Balentine LLC Sells 355 Shares of Sysco Co. (NYSE:SYY)

Balentine LLC decreased its stake in Sysco Co. (NYSE:SYY) by 9.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,477 shares of the company’s stock after selling 355 shares during the period. Balentine LLC’s holdings in Sysco were worth $254,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SYY. Professional Advisory Services Inc. bought a new position in shares of Sysco during the 4th quarter valued at $20,057,000. Harbour Trust & Investment Management Co bought a new position in shares of Sysco during the 4th quarter valued at $4,623,000. Pacer Advisors Inc. grew its holdings in shares of Sysco by 40.1% during the 4th quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after purchasing an additional 23,558 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sysco by 16.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after purchasing an additional 41,618 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC grew its holdings in shares of Sysco by 161.7% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 18,238 shares of the company’s stock valued at $1,205,000 after purchasing an additional 11,269 shares during the last quarter. Institutional investors own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent analyst reports. Truist Financial cut their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Stephens raised their price target on shares of Sysco from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Barclays cut their price target on shares of Sysco from $88.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday. StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Finally, UBS Group dropped their target price on shares of Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $85.11.

Insider Buying and Selling

In related news, CAO Neil Russell sold 1,722 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The sale was disclosed in a filing with the SEC, which is available through this link. 0.58% of the stock is owned by corporate insiders.

Sysco Stock Performance

Shares of Sysco stock opened at $72.87 on Friday. The firm has a market capitalization of $36.29 billion, a P/E ratio of 17.77, a PEG ratio of 1.93 and a beta of 1.16. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The company has a 50 day moving average price of $77.25 and a 200 day moving average price of $76.10. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. Sysco’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. Sell-side analysts expect that Sysco Co. will post 4.31 EPS for the current year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, July 5th. This is an increase from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is 48.78%.

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.