Cannell & Co. Increases Stock Holdings in Sysco Co. (NYSE:SYY)

Cannell & Co. grew its holdings in shares of Sysco Co. (NYSE:SYY) by 20.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 206,834 shares of the company’s stock after acquiring an additional 35,089 shares during the period. Cannell & Co.’s holdings in Sysco were worth $15,126,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of SYY. AdvisorNet Financial Inc raised its stake in Sysco by 74.0% during the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after buying an additional 159 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Sysco by 74.6% in the 3rd quarter. Hexagon Capital Partners LLC now owns 419 shares of the company’s stock valued at $28,000 after buying an additional 179 shares during the period. Headlands Technologies LLC acquired a new stake in Sysco during the fourth quarter worth about $34,000. BluePath Capital Management LLC bought a new position in shares of Sysco during the third quarter valued at approximately $38,000. Finally, BKM Wealth Management LLC acquired a new stake in shares of Sysco during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SYY. Barclays raised their target price on Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Stephens raised their price target on shares of Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. boosted their price objective on Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Finally, Piper Sandler reduced their price target on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $84.67.

Insider Activity at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the sale, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.58% of the stock is currently owned by corporate insiders.

Sysco Price Performance

Sysco stock traded down $0.83 during midday trading on Wednesday, hitting $73.49. The company’s stock had a trading volume of 1,784,032 shares, compared to its average volume of 2,933,051. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a quick ratio of 0.80, a current ratio of 1.37 and a debt-to-equity ratio of 5.00. The company has a market capitalization of $36.59 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15. The stock’s 50-day moving average price is $79.02 and its 200-day moving average price is $75.11.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The business had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 earnings per share. Analysts anticipate that Sysco Co. will post 4.33 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.78%. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio is currently 48.90%.

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.