AE Wealth Management LLC Grows Stock Holdings in Sysco Co. (NYSE:SYY)

AE Wealth Management LLC raised its stake in Sysco Co. (NYSE:SYY) by 19.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,879 shares of the company’s stock after buying an additional 2,399 shares during the period. AE Wealth Management LLC’s holdings in Sysco were worth $1,062,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital World Investors purchased a new stake in shares of Sysco in the 4th quarter worth about $683,599,000. Capital Research Global Investors grew its position in shares of Sysco by 112.8% in the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after purchasing an additional 3,504,740 shares during the last quarter. Swedbank AB purchased a new position in shares of Sysco during the 1st quarter worth approximately $178,824,000. The Manufacturers Life Insurance Company raised its position in shares of Sysco by 132.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after purchasing an additional 2,084,501 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its stake in Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after buying an additional 1,997,895 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Stock Up 0.3 %

Shares of SYY opened at $76.41 on Wednesday. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company’s fifty day moving average is $76.03 and its two-hundred day moving average is $75.47. The firm has a market cap of $38.05 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 2.01 and a beta of 1.20. 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 (NYSE:SYY) last issued its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. The firm had revenue of $20.56 billion for the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 earnings per share. Analysts forecast that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Analyst Ratings Changes

Several research firms have weighed in on SYY. Truist Financial dropped their price target on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. Bank of America reduced their target price on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Morgan Stanley decreased their price target 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. JPMorgan Chase & Co. boosted their price objective on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Guggenheim upgraded shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.55.

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.