Mission Wealth Management LP Acquires 3,424 Shares of Sysco Corporation (NYSE:SYY)

Mission Wealth Management LP boosted its stake in Sysco Corporation (NYSE:SYY - Free Report) by 41.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,650 shares of the company's stock after buying an additional 3,424 shares during the period. Mission Wealth Management LP's holdings in Sysco were worth $874,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Boston Partners raised its stake in Sysco by 143.7% during the fourth quarter. Boston Partners now owns 12,184,114 shares of the company's stock valued at $930,296,000 after buying an additional 7,184,754 shares during the last quarter. Norges Bank purchased a new stake in shares of Sysco during the fourth quarter valued at approximately $450,441,000. Capital Research Global Investors increased its position in shares of Sysco by 27.3% during the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Mondrian Investment Partners LTD purchased a new stake in Sysco during the 4th quarter valued at $123,928,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Sysco in the fourth quarter worth $97,078,000. 83.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on SYY shares. Wall Street Zen cut shares of Sysco from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 20th. UBS Group reduced their price objective on Sysco from $86.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their target price on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Sanford C. Bernstein set a $87.00 price target on shares of Sysco and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company dropped their price target on shares of Sysco from $87.00 to $80.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Sysco currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.00.

Sysco Price Performance

Shares of Sysco stock traded down $0.28 during trading on Thursday, reaching $73.97. 2,826,164 shares of the stock traded hands, compared to its average volume of 3,318,992. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76. Sysco Corporation has a 52-week low of $67.12 and a 52-week high of $82.23. The business has a fifty day simple moving average of $72.23 and a two-hundred day simple moving average of $73.64. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of 19.16, a P/E/G ratio of 2.39 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last posted its earnings results 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 the consensus estimate of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.96 earnings per share. Sell-side analysts expect that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.92%. This is an increase from Sysco's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's dividend payout ratio is presently 52.85%.

Insider Activity

In related news, Director Sheila Talton sold 356 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was 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 represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.