Johnson Investment Counsel Inc. Sells 862 Shares of Sysco Co. (NYSE:SYY)

Johnson Investment Counsel Inc. reduced its position in shares of Sysco Co. (NYSE:SYY) by 8.3% during the second quarter, Holdings Channel reports. The firm owned 9,475 shares of the company’s stock after selling 862 shares during the period. Johnson Investment Counsel Inc.’s holdings in Sysco were worth $703,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Brinker Capital Investments LLC lifted its position in shares of Sysco by 3.2% during the first quarter. Brinker Capital Investments LLC now owns 3,851 shares of the company’s stock valued at $314,000 after purchasing an additional 121 shares in the last quarter. Geller Advisors LLC raised its position in Sysco by 4.2% in the first quarter. Geller Advisors LLC now owns 3,362 shares of the company’s stock worth $276,000 after acquiring an additional 136 shares during the period. Red Door Wealth Management LLC raised its position in Sysco by 4.3% in the first quarter. Red Door Wealth Management LLC now owns 3,328 shares of the company’s stock worth $257,000 after acquiring an additional 137 shares during the period. Independence Bank of Kentucky raised its position in Sysco by 9.7% in the second quarter. Independence Bank of Kentucky now owns 1,585 shares of the company’s stock worth $118,000 after acquiring an additional 140 shares during the period. Finally, Accretive Wealth Partners LLC raised its position in Sysco by 0.7% in the first quarter. Accretive Wealth Partners LLC now owns 21,036 shares of the company’s stock worth $1,625,000 after acquiring an additional 144 shares during the period. 80.60% of the stock is owned by institutional investors.

Sysco Price Performance

Shares of NYSE:SYY opened at $71.27 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 5.04. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $87.21. The stock has a market cap of $35.95 billion, a P/E ratio of 20.08, a P/E/G ratio of 1.43 and a beta of 1.13. The company has a 50 day moving average of $66.81 and a 200 day moving average of $70.65.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, October 31st. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Sysco had a net margin of 2.35% and a return on equity of 117.17%. The business had revenue of $19.62 billion during the quarter, compared to analysts’ expectations of $19.73 billion. During the same quarter in the previous year, the company earned $0.97 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Sysco Co. will post 4.32 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $2.00 dividend on an annualized basis and a yield of 2.81%. Sysco’s dividend payout ratio is presently 56.34%.

Wall Street Analyst Weigh In

Several brokerages have commented on SYY. Deutsche Bank Aktiengesellschaft began coverage on shares of Sysco in a research report on Thursday, October 19th. They issued a “buy” rating and a $75.00 price objective on the stock. Barclays lowered their price target on shares of Sysco from $86.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, October 23rd. Truist Financial lowered their price target on shares of Sysco from $88.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, August 2nd. Stephens lowered their price target on shares of Sysco from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 1st. Finally, Morgan Stanley boosted their price target on shares of Sysco from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 1st. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.30.

About Sysco

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