GEM Asset Management LLC Sells 2,848 Shares of Sysco Co. (NYSE:SYY)

GEM Asset Management LLC trimmed its stake in Sysco Co. (NYSE:SYY) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 440,516 shares of the company’s stock after selling 2,848 shares during the period. Sysco comprises approximately 18.8% of GEM Asset Management LLC’s investment portfolio, making the stock its biggest position. GEM Asset Management LLC owned approximately 0.09% of Sysco worth $32,920,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SYY. Capital World Investors increased its stake in Sysco by 17.5% in the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after purchasing an additional 1,637,232 shares in the last quarter. Ameriprise Financial Inc. increased its position in Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after buying an additional 1,782,180 shares in the last quarter. Capital Research Global Investors raised its stake in Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after buying an additional 3,504,740 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in Sysco by 49.8% in the second quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock worth $429,240,000 after acquiring an additional 1,997,895 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Sysco by 103.0% in the second quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after acquiring an additional 2,408,226 shares during the period. 83.41% of the stock is owned by institutional investors.

Sysco Stock Performance

SYY traded down $0.87 during midday trading on Thursday, reaching $73.74. The company had a trading volume of 1,082,170 shares, compared to its average volume of 3,148,462. Sysco Co. has a 12-month low of $62.45 and a 12-month high of $82.89. The business has a 50-day moving average price of $76.61 and a two-hundred day moving average price of $75.17. The stock has a market cap of $36.22 billion, a PE ratio of 18.20, a P/E/G ratio of 1.96 and a beta of 1.20. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $20.51 billion. During the same period in the previous year, the business posted $1.34 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts expect that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders 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 annualized dividend and a dividend yield of 2.77%. Sysco’s dividend payout ratio is currently 49.76%.

Analyst Upgrades and Downgrades

SYY has been the topic of a number of recent research reports. Truist Financial dropped their price objective on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. Jefferies Financial Group lifted their price target on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Morgan Stanley lowered their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Barclays raised 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. Finally, Bank of America lowered their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.