Park Place Capital Corp Cuts Holdings in Sysco Co. (NYSE:SYY)

Park Place Capital Corp decreased its stake in shares of Sysco Co. (NYSE:SYY) by 66.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 482 shares of the company’s stock after selling 972 shares during the quarter. Park Place Capital Corp’s holdings in Sysco were worth $39,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Claro Advisors LLC purchased a new stake in Sysco during the 1st quarter worth about $206,000. BKM Wealth Management LLC boosted its position in shares of Sysco by 242.3% during the 1st quarter. BKM Wealth Management LLC now owns 1,965 shares of the company’s stock worth $160,000 after acquiring an additional 1,391 shares in the last quarter. Successful Portfolios LLC acquired a new position in shares of Sysco during the 1st quarter worth about $209,000. Dumont & Blake Investment Advisors LLC boosted its position in shares of Sysco by 1.0% during the 1st quarter. Dumont & Blake Investment Advisors LLC now owns 16,307 shares of the company’s stock worth $1,324,000 after acquiring an additional 163 shares in the last quarter. Finally, Red Door Wealth Management LLC acquired a new position in shares of Sysco during the 1st quarter worth about $226,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SYY. UBS Group lowered their price objective on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Truist Financial lowered their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Deutsche Bank Aktiengesellschaft decreased their target price on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Barclays decreased their target price on Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. decreased their target price on Sysco from $87.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $84.90.

Sysco Stock Performance

Shares of SYY stock opened at $69.88 on Tuesday. The company has a market cap of $34.80 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 2.05 and a beta of 1.18. The stock has a 50 day simple moving average of $73.94 and a 200-day simple moving average of $76.41. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77.

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

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be paid a $0.51 dividend. This is an increase from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.92%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is presently 48.78%.

Sysco Company 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.