AQR Capital Management LLC Sells 55,178 Shares of Sysco Co. (NYSE:SYY)

AQR Capital Management LLC cut its stake in shares of Sysco Co. (NYSE:SYY) by 21.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 202,400 shares of the company’s stock after selling 55,178 shares during the quarter. AQR Capital Management LLC’s holdings in Sysco were worth $14,449,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AXA S.A. boosted its position in shares of Sysco by 256.7% in the second quarter. AXA S.A. now owns 652,418 shares of the company’s stock worth $46,576,000 after purchasing an additional 469,514 shares during the period. Abich Financial Wealth Management LLC lifted its stake in shares of Sysco by 2,360.2% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 2,165 shares of the company’s stock valued at $155,000 after buying an additional 2,077 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Sysco by 58.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 95,353 shares of the company’s stock worth $6,807,000 after buying an additional 35,135 shares during the period. Distillate Capital Partners LLC bought a new stake in Sysco during the second quarter valued at about $15,844,000. Finally, Bank of Montreal Can lifted its position in shares of Sysco by 26.5% in the second quarter. Bank of Montreal Can now owns 1,487,136 shares of the company’s stock valued at $110,732,000 after acquiring an additional 311,725 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Trading Down 0.4 %

SYY opened at $77.74 on Wednesday. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. The stock has a 50-day moving average of $76.39 and a 200 day moving average of $75.37. The firm has a market cap of $38.21 billion, a P/E ratio of 18.96, a P/E/G ratio of 2.02 and a beta of 1.20.

Sysco (NYSE:SYY) last released its earnings results 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. The firm had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.34 EPS. As a group, research analysts forecast that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.62%. Sysco’s dividend payout ratio is presently 49.76%.

Analyst Ratings Changes

SYY has been the subject of several research analyst reports. Bank of America cut their target price on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Truist Financial reduced their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. JPMorgan Chase & Co. upped their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Barclays lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Sysco currently has an average rating of “Moderate Buy” and an average price target of $86.08.

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.