Highland Capital Management LLC Sells 300 Shares of Sysco Co. (NYSE:SYY)

Highland Capital Management LLC reduced its position in shares of Sysco Co. (NYSE:SYY) by 6.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,300 shares of the company’s stock after selling 300 shares during the period. Highland Capital Management LLC’s holdings in Sysco were worth $307,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. TruNorth Capital Management LLC acquired a new stake in shares of Sysco during the 2nd quarter worth about $25,000. First United Bank & Trust bought a new stake in Sysco during the 4th quarter worth about $26,000. Verity & Verity LLC bought a new stake in Sysco during the 1st quarter worth about $26,000. Burkett Financial Services LLC bought a new position in shares of Sysco in the 4th quarter valued at about $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Sysco in the 1st quarter valued at about $31,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SYY has been the topic of a number of analyst reports. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. BMO Capital Markets dropped their target price on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. 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 report on Wednesday, May 1st. Morgan Stanley dropped their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Finally, Truist Financial lowered 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. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $85.27.

Sysco Stock Performance

SYY stock traded down $0.42 during midday trading on Friday, reaching $77.16. 2,004,921 shares of the company were exchanged, compared to its average volume of 3,075,543. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The business has a 50-day moving average price of $73.65 and a two-hundred day moving average price of $75.90. Sysco Co. has a one year low of $62.24 and a one year high of $82.89. The firm has a market capitalization of $38.42 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The firm had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. During the same period in the previous year, the business posted $1.34 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. Equities research analysts forecast that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.64%. Sysco’s payout ratio is presently 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.