RWC Asset Management LLP lowered its stake in shares of Sysco Corporation (NYSE:SYY – Free Report) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 528,494 shares of the company’s stock after selling 16,707 shares during the quarter. Sysco makes up approximately 1.9% of RWC Asset Management LLP’s holdings, making the stock its 11th biggest holding. RWC Asset Management LLP’s holdings in Sysco were worth $38,945,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the stock. Intech Investment Management LLC increased its stake in shares of Sysco by 53.1% in the 1st quarter. Intech Investment Management LLC now owns 22,310 shares of the company’s stock valued at $1,674,000 after buying an additional 7,742 shares during the period. Schnieders Capital Management LLC. increased its position in Sysco by 24.1% in the second quarter. Schnieders Capital Management LLC. now owns 10,310 shares of the company’s stock worth $781,000 after purchasing an additional 2,000 shares during the period. NewEdge Advisors LLC raised its holdings in Sysco by 62.4% during the 2nd quarter. NewEdge Advisors LLC now owns 35,447 shares of the company’s stock worth $2,685,000 after purchasing an additional 13,616 shares during the last quarter. Sei Investments Co. lifted its position in Sysco by 14.2% during the 2nd quarter. Sei Investments Co. now owns 344,504 shares of the company’s stock valued at $26,092,000 after purchasing an additional 42,903 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in shares of Sysco by 0.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 226,648 shares of the company’s stock worth $17,166,000 after buying an additional 1,710 shares during the period. 83.41% of the stock is owned by institutional investors.
Sysco Trading Up 0.1%
SYY opened at $76.36 on Monday. The stock has a market capitalization of $36.51 billion, a P/E ratio of 21.15, a P/E/G ratio of 3.12 and a beta of 0.65. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 5.58. Sysco Corporation has a 12 month low of $68.19 and a 12 month high of $91.85. The firm’s fifty day simple moving average is $74.45 and its 200 day simple moving average is $78.11.
Sysco Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.9%. This is an increase from Sysco’s previous quarterly dividend of $0.54. Sysco’s dividend payout ratio (DPR) is 59.83%.
Analysts Set New Price Targets
SYY has been the topic of several recent research reports. Wall Street Zen lowered Sysco from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Guggenheim cut their target price on Sysco from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. Citigroup boosted their target price on Sysco from $78.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Sanford C. Bernstein cut their price target on shares of Sysco from $90.00 to $85.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Sysco from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a report on Tuesday, April 28th. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and an average price target of $88.15.
View Our Latest Stock Report on Sysco
Insider Activity
In other Sysco news, Director John M. Hinshaw acquired 13,304 shares of the stock in a transaction dated Tuesday, May 26th. The shares were bought at an average cost of $75.17 per share, for a total transaction of $1,000,061.68. Following the completion of the acquisition, the director directly owned 40,200 shares of the company’s stock, valued at approximately $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is owned by company insiders.
Sysco Profile
Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.
Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.
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