Gradient Investments LLC Increases Stock Holdings in Sysco Co. (NYSE:SYY)

Gradient Investments LLC raised its holdings in Sysco Co. (NYSE:SYY) by 9.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 220,206 shares of the company’s stock after buying an additional 19,462 shares during the quarter. Gradient Investments LLC’s holdings in Sysco were worth $16,339,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. purchased a new stake in Sysco during the 1st quarter worth approximately $140,000. MRP Capital Investments LLC acquired a new position in shares of Sysco in the 1st quarter valued at $31,000. Sunbelt Securities Inc. purchased a new position in Sysco in the 1st quarter worth $32,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in Sysco during the 1st quarter worth about $38,000. Finally, MayTech Global Investments LLC purchased a new stake in Sysco during the 4th quarter valued at about $38,000. Institutional investors and hedge funds own 80.60% of the company’s stock.

Sysco Stock Down 0.1 %

Shares of NYSE SYY opened at $71.02 on Friday. The business has a 50-day moving average of $72.32 and a two-hundred day moving average of $73.59. Sysco Co. has a 1 year low of $68.18 and a 1 year high of $87.41. The company has a debt-to-equity ratio of 5.15, a current ratio of 1.24 and a quick ratio of 0.72. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 1.33 and a beta of 1.11.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, August 1st. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.01. Sysco had a net margin of 2.32% and a return on equity of 133.27%. The company had revenue of $19.73 billion during the quarter, compared to the consensus estimate of $19.95 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. Sysco’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, analysts forecast that Sysco Co. will post 4.29 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco’s dividend payout ratio is currently 57.64%.

Wall Street Analysts Forecast Growth

SYY has been the subject of several research analyst reports. Stephens restated an “overweight” rating and issued a $90.00 price objective on shares of Sysco in a research note on Tuesday, August 1st. StockNews.com started coverage on shares of Sysco in a research note on Thursday, August 17th. They set a “strong-buy” rating for the company. Morgan Stanley reiterated an “equal weight” rating and issued a $79.00 price objective on shares of Sysco in a research note on Wednesday, August 2nd. Barclays boosted their target price on shares of Sysco from $85.00 to $86.00 and gave the company an “overweight” rating in a research report on Wednesday, August 2nd. Finally, Truist Financial cut their price target on Sysco from $88.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Sysco has an average rating of “Moderate Buy” and an average target price of $86.91.

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.