Successful Portfolios LLC Invests $209,000 in Sysco Co. (NYSE:SYY)

Successful Portfolios LLC acquired a new position in Sysco Co. (NYSE:SYY) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,579 shares of the company’s stock, valued at approximately $209,000.

A number of other institutional investors have also recently made changes to their positions in the business. First United Bank & Trust purchased a new position in Sysco in the 4th quarter worth $26,000. AdvisorNet Financial Inc raised its stake in Sysco by 74.0% in the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock worth $27,000 after acquiring an additional 159 shares during the last quarter. Burkett Financial Services LLC purchased a new position in Sysco in the 4th quarter worth $30,000. Headlands Technologies LLC purchased a new position in Sysco in the 4th quarter worth $34,000. Finally, JFS Wealth Advisors LLC raised its stake in Sysco by 39.3% in the 4th quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 141 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Price Performance

NYSE:SYY opened at $69.88 on Tuesday. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The stock has a market capitalization of $34.80 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.05 and a beta of 1.18. The stock’s 50-day moving average price is $73.94 and its 200-day moving average price is $76.41.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The company had revenue of $19.38 billion for the quarter, compared to analysts’ expectations of $19.74 billion. During the same period in the previous year, the firm posted $0.90 EPS. Sysco’s revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts expect that Sysco Co. will post 4.3 EPS for the current fiscal 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 issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.92%. This is a boost from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s payout ratio is presently 48.78%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SYY. Guggenheim upgraded Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Tuesday, May 28th. Barclays reduced their price objective on Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. BMO Capital Markets reduced their price objective on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, May 23rd. UBS Group reduced their price objective on Sysco from $92.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Finally, Piper Sandler reduced their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and a consensus target price of $84.90.

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.