Several hedge funds recently adjusted their Sysco (SYY) stock holdings. Plimoth Trust Co. LLC increased their stake by 0.6%, now owning 22,547 shares worth $1.61 million. Meeder Advisory Services Inc. raised their position by 1.7%, moving to 8,362 shares worth $679,000. Koshinski Asset Management Inc. added 3.1%, totaling 4,913 shares valued at $383,000. NorthRock Partners LLC increased by 3.7% to 4,121 shares (worth $335,000), while Winthrop Advisory Group LLC also raised theirs by 3.7% to 4,120 shares (valued at $334,000). Hedge funds collectively hold 83.41% of Sysco’s stock.
Sysco Stock Update
Sysco’s stock (SYY) opened at $75.54 on Monday, with key financial ratios reflecting stability: current ratio at 1.20, quick ratio at 0.69, and debt-to-equity ratio at 6.19. The stock’s 12-month range is between $64.28 and $82.89, with a market cap of $37.11 billion and a P/E ratio of 19.42.
Sysco posted its quarterly earnings on July 30, revealing $1.39 earnings per share, slightly above analysts’ expectation of $1.38. With a net margin of 2.48% and a year-over-year revenue increase of 4.2% to $20.56 billion, the company anticipates earnings of 4.6 per share for the fiscal year.
Dividend Announcement
Sysco will pay a quarterly dividend of $0.51 on October 25, 2023, to shareholders on record as of October 4. This annualizes to $2.04, with a yield of 2.70%, and a payout ratio of 52.44%.
Analyst Ratings
Analysts have had mixed views on Sysco. Barclays increased their price target from $85 to $88, rating it “overweight.” Truist Financial lowered theirs from $87 to $85, maintaining a “buy” rating. StockNews.com upgraded Sysco to a “strong buy” recently. Currently, there are two hold ratings, ten buy ratings, and one strong buy rating, leading to a consensus rating of “Moderate Buy” with an average target of $86.08.
About Sysco
Sysco Corporation markets and distributes food products primarily to the foodservice industry in various countries, including the U.S., Canada, and the UK.
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Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com for the latest on Sysco Co. (NYSE:SYY).
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