Sysco Corporation $SYY Shares Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its holdings in shares of Sysco Corporation (NYSE:SYY) by 5.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 210,442 shares of the company’s stock after purchasing an additional 10,093 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Sysco were worth $16,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. N.E.W. Advisory Services LLC purchased a new stake in Sysco in the 2nd quarter valued at about $29,000. Salomon & Ludwin LLC boosted its stake in Sysco by 718.6% during the third quarter. Salomon & Ludwin LLC now owns 352 shares of the company’s stock worth $27,000 after buying an additional 309 shares during the period. Sunbelt Securities Inc. boosted its stake in Sysco by 87.6% during the first quarter. Sunbelt Securities Inc. now owns 364 shares of the company’s stock worth $26,000 after buying an additional 170 shares during the period. Markowski Investments purchased a new position in Sysco during the second quarter worth about $31,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Sysco during the second quarter valued at about $32,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Price Performance

Sysco stock opened at $76.92 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.46 and a debt-to-equity ratio of 3.18. Sysco Corporation has a 52-week low of $68.19 and a 52-week high of $91.85. The firm has a market cap of $37.86 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 1.91 and a beta of 0.66. The company’s 50 day moving average is $79.65 and its two-hundred day moving average is $80.51.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.19 EPS for the quarter, hitting the consensus estimate of $1.19. Sysco had a net margin of 2.12% and a return on equity of 79.24%. The business had revenue of $21.74 billion during the quarter, compared to the consensus estimate of $22.02 billion. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, research analysts expect that Sysco Corporation will post 5.06 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 2nd were issued a $0.55 dividend. The ex-dividend date was Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.9%. Sysco’s dividend payout ratio (DPR) is 58.51%.

Insiders Place Their Bets

In related news, EVP Ronald Phillips sold 7,350 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $83.61, for a total transaction of $614,533.50. Following the completion of the transaction, the executive vice president directly owned 38,650 shares of the company’s stock, valued at $3,231,526.50. The trade was a 15.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas Gerard Ondrof purchased 2,500 shares of the business’s stock in a transaction on Wednesday, November 4th. The shares were bought at an average price of $76.62 per share, for a total transaction of $191,550.00. Following the acquisition, the director owned 2,500 shares in the company, valued at $191,550. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders sold 8,873 shares of company stock valued at $741,569. 0.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on SYY. Guggenheim reissued a “buy” rating and issued a $90.00 price target on shares of Sysco in a research note on Wednesday, September 16th. Piper Sandler upped their price objective on shares of Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Deutsche Bank increased their price objective on shares of Sysco from $86.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of Sysco from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Finally, Wall Street Zen lowered Sysco from a “buy” rating to a “hold” rating in a research report on Saturday, October 24th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.13.

About Sysco

Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries. The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.