Argent Trust Co Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

Argent Trust Co lessened its position in Sysco Co. (NYSE:SYY) by 6.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,983 shares of the company’s stock after selling 824 shares during the quarter. Argent Trust Co’s holdings in Sysco were worth $927,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. TruNorth Capital Management LLC purchased a new position in Sysco in the 2nd quarter valued at $25,000. Burkett Financial Services LLC purchased a new position in shares of Sysco in the fourth quarter worth about $30,000. OFI Invest Asset Management purchased a new position in shares of Sysco in the first quarter worth about $31,000. Fairman Group LLC acquired a new position in Sysco during the fourth quarter worth about $39,000. Finally, Livelsberger Financial Advisory purchased a new stake in Sysco during the 4th quarter valued at about $44,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Morgan Stanley decreased their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Barclays upped their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America reduced their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Finally, BMO Capital Markets dropped their price objective on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Two equities research 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 stock. According to MarketBeat.com, Sysco currently has a consensus rating of “Moderate Buy” and an average price target of $85.55.

Sysco Stock Performance

Shares of SYY stock opened at $74.14 on Friday. Sysco Co. has a one year low of $62.24 and a one year high of $82.89. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. The firm’s 50 day moving average price is $75.81 and its 200-day moving average price is $75.60. The firm has a market cap of $36.44 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.01 and a beta of 1.20.

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

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.75%. 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.