Ritholtz Wealth Management Buys New Stake in Sysco Co. (NYSE:SYY)

Ritholtz Wealth Management bought a new stake in shares of Sysco Co. (NYSE:SYY) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,357 shares of the company’s stock, valued at approximately $209,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SYY. AXA lifted its position in Sysco by 1.8% during the first quarter. AXA now owns 531,038 shares of the company’s stock valued at $24,231,000 after purchasing an additional 9,566 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Sysco by 12.0% in the first quarter. The Manufacturers Life Insurance Company now owns 548,807 shares of the company’s stock valued at $25,042,000 after buying an additional 58,858 shares in the last quarter. Morgan Stanley increased its holdings in Sysco by 32.0% in the first quarter. Morgan Stanley now owns 2,431,834 shares of the company’s stock valued at $110,965,000 after buying an additional 589,456 shares in the last quarter. First Financial Bank Trust Division increased its holdings in Sysco by 7.2% in the second quarter. First Financial Bank Trust Division now owns 5,351 shares of the company’s stock valued at $293,000 after buying an additional 360 shares in the last quarter. Finally, OmniStar Financial Group Inc. increased its holdings in Sysco by 574.2% in the second quarter. OmniStar Financial Group Inc. now owns 6,263 shares of the company’s stock valued at $342,000 after buying an additional 5,334 shares in the last quarter. Institutional investors own 79.58% of the company’s stock.

NYSE SYY traded down $2.56 during trading hours on Monday, hitting $62.24. 20,113 shares of the company’s stock traded hands, compared to its average volume of 4,236,322. Sysco Co. has a 52-week low of $26.00 and a 52-week high of $85.98. The company has a market capitalization of $32.99 billion, a PE ratio of 170.53, a PEG ratio of 3.25 and a beta of 1.20. The company has a debt-to-equity ratio of 11.14, a current ratio of 1.84 and a quick ratio of 1.38. The firm’s 50-day moving average is $64.02 and its 200-day moving average is $56.73.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.01. Sysco had a net margin of 0.41% and a return on equity of 50.53%. The company had revenue of $8.87 billion during the quarter, compared to analysts’ expectations of $10.12 billion. During the same quarter in the prior year, the company earned $1.10 EPS. Sysco’s revenue was down 42.7% compared to the same quarter last year. Equities research analysts predict that Sysco Co. will post 1.8 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 2nd were paid a dividend of $0.45 per share. The ex-dividend date was Thursday, October 1st. This represents a $1.80 annualized dividend and a yield of 2.89%. Sysco’s dividend payout ratio is presently 89.55%.

A number of research firms have weighed in on SYY. Morgan Stanley initiated coverage on shares of Sysco in a report on Tuesday, September 29th. They issued an “equal weight” rating and a $66.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on shares of Sysco from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 20th. Piper Sandler reissued a “buy” rating and set a $64.00 target price on shares of Sysco in a research note on Wednesday, July 1st. Edward Jones raised shares of Sysco from a “hold” rating to a “buy” rating in a research note on Thursday, September 10th. Finally, Zacks Investment Research raised shares of Sysco from a “sell” rating to a “hold” rating and set a $71.00 target price for the company in a research note on Tuesday, October 13th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $70.67.

In other Sysco news, Director Nancy Newcomb sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $60.38, for a total value of $603,800.00. Following the transaction, the director now directly owns 61,873 shares in the company, valued at approximately $3,735,891.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Greg D. Bertrand sold 1,134 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $57.95, for a total transaction of $65,715.30. Following the completion of the transaction, the executive vice president now owns 38,403 shares in the company, valued at $2,225,453.85. The disclosure for this sale can be found here. Insiders own 5.17% of the company’s stock.

About Sysco

Sysco Corporation, through its subsidiaries, markets and distributes a range of 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 three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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