Formidable Asset Management LLC Sells 6,698 Shares of Sysco Co. (NYSE:SYY)

Formidable Asset Management LLC cut its stake in shares of Sysco Co. (NYSE:SYY - Free Report) by 35.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,190 shares of the company's stock after selling 6,698 shares during the quarter. Formidable Asset Management LLC's holdings in Sysco were worth $932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of SYY. Parvin Asset Management LLC bought a new position in Sysco during the 4th quarter valued at approximately $29,000. Stonebridge Financial Group LLC bought a new position in Sysco during the 4th quarter valued at approximately $31,000. Sherman Asset Management Inc. bought a new position in Sysco during the 4th quarter valued at approximately $31,000. Flagship Wealth Advisors LLC bought a new position in Sysco during the 4th quarter valued at approximately $31,000. Finally, SRS Capital Advisors Inc. raised its position in Sysco by 53.0% during the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock valued at $33,000 after purchasing an additional 149 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on SYY shares. Guggenheim reissued a "buy" rating and issued a $85.00 target price on shares of Sysco in a research report on Wednesday, January 29th. Truist Financial decreased their target price on Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. Wells Fargo & Company decreased their target price on Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Citigroup started coverage on Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 target price for the company. Finally, Morgan Stanley decreased their target price on Sysco from $79.00 to $77.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $83.00.

Sysco Stock Up 0.8%

SYY traded up $0.55 during trading on Thursday, hitting $72.06. 2,588,945 shares of the company's stock traded hands, compared to its average volume of 3,339,118. The company's 50 day simple moving average is $71.67 and its two-hundred day simple moving average is $73.84. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. Sysco Co. has a 12-month low of $67.12 and a 12-month high of $82.23. The stock has a market capitalization of $34.93 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 results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). The firm had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a return on equity of 106.30% and a net margin of 2.40%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business earned $0.96 earnings per share. Analysts predict that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

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

Insider Transactions at Sysco

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

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.