Burgundy Asset Management Ltd. Acquires 1,039,088 Shares of Sysco Co. (NYSE:SYY)

Burgundy Asset Management Ltd. boosted its holdings in Sysco Co. (NYSE:SYY - Free Report) by 251.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,452,073 shares of the company's stock after acquiring an additional 1,039,088 shares during the quarter. Burgundy Asset Management Ltd. owned 0.30% of Sysco worth $111,026,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. MV Capital Management Inc. lifted its holdings in shares of Sysco by 0.4% in the fourth quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock valued at $2,625,000 after purchasing an additional 144 shares in the last quarter. Morton Community Bank raised its position in Sysco by 0.4% in the 4th quarter. Morton Community Bank now owns 40,585 shares of the company's stock valued at $3,103,000 after buying an additional 145 shares during the last quarter. Nemes Rush Group LLC lifted its stake in Sysco by 5.9% during the 4th quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock valued at $201,000 after acquiring an additional 147 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in Sysco by 53.0% during the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock worth $33,000 after acquiring an additional 149 shares during the last quarter. Finally, FineMark National Bank & Trust grew its stake in shares of Sysco by 1.8% in the 4th quarter. FineMark National Bank & Trust now owns 8,580 shares of the company's stock worth $656,000 after acquiring an additional 149 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company's stock.

Sysco Stock Performance

Shares of SYY traded down $0.19 during trading hours on Wednesday, hitting $72.09. The company's stock had a trading volume of 745,526 shares, compared to its average volume of 3,503,212. The business has a 50 day simple moving average of $71.66 and a two-hundred day simple moving average of $73.85. Sysco Co. has a 52-week low of $67.12 and a 52-week high of $82.23. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. The company has a market cap of $34.95 billion, a price-to-earnings ratio of 18.53, a PEG ratio of 1.88 and a beta of 0.80.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). The business had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a net margin of 2.40% and a return on equity of 106.30%. The firm's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share. On average, equities analysts expect that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be paid a $0.54 dividend. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 annualized dividend and a yield of 3.00%. This is an increase from Sysco's previous quarterly dividend of $0.51. Sysco's dividend payout ratio (DPR) is currently 55.96%.

Insider Buying and Selling at Sysco

In related news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the transaction, the director now owns 12,738 shares of the company's stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Sysco from $79.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Truist Financial cut their target price on Sysco from $85.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. Wall Street Zen downgraded Sysco from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 20th. Guggenheim reiterated a "buy" rating and set a $85.00 price target on shares of Sysco in a report on Wednesday, January 29th. Finally, Sanford C. Bernstein set a $87.00 price objective on Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.00.

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.