Covington Capital Management decreased its holdings in shares of Sysco Co. (NYSE:SYY – Get Rating) by 3.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,022 shares of the company’s stock after selling 228 shares during the quarter. Covington Capital Management’s holdings in Sysco were worth $497,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in SYY. Standard Family Office LLC purchased a new stake in Sysco during the third quarter worth approximately $25,000. Karp Capital Management Corp purchased a new stake in Sysco during the third quarter worth approximately $27,000. American National Bank lifted its stake in Sysco by 397.6% during the third quarter. American National Bank now owns 408 shares of the company’s stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC purchased a new stake in Sysco during the third quarter worth approximately $32,000. Finally, Focused Wealth Management Inc lifted its stake in Sysco by 128.7% during the third quarter. Focused Wealth Management Inc now owns 468 shares of the company’s stock worth $33,000 after purchasing an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 81.18% of the company’s stock.
Sysco Trading Up 1.1 %
NYSE:SYY opened at $74.66 on Wednesday. The firm has a market cap of $37.90 billion, a P/E ratio of 26.95, a PEG ratio of 1.42 and a beta of 1.10. The company has a current ratio of 1.24, a quick ratio of 0.68 and a debt-to-equity ratio of 7.20. The stock’s 50 day simple moving average is $77.27 and its 200-day simple moving average is $79.20. Sysco Co. has a 12-month low of $70.61 and a 12-month high of $91.53.
Sysco Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Thursday, April 6th will be issued a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Wednesday, April 5th. Sysco’s dividend payout ratio is presently 70.76%.
Analyst Ratings Changes
Several research firms recently weighed in on SYY. Wells Fargo & Company decreased their target price on Sysco from $95.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday, January 4th. Barclays reduced their price objective on Sysco from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft reduced their price objective on Sysco from $83.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, February 1st. Morgan Stanley reduced their price objective on Sysco from $87.00 to $86.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 1st. Finally, Credit Suisse Group reduced their price objective on Sysco from $100.00 to $94.00 and set an “outperform” rating for the company in a research note on Wednesday, February 1st. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $89.67.
Sysco Corp. engages in selling, marketing, and distribution of food products to restaurants, healthcare and educational facilities, and lodging establishments. It operates through the following segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other. The U.S. Foodservice Operations consists of U.S.
- Get a free copy of the StockNews.com research report on Sysco (SYY)
- Monoclonal Antibodies? Avid Bioservices surges 32% on Blowout Q3
- GitLab Crashes On Guidance; Analysts Defend
- Healthcare Stocks With at Least 30 Years of Dividend Increases
- Coinbase Pops As SVB Crumbles To Dust
- Airlines Update Guidance, Shares Head For Different Destinations
Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sysco Co. (NYSE:SYY – Get Rating).
Receive News & Ratings for Sysco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sysco and related companies with MarketBeat.com's FREE daily email newsletter.