Parnassus Investments LLC Sells 6,352,150 Shares of Sysco Co. (NYSE:SYY)

Parnassus Investments LLC decreased its position in Sysco Co. (NYSE:SYY) by 75.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,041,218 shares of the company’s stock after selling 6,352,150 shares during the quarter. Parnassus Investments LLC owned 0.42% of Sysco worth $156,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new stake in Sysco in the 3rd quarter worth approximately $26,000. Valley Wealth Managers Inc. bought a new stake in Sysco in the 3rd quarter worth approximately $31,000. Stonebridge Financial Group LLC bought a new stake in Sysco in the 4th quarter worth approximately $31,000. Sherman Asset Management Inc. bought a new stake in Sysco in the 4th quarter worth approximately $31,000. Finally, SRS Capital Advisors Inc. lifted its position in Sysco by 53.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after buying an additional 149 shares during the last quarter. Institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling

In related news, EVP Greg D. Bertrand sold 48,027 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the sale, the executive vice president now directly owns 56,304 shares of the company’s stock, valued at $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Jefferies Financial Group boosted their price objective on Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Wells Fargo & Company boosted their price objective on Sysco from $82.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Barclays lowered their price objective on Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Truist Financial lowered their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Finally, StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $84.77.

Sysco Price Performance

Shares of SYY stock opened at $72.63 on Friday. The stock has a market cap of $35.53 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 1.88 and a beta of 1.11. The business’s fifty day moving average is $73.32 and its 200 day moving average is $75.54. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.33. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the previous year, the business earned $0.89 EPS. Research analysts expect that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be paid a $0.51 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.04 annualized dividend and a yield of 2.81%. Sysco’s payout ratio is 52.44%.

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.