Wealthsource Partners LLC Takes Position in Sysco Co. (NYSE:SYY)

Wealthsource Partners LLC purchased a new stake in shares of Sysco Co. (NYSE:SYY – Get Rating) in the third quarter, HoldingsChannel.com reports. The fund purchased 5,475 shares of the company’s stock, valued at approximately $387,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SYY. Ceredex Value Advisors LLC acquired a new stake in shares of Sysco during the 3rd quarter valued at approximately $86,016,000. Renaissance Technologies LLC raised its position in shares of Sysco by 660.7% during the 3rd quarter. Renaissance Technologies LLC now owns 1,374,500 shares of the company’s stock worth $97,191,000 after purchasing an additional 1,193,800 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of Sysco by 27.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,187,525 shares of the company’s stock worth $439,437,000 after purchasing an additional 1,111,654 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Sysco by 14.9% during the 3rd quarter. Victory Capital Management Inc. now owns 7,369,863 shares of the company’s stock worth $521,123,000 after purchasing an additional 953,110 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in shares of Sysco by 95.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,642,830 shares of the company’s stock worth $116,165,000 after purchasing an additional 803,346 shares during the last quarter. 81.18% of the stock is currently owned by institutional investors and hedge funds.

Sysco Stock Up 1.1 %

Shares of NYSE:SYY opened at $74.66 on Wednesday. The stock has a 50-day simple moving average of $77.27 and a 200-day simple moving average of $79.20. The stock has a market capitalization of $37.90 billion, a P/E ratio of 26.95, a PEG ratio of 1.42 and a beta of 1.10. Sysco Co. has a 1 year low of $70.61 and a 1 year high of $91.53. The company has a debt-to-equity ratio of 7.20, a quick ratio of 0.68 and a current ratio of 1.24.

Sysco (NYSE:SYY – Get Rating) last released its quarterly earnings data on Tuesday, January 31st. The company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.04). Sysco had a return on equity of 140.94% and a net margin of 1.93%. The business had revenue of $18.59 billion for the quarter, compared to analysts’ expectations of $18.59 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Sysco’s quarterly revenue was up 13.9% compared to the same quarter last year. Equities analysts forecast that Sysco Co. will post 4.04 earnings per share for the current year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Thursday, April 6th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Wednesday, April 5th. Sysco’s dividend payout ratio is presently 70.76%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Truist Financial cut their price objective on Sysco from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Wednesday, February 1st. Argus downgraded Sysco from a “buy” rating to a “hold” rating in a report on Thursday, February 2nd. Morgan Stanley cut their price target on Sysco from $87.00 to $86.00 and set an “equal weight” rating for the company in a report on Wednesday, February 1st. Barclays cut their price target on Sysco from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, February 1st. Finally, StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a report on Friday, March 10th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.67.

Sysco Company Profile

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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.