co. cut their target price on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Morgan Stanley cut their target price on shares of Sysco from $84.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 23rd. BMO Capital Markets cut their target price on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Finally, Piper Sandler cut 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. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $85.10.

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.