Sysco Co. (NYSE:SYY) Shares Acquired by Independence Bank of Kentucky

Independence Bank of Kentucky increased its holdings in shares of Sysco Co. (NYSE:SYY) by 12.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,598 shares of the company’s stock after purchasing an additional 410 shares during the quarter. Independence Bank of Kentucky’s holdings in Sysco were worth $292,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of SYY. Chicago Partners Investment Group LLC boosted its position in shares of Sysco by 1.8% during the fourth quarter. Chicago Partners Investment Group LLC now owns 7,150 shares of the company’s stock worth $536,000 after buying an additional 124 shares during the period. Hunter Associates Investment Management LLC boosted its holdings in Sysco by 1.5% during the 4th quarter. Hunter Associates Investment Management LLC now owns 8,275 shares of the company’s stock valued at $606,000 after acquiring an additional 125 shares during the period. Bell Investment Advisors Inc grew its position in Sysco by 8.2% in the 4th quarter. Bell Investment Advisors Inc now owns 1,722 shares of the company’s stock valued at $126,000 after acquiring an additional 131 shares in the last quarter. Beacon Investment Advisors LLC increased its stake in Sysco by 0.5% during the fourth quarter. Beacon Investment Advisors LLC now owns 24,680 shares of the company’s stock worth $1,805,000 after purchasing an additional 133 shares during the period. Finally, Hazlett Burt & Watson Inc. lifted its position in shares of Sysco by 6.4% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 2,246 shares of the company’s stock worth $165,000 after purchasing an additional 135 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SYY has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their price objective on shares of Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Barclays cut their price objective on Sysco from $88.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. BMO Capital Markets decreased their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Piper Sandler lowered their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Finally, Truist Financial decreased their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $84.90.

Sysco Stock Down 1.5 %

Shares of NYSE SYY opened at $71.39 on Friday. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. The company has a market capitalization of $35.55 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 2.05 and a beta of 1.17. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The business has a 50-day moving average of $73.94 and a two-hundred day moving average of $76.40.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The firm had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. On average, analysts forecast that Sysco Co. will post 4.3 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.86%. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is 48.78%.

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.