OceanIQ Capital LLC purchased a new position in shares of Sysco Corporation (NYSE:SYY – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,730 shares of the company’s stock, valued at approximately $651,000.
A number of other large investors have also added to or reduced their stakes in SYY. BlackRock Inc. acquired a new position in Sysco in the 2nd quarter valued at approximately $3,596,356,000. Norges Bank acquired a new position in shares of Sysco during the fourth quarter worth $542,780,000. Bank of America Corp DE bought a new stake in shares of Sysco in the second quarter worth $482,589,000. Wellington Management Group LLP grew its stake in shares of Sysco by 3,977.1% in the third quarter. Wellington Management Group LLP now owns 4,711,376 shares of the company’s stock worth $387,935,000 after purchasing an additional 4,595,819 shares during the last quarter. Finally, Primecap Management Co. CA acquired a new stake in Sysco in the second quarter valued at $313,503,000. Institutional investors own 83.41% of the company’s stock.
Insiders Place Their Bets
In related news, EVP Ronald Phillips sold 7,350 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 38,650 shares of the company’s stock, valued at approximately $3,231,526.50. This represents a 15.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Over the last 90 days, insiders sold 14,508 shares of company stock worth $1,215,250. 0.56% of the stock is currently owned by corporate insiders.
Sysco Stock Down 1.2%
Sysco (NYSE:SYY – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The firm had revenue of $22.12 billion during the quarter, compared to the consensus estimate of $21.95 billion. During the same period in the previous year, the firm posted $1.48 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, sell-side analysts forecast that Sysco Corporation will post 5.12 earnings per share for the current fiscal year.
Sysco Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 2nd will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, October 2nd. Sysco’s payout ratio is presently 60.11%.
Analyst Ratings Changes
Several research analysts have commented on the company. Piper Sandler lifted their target price on Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Morgan Stanley increased their price target on Sysco from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. Citigroup lifted their price objective on Sysco from $82.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Sysco from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.50.
Get Our Latest Report on Sysco
About Sysco
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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