50,280 Shares in Sysco Corporation $SYY Purchased by Bank of Nova Scotia

Bank of Nova Scotia bought a new stake in Sysco Corporation (NYSE:SYY - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 50,280 shares of the company's stock, valued at approximately $4,202,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Montag A & Associates Inc. lifted its holdings in Sysco by 1.4% during the fourth quarter. Montag A & Associates Inc. now owns 8,743 shares of the company's stock valued at $644,000 after purchasing an additional 123 shares in the last quarter. United Community Bank increased its stake in shares of Sysco by 11.4% during the fourth quarter. United Community Bank now owns 1,224 shares of the company's stock worth $90,000 after purchasing an additional 125 shares in the last quarter. First Citizens Bank & Trust Co. raised its position in shares of Sysco by 1.2% during the 4th quarter. First Citizens Bank & Trust Co. now owns 11,224 shares of the company's stock worth $827,000 after purchasing an additional 138 shares during the last quarter. Diversify Wealth Management LLC lifted its stake in Sysco by 1.6% in the 4th quarter. Diversify Wealth Management LLC now owns 9,173 shares of the company's stock valued at $698,000 after buying an additional 143 shares in the last quarter. Finally, Arax Advisory Partners lifted its stake in Sysco by 2.4% in the 4th quarter. Arax Advisory Partners now owns 6,222 shares of the company's stock valued at $458,000 after buying an additional 145 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on SYY shares. Wall Street Zen lowered Sysco from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Morgan Stanley upped their target price on shares of Sysco from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Sanford C. Bernstein decreased their price target on shares of Sysco from $90.00 to $85.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft lowered shares of Sysco from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a research report on Tuesday, April 28th. Finally, Piper Sandler upped their price objective on shares of Sysco from $77.00 to $84.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.50.

Insiders Place Their Bets

In other news, EVP Ronald L. Phillips sold 506 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $84.09, for a total transaction of $42,549.54. Following the transaction, the executive vice president directly owned 36,313 shares in the company, valued at approximately $3,053,560.17. This trade represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 14,508 shares of company stock valued at $1,215,250 in the last three months. 0.56% of the stock is currently owned by insiders.

Sysco Price Performance

Shares of SYY opened at $83.50 on Wednesday. The firm's 50 day moving average price is $82.82 and its 200 day moving average price is $80.61. The company has a market cap of $40.01 billion, a P/E ratio of 22.81, a PEG ratio of 2.86 and a beta of 0.64. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 4.62. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.02. The business had revenue of $22.12 billion during the quarter, compared to analysts' expectations of $21.95 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The business's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 EPS. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. On average, research analysts forecast that Sysco Corporation will post 5.12 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be paid a $0.55 dividend. The ex-dividend date is Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.6%. Sysco's payout ratio is currently 60.11%.

Sysco Company Profile

Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.

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