ProShare Advisors LLC Purchases 2,408,226 Shares of Sysco Co. (NYSE:SYY)

ProShare Advisors LLC increased its position in shares of Sysco Co. (NYSE:SYY) by 103.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,746,176 shares of the company’s stock after purchasing an additional 2,408,226 shares during the period. Sysco comprises about 0.9% of ProShare Advisors LLC’s investment portfolio, making the stock its 14th largest position. ProShare Advisors LLC owned about 0.95% of Sysco worth $338,830,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Chicago Partners Investment Group LLC boosted its holdings in 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 purchasing an additional 124 shares in the last quarter. Bell Investment Advisors Inc grew its position in Sysco by 8.2% in the fourth 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 during the period. Beacon Investment Advisors LLC raised 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 acquiring an additional 133 shares in the last quarter. Plimoth Trust Co. LLC lifted its holdings in shares of Sysco by 0.6% during the second quarter. Plimoth Trust Co. LLC now owns 22,547 shares of the company’s stock valued at $1,610,000 after acquiring an additional 139 shares during the period. Finally, Meeder Advisory Services Inc. boosted its stake in shares of Sysco by 1.7% in 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 and hedge funds.

Analyst Upgrades and Downgrades

SYY has been the subject of several analyst reports. Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a report on Tuesday, May 28th. Barclays boosted their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Truist Financial cut 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. JPMorgan Chase & Co. increased their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Bank of America cut their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Two 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, the company has an average rating of “Moderate Buy” and an average target price of $85.55.

Sysco Stock Performance

Shares of NYSE:SYY opened at $75.19 on Friday. The stock has a market capitalization of $37.44 billion, a P/E ratio of 18.34, a P/E/G ratio of 2.01 and a beta of 1.20. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The business has a 50-day moving average price of $75.87 and a two-hundred day moving average price of $75.55.

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

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.51 dividend. 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 2.71%. Sysco’s dividend payout ratio 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.