Econ Financial Services Corp Boosts Stake in Sysco Corporation (NYSE:SYY)

Econ Financial Services Corp boosted its stake in Sysco Corporation (NYSE:SYY - Free Report) by 89.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,143 shares of the company's stock after buying an additional 13,723 shares during the quarter. Sysco makes up about 1.2% of Econ Financial Services Corp's holdings, making the stock its 26th biggest position. Econ Financial Services Corp's holdings in Sysco were worth $2,187,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. NorthCrest Asset Manangement LLC lifted its stake in Sysco by 4.9% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock valued at $226,000 after buying an additional 139 shares in the last quarter. MV Capital Management Inc. lifted its stake in shares of Sysco by 0.4% during the 4th quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock worth $2,625,000 after purchasing an additional 144 shares during the period. Morton Community Bank lifted its stake in shares of Sysco by 0.4% during the 4th quarter. Morton Community Bank now owns 40,585 shares of the company's stock worth $3,103,000 after purchasing an additional 145 shares during the period. Nemes Rush Group LLC lifted its stake in shares of Sysco by 5.9% during the 4th quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock worth $201,000 after purchasing an additional 147 shares during the period. Finally, SRS Capital Advisors Inc. lifted its stake in shares of 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 purchasing an additional 149 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Stock Down 0.0%

Shares of Sysco stock opened at $75.90 on Wednesday. The business has a 50-day moving average of $72.58 and a 200-day moving average of $73.47. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76. The company has a market capitalization of $36.79 billion, a PE ratio of 19.66, a P/E/G ratio of 2.46 and a beta of 0.81. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a net margin of 2.36% and a return on equity of 107.96%. The business had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm's revenue was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.54 per share. This is a boost from Sysco's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.16 annualized dividend and a dividend yield of 2.85%. Sysco's dividend payout ratio (DPR) is presently 52.85%.

Insider Transactions at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the transaction, the director now owns 12,738 shares of the company's stock, valued at $902,359.92. This trade represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Barclays reduced their price target on Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. increased their price target on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. BMO Capital Markets reduced their price target on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 price target on Sysco and gave the stock an "overweight" rating in a research note on Tuesday, April 22nd. Finally, Wall Street Zen lowered Sysco from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus 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.

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