Sowell Financial Services LLC Raises Holdings in Sysco Co. (NYSE:SYY)

Sowell Financial Services LLC increased its holdings in Sysco Co. (NYSE:SYY – Get Rating) by 9.1% in the 4th quarter, HoldingsChannel reports. The fund owned 29,913 shares of the company’s stock after purchasing an additional 2,488 shares during the quarter. Sowell Financial Services LLC’s holdings in Sysco were worth $2,350,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Parnassus Investments LLC purchased a new position in shares of Sysco during the third quarter worth $126,958,000. American Century Companies Inc. boosted its position in shares of Sysco by 22.6% during the third quarter. American Century Companies Inc. now owns 6,060,039 shares of the company’s stock worth $475,713,000 after buying an additional 1,116,289 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of Sysco during the fourth quarter worth $74,540,000. Renaissance Technologies LLC boosted its position in shares of Sysco by 94.1% during the third quarter. Renaissance Technologies LLC now owns 1,151,900 shares of the company’s stock worth $90,424,000 after buying an additional 558,400 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in shares of Sysco by 740.8% during the third quarter. Thrivent Financial for Lutherans now owns 595,166 shares of the company’s stock worth $46,720,000 after buying an additional 524,384 shares during the period. Institutional investors own 80.64% of the company’s stock.

Sysco stock opened at $86.20 on Thursday. Sysco Co. has a 1-year low of $68.05 and a 1-year high of $91.53. The company has a debt-to-equity ratio of 8.68, a current ratio of 1.33 and a quick ratio of 0.78. The stock has a market cap of $44.19 billion, a PE ratio of 56.71, a P/E/G ratio of 2.44 and a beta of 1.14. The stock’s fifty day moving average is $83.76 and its two-hundred day moving average is $79.85.

Sysco (NYSE:SYY – Get Rating) last posted its quarterly earnings results on Tuesday, February 8th. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.12). Sysco had a net margin of 1.29% and a return on equity of 82.36%. The business had revenue of $16.32 billion during the quarter, compared to analyst estimates of $15.88 billion. During the same quarter in the prior year, the business earned $0.17 earnings per share. The firm’s quarterly revenue was up 41.2% on a year-over-year basis. On average, research analysts expect that Sysco Co. will post 3.17 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Friday, July 1st will be paid a $0.49 dividend. The ex-dividend date is Thursday, June 30th. This is a boost from Sysco’s previous quarterly dividend of $0.47. This represents a $1.96 dividend on an annualized basis and a yield of 2.27%. Sysco’s dividend payout ratio (DPR) is currently 123.69%.

In other news, SVP James Chris Jasper sold 9,097 shares of Sysco stock in a transaction dated Wednesday, February 9th. The stock was sold at an average price of $83.00, for a total transaction of $755,051.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sheila Talton sold 2,265 shares of the firm’s stock in a transaction dated Thursday, February 10th. The stock was sold at an average price of $82.14, for a total value of $186,047.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 236,400 shares of company stock worth $20,465,169. 0.31% of the stock is owned by insiders.

SYY has been the subject of several research analyst reports. CL King initiated coverage on Sysco in a research report on Friday, March 11th. They set a “neutral” rating for the company. Piper Sandler increased their price objective on Sysco from $83.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, April 8th. Barclays increased their price objective on Sysco from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, April 25th. StockNews.com assumed coverage on Sysco in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, Morgan Stanley increased their price objective on Sysco from $85.00 to $86.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 9th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Sysco presently has a consensus rating of “Buy” and a consensus price target of $89.88.

Sysco Company Profile (Get Rating)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products primarily 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.

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