Sysco Co. (NYSE:SYY) Holdings Trimmed by Hemenway Trust Co LLC

Hemenway Trust Co LLC trimmed its position in shares of Sysco Co. (NYSE:SYY) by 9.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,770 shares of the company’s stock after selling 371 shares during the period. Hemenway Trust Co LLC’s holdings in Sysco were worth $306,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors purchased a new position in shares of Sysco during the 4th quarter valued at $683,599,000. Norges Bank acquired a new stake in shares of Sysco in the 4th quarter valued at $450,794,000. The Manufacturers Life Insurance Company lifted its stake in shares of Sysco by 132.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after purchasing an additional 2,084,501 shares during the last quarter. Capital Research Global Investors acquired a new stake in shares of Sysco in the 4th quarter valued at $227,241,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Sysco by 8.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock valued at $222,029,000 after purchasing an additional 240,671 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SYY has been the subject of a number of research analyst reports. BMO Capital Markets cut their target price on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. UBS Group cut their target price on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Barclays cut their target price on shares of Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Truist Financial dropped their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Finally, Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.90.

Sysco Trading Up 2.9 %

NYSE SYY traded up $2.05 during trading hours on Thursday, hitting $71.69. The company’s stock had a trading volume of 3,172,138 shares, compared to its average volume of 3,134,550. The stock has a fifty day moving average of $72.86 and a 200 day moving average of $76.16. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89. The firm has a market capitalization of $35.70 billion, a P/E ratio of 17.49, a PEG ratio of 1.87 and a beta of 1.18. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77.

Sysco (NYSE:SYY) last announced its quarterly earnings data 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 net margin of 2.66% and a return on equity of 99.88%. The business had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Sysco’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Sysco Co. will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a $0.51 dividend. The ex-dividend date is Friday, July 5th. 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 2.85%. Sysco’s dividend payout ratio (DPR) is 49.76%.

Sysco 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.