Axxcess Wealth Management LLC Sells 2,576 Shares of Sysco Co. (NYSE:SYY)

Axxcess Wealth Management LLC reduced its stake in shares of Sysco Co. (NYSE:SYY) by 17.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,084 shares of the company’s stock after selling 2,576 shares during the period. Axxcess Wealth Management LLC’s holdings in Sysco were worth $884,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Trian Fund Management L.P. bought a new stake in shares of Sysco in the third quarter valued at $80,812,000. Invesco Ltd. raised its stake in Sysco by 11.0% in the 3rd quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock valued at $717,283,000 after acquiring an additional 1,076,287 shares during the period. Acadian Asset Management LLC lifted its holdings in Sysco by 1,591.5% during the third quarter. Acadian Asset Management LLC now owns 764,235 shares of the company’s stock valued at $50,462,000 after purchasing an additional 719,054 shares during the last quarter. Becker Capital Management Inc. boosted its position in Sysco by 3,671.0% during the third quarter. Becker Capital Management Inc. now owns 470,888 shares of the company’s stock worth $31,102,000 after purchasing an additional 458,401 shares during the period. Finally, Vaughan David Investments LLC IL bought a new stake in shares of Sysco in the fourth quarter valued at approximately $32,976,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

SYY has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Stephens lifted their price target on Sysco from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Truist Financial dropped their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. BMO Capital Markets lifted their target price on Sysco from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Finally, UBS Group lowered their price target on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $84.56.

Sysco Stock Performance

Shares of SYY opened at $75.48 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77. The stock has a 50-day moving average price of $78.55 and a 200-day moving average price of $75.38. The company has a market cap of $37.59 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.92 and a beta of 1.16. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (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 2.66% and a return on equity of 99.88%. Sysco’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. As a group, equities analysts forecast that Sysco Co. will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Friday, July 5th. This is a boost from Sysco’s previous quarterly dividend of $0.50. Sysco’s dividend payout ratio is currently 48.78%.

About Sysco

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.