Summit Global Investments Lowers Stock Position in Sysco Co. (NYSE:SYY)

Summit Global Investments cut its position in shares of Sysco Co. (NYSE:SYY) by 20.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,471 shares of the company’s stock after selling 11,515 shares during the quarter. Summit Global Investments’ holdings in Sysco were worth $3,412,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SYY. Parvin Asset Management LLC bought a new position in shares of Sysco during the 4th quarter worth approximately $29,000. Stonebridge Financial Group LLC bought a new position in shares of Sysco in the fourth quarter valued at approximately $31,000. Sherman Asset Management Inc. purchased a new stake in shares of Sysco during the fourth quarter valued at approximately $31,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Sysco during the fourth quarter valued at approximately $31,000. Finally, SRS Capital Advisors Inc. lifted its holdings in Sysco by 53.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after acquiring an additional 149 shares during the period. 83.41% of the stock is owned by institutional investors.

Insider Activity at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director now owns 12,738 shares in the company, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SYY. Barclays reduced their price objective on Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. Wells Fargo & Company cut their price target on shares of Sysco from $87.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. Citigroup initiated coverage on shares of Sysco in a report on Thursday, May 22nd. They set a “neutral” rating and a $78.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Sysco from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

Sysco Price Performance

SYY opened at $72.06 on Friday. The firm has a 50-day moving average price of $71.68 and a 200-day moving average price of $73.80. Sysco Co. has a twelve month low of $67.12 and a twelve month high of $82.23. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. The company has a market capitalization of $34.93 billion, a price-to-earnings ratio of 18.53, a PEG ratio of 1.88 and a beta of 0.80.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 106.30% and a net margin of 2.40%. The business had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same period last year, the business posted $0.96 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts expect that Sysco Co. will post 4.58 EPS for the current year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This is a boost from Sysco’s previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 3.00%. Sysco’s payout ratio is 55.96%.

Sysco Profile

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.