Peapack Gladstone Financial Corp Purchases 35,045 Shares of Sysco Co. (NYSE:SYY)

Peapack Gladstone Financial Corp increased its holdings in Sysco Co. (NYSE:SYY) by 18.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 225,737 shares of the company’s stock after acquiring an additional 35,045 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Sysco were worth $17,259,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Sysco by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company’s stock valued at $4,703,775,000 after purchasing an additional 429,711 shares in the last quarter. Boston Partners lifted its holdings in Sysco by 143.7% during the fourth quarter. Boston Partners now owns 12,184,114 shares of the company’s stock worth $930,296,000 after buying an additional 7,184,754 shares during the period. Geode Capital Management LLC boosted its position in Sysco by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company’s stock valued at $905,120,000 after acquiring an additional 233,885 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of Sysco by 7.8% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 7,206,978 shares of the company’s stock valued at $551,046,000 after acquiring an additional 521,431 shares during the period. Finally, Norges Bank bought a new position in shares of Sysco in the 4th quarter worth $450,441,000. 83.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SYY shares. Morgan Stanley cut their target price on Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Truist Financial lowered their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Melius initiated coverage on Sysco in a research report on Wednesday, December 18th. They set a “hold” rating and a $85.00 price target on the stock. Finally, Jefferies Financial Group increased their price objective on Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a report on Monday, December 16th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.77.

Sysco Price Performance

Shares of NYSE:SYY opened at $71.41 on Friday. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.23. The company’s 50 day moving average is $73.07 and its 200 day moving average is $75.04. The company has a market cap of $34.94 billion, a PE ratio of 18.36, a price-to-earnings-growth ratio of 1.88 and a beta of 0.91.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same quarter in the prior year, the firm earned $0.89 earnings per share. On average, sell-side analysts forecast that Sysco Co. will post 4.58 EPS for the current year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Friday, April 4th. Sysco’s dividend payout ratio is currently 52.44%.

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.