Parallel Advisors LLC Sells 927 Shares of Sysco Co. (NYSE:SYY)

Parallel Advisors LLC cut its stake in Sysco Co. (NYSE:SYY) by 16.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,726 shares of the company’s stock after selling 927 shares during the quarter. Parallel Advisors LLC’s holdings in Sysco were worth $337,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Chicago Partners Investment Group LLC increased 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 valued at $536,000 after buying an additional 124 shares during the period. Bell Investment Advisors Inc lifted its stake in Sysco by 8.2% in the 4th quarter. Bell Investment Advisors Inc now owns 1,722 shares of the company’s stock worth $126,000 after purchasing an additional 131 shares in the last quarter. Beacon Investment Advisors LLC boosted its holdings in Sysco by 0.5% in the 4th quarter. Beacon Investment Advisors LLC now owns 24,680 shares of the company’s stock valued at $1,805,000 after purchasing an additional 133 shares during the period. Plimoth Trust Co. LLC boosted its holdings in Sysco by 0.6% in the 2nd quarter. Plimoth Trust Co. LLC now owns 22,547 shares of the company’s stock valued at $1,610,000 after purchasing an additional 139 shares during the period. Finally, Meeder Advisory Services Inc. grew its position in shares of Sysco by 1.7% during the 1st quarter. Meeder Advisory Services Inc. now owns 8,362 shares of the company’s stock valued at $679,000 after purchasing an additional 141 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SYY has been the subject of several research analyst reports. Truist Financial dropped 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. JPMorgan Chase & Co. upped their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday. Morgan Stanley dropped their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Barclays increased their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Sysco presently has an average rating of “Moderate Buy” and an average target price of $85.55.

Sysco Stock Performance

NYSE SYY opened at $74.55 on Thursday. The firm has a market cap of $37.12 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 2.01 and a beta of 1.20. The company has a 50-day simple moving average of $75.76 and a two-hundred day simple moving average of $75.62. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same period last year, the company earned $1.34 EPS. Sysco’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities analysts forecast that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

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.