Sit Investment Associates Inc. Has $8.50 Million Holdings in Sysco Co. (NYSE:SYY)

Sit Investment Associates Inc. decreased its position in shares of Sysco Co. (NYSE:SYY) by 15.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 114,538 shares of the company’s stock after selling 21,128 shares during the period. Sit Investment Associates Inc.’s holdings in Sysco were worth $8,499,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new position in Sysco in the first quarter worth $140,000. MRP Capital Investments LLC acquired a new position in Sysco during the 1st quarter worth about $31,000. Sunbelt Securities Inc. bought a new stake in Sysco during the 1st quarter worth about $32,000. MayTech Global Investments LLC acquired a new stake in Sysco in the 4th quarter valued at about $38,000. Finally, Barrett & Company Inc. bought a new position in shares of Sysco in the first quarter worth about $41,000. Institutional investors own 80.60% of the company’s stock.

Sysco Stock Up 2.6 %

Sysco stock opened at $68.97 on Wednesday. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $87.21. The company has a debt-to-equity ratio of 5.04, a current ratio of 1.29 and a quick ratio of 0.74. The firm has a market capitalization of $34.79 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.36 and a beta of 1.13. The company’s 50 day simple moving average is $66.70 and its 200 day simple moving average is $70.80.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Sysco had a net margin of 2.35% and a return on equity of 117.17%. The company had revenue of $19.62 billion for the quarter, compared to analysts’ expectations of $19.73 billion. During the same period last year, the firm posted $0.97 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sysco Co. will post 4.32 EPS for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Friday, October 6th were issued a $0.50 dividend. The ex-dividend date was Thursday, October 5th. This represents a $2.00 annualized dividend and a dividend yield of 2.90%. Sysco’s dividend payout ratio (DPR) is currently 56.34%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SYY. Morgan Stanley raised their price target on shares of Sysco from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Wednesday, November 1st. Stephens dropped their target price on Sysco from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, November 1st. Deutsche Bank Aktiengesellschaft began coverage on Sysco in a report on Thursday, October 19th. They issued a “buy” rating and a $75.00 price target on the stock. StockNews.com assumed coverage on Sysco in a report on Thursday, October 5th. They set a “strong-buy” rating for the company. Finally, Barclays reduced their target price on shares of Sysco from $86.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, October 23rd. Two investment 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. Based on data from MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.30.

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.