Mackenzie Financial Corp Increases Stock Holdings in Sysco Co. (NYSE:SYY)

Mackenzie Financial Corp grew its position in shares of Sysco Co. (NYSE:SYY - Free Report) by 14.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,834 shares of the company's stock after purchasing an additional 6,236 shares during the quarter. Mackenzie Financial Corp's holdings in Sysco were worth $3,810,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Forum Financial Management LP boosted its stake in shares of Sysco by 2.1% during the fourth quarter. Forum Financial Management LP now owns 48,614 shares of the company's stock valued at $3,717,000 after purchasing an additional 1,017 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Sysco by 43.1% during the fourth quarter. Toronto Dominion Bank now owns 265,924 shares of the company's stock valued at $20,332,000 after purchasing an additional 80,075 shares in the last quarter. North Star Asset Management Inc. boosted its stake in shares of Sysco by 0.4% during the fourth quarter. North Star Asset Management Inc. now owns 144,504 shares of the company's stock valued at $11,049,000 after purchasing an additional 506 shares in the last quarter. Neo Ivy Capital Management boosted its stake in shares of Sysco by 23.5% during the fourth quarter. Neo Ivy Capital Management now owns 18,852 shares of the company's stock valued at $1,441,000 after purchasing an additional 3,584 shares in the last quarter. Finally, Burgundy Asset Management Ltd. boosted its stake in shares of Sysco by 251.6% during the fourth quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock valued at $111,026,000 after purchasing an additional 1,039,088 shares in the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup assumed coverage on Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective on the stock. Wall Street Zen lowered Sysco from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. BMO Capital Markets cut their price objective 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 objective on Sysco and gave the stock an "overweight" rating in a research note on Tuesday, April 22nd. Finally, UBS Group cut their price objective on Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.00.

Sysco Trading Up 1.3%

SYY stock traded up $0.92 during mid-day trading on Friday, reaching $72.99. The company's stock had a trading volume of 5,362,878 shares, compared to its average volume of 3,346,297. The company has a market cap of $35.38 billion, a price-to-earnings ratio of 18.76, a price-to-earnings-growth ratio of 1.88 and a beta of 0.80. Sysco Co. has a 12 month low of $67.12 and a 12 month high of $82.23. The business's 50 day moving average price is $71.73 and its 200 day moving average price is $73.77. 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 (NYSE:SYY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). The firm had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. Sysco had a net margin of 2.40% and a return on equity of 106.30%. The company's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.96 EPS. On average, equities research analysts predict that Sysco Co. will post 4.58 EPS for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. This is an increase from Sysco's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 annualized dividend and a dividend yield of 2.96%. Sysco's payout ratio is currently 55.96%.

Insider Activity

In other news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director now owns 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.54% of the company's stock.

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.