Teachers Retirement System of The State of Kentucky increased its holdings in shares of Sysco Corporation (NYSE:SYY – Free Report) by 923.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 393,663 shares of the company’s stock after purchasing an additional 355,200 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Sysco were worth $28,080,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Sysco by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 62,305,343 shares of the company’s stock worth $4,591,281,000 after buying an additional 814,270 shares during the period. State Street Corp raised its stake in shares of Sysco by 0.9% in the 3rd quarter. State Street Corp now owns 26,669,576 shares of the company’s stock valued at $2,195,973,000 after acquiring an additional 246,542 shares during the period. Geode Capital Management LLC raised its stake in shares of Sysco by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 12,728,692 shares of the company’s stock valued at $934,391,000 after acquiring an additional 131,659 shares during the period. Norges Bank acquired a new position in shares of Sysco in the 4th quarter worth approximately $542,780,000. Finally, Morgan Stanley boosted its position in shares of Sysco by 9.0% during the 4th quarter. Morgan Stanley now owns 6,058,405 shares of the company’s stock worth $446,444,000 after purchasing an additional 500,881 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.
Sysco Stock Performance
NYSE:SYY opened at $83.79 on Monday. Sysco Corporation has a 52 week low of $68.19 and a 52 week high of $91.85. The company has a fifty day simple moving average of $77.74 and a two-hundred day simple moving average of $79.21. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 5.58. The company has a market cap of $40.07 billion, a price-to-earnings ratio of 23.21, a price-to-earnings-growth ratio of 3.17 and a beta of 0.64.
Sysco Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Thursday, July 2nd will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.6%. This is a positive change from Sysco’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, July 2nd. Sysco’s dividend payout ratio is 60.94%.
Insider Transactions at Sysco
In other Sysco news, Director John M. Hinshaw acquired 13,304 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average price of $75.17 per share, for a total transaction of $1,000,061.68. Following the acquisition, the director owned 40,200 shares in the company, valued at $3,021,834. The trade was a 49.46% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.56% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Several analysts recently weighed in on SYY shares. Citigroup lifted their target price on shares of Sysco from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Barclays decreased their price target on Sysco from $92.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Piper Sandler dropped their price objective on Sysco from $83.00 to $77.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Sysco in a report on Friday, June 26th. Finally, UBS Group decreased 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. Nine research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sysco currently has a consensus rating of “Hold” and a consensus price target of $88.15.
Check Out Our Latest Stock Report on SYY
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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