Bleakley Financial Group LLC Cuts Stake in Sysco Co. (NYSE:SYY)

Bleakley Financial Group LLC decreased its position in Sysco Co. (NYSE:SYY) by 79.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,124 shares of the company’s stock after selling 46,012 shares during the period. Bleakley Financial Group LLC’s holdings in Sysco were worth $946,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SYY. Armstrong Advisory Group Inc. boosted its holdings in Sysco by 1,240.0% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock valued at $26,000 after purchasing an additional 310 shares in the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of Sysco in the second quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new position in Sysco during the first quarter worth $31,000. Fairscale Capital LLC purchased a new position in Sysco in the second quarter worth $38,000. Finally, LRI Investments LLC acquired a new stake in Sysco in the first quarter valued at $45,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Bank of America lowered their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Jefferies Financial Group upped their target price on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Morgan Stanley reduced their price target on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Finally, Barclays raised their price objective on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Trading Up 0.2 %

Shares of SYY stock opened at $75.54 on Monday. The company has a market capitalization of $37.62 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 1.96 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. The firm has a 50-day moving average price of $76.55 and a 200 day moving average price of $74.85. Sysco Co. has a twelve month low of $64.28 and a twelve month high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings data 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. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business had revenue of $20.56 billion during the quarter, compared to analyst estimates of $20.51 billion. During the same quarter in the previous year, the business posted $1.34 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. Research analysts forecast that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm 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 dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 49.76%.

About Sysco

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.