New England Research & Management Inc. Cuts Position in Sysco Corporation $SYY

Key Points

• New England Research & Management Inc. reduced its stake in Sysco Corporation by 11.0% in Q2, selling 4,544 shares, leaving them with 36,949 shares worth approximately $2,799,000.
• Several large investors have increased their positions, with Boston Partners boosting their holdings in Sysco by 24.8%, now owning 15,199,828 shares valued at $1,139,798,000.
• Sysco announced a quarterly dividend of $0.54 per share payable on October 24th, which reflects an annual yield of 2.7% and a payout ratio of 57.91%.

New England Research & Management Inc. lowered its stake in Sysco Corporation (NYSE:SYY - Free Report) by 11.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 36,949 shares of the company's stock after selling 4,544 shares during the quarter. Sysco accounts for 1.3% of New England Research & Management Inc.'s portfolio, making the stock its 19th biggest position. New England Research & Management Inc.'s holdings in Sysco were worth $2,799,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SYY. Boston Partners lifted its position in Sysco by 24.8% in the first quarter. Boston Partners now owns 15,199,828 shares of the company's stock valued at $1,139,798,000 after purchasing an additional 3,015,714 shares during the last quarter. Canoe Financial LP raised its holdings in shares of Sysco by 29,610.4% during the first quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock valued at $107,393,000 after acquiring an additional 1,426,332 shares in the last quarter. Nuveen LLC bought a new position in shares of Sysco during the first quarter valued at approximately $85,341,000. Burgundy Asset Management Ltd. raised its holdings 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 acquiring an additional 1,039,088 shares in the last quarter. Finally, Amundi raised its holdings in shares of Sysco by 36.5% during the first quarter. Amundi now owns 3,725,508 shares of the company's stock valued at $280,941,000 after acquiring an additional 995,498 shares in the last quarter. Institutional investors own 83.41% of the company's stock.

Wall Street Analysts Forecast Growth

SYY has been the subject of a number of recent analyst reports. Citigroup initiated coverage on Sysco in a report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 target price for the company. Bank of America upped their target price on Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. increased their price objective on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a report on Saturday. Finally, UBS Group set a $90.00 price objective on Sysco in a report on Wednesday, July 30th. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $85.69.

Insider Activity

In other Sysco news, EVP Greg D. Bertrand sold 40,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the transaction, the executive vice president directly owned 56,304 shares of the company's stock, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the sale, the executive vice president directly owned 30,235 shares in the company, valued at $2,449,035. This trade represents a 55.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 92,338 shares of company stock worth $7,439,331 over the last three months. Insiders own 0.54% of the company's stock.

Sysco Stock Up 1.0%

Shares of NYSE SYY traded up $0.84 during trading on Wednesday, reaching $82.37. The company had a trading volume of 3,524,739 shares, compared to its average volume of 2,499,420. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $83.17. The stock has a market cap of $39.93 billion, a PE ratio of 22.08, a P/E/G ratio of 2.53 and a beta of 0.80. The business's 50-day moving average is $79.98 and its 200 day moving average is $75.48. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.09. The firm had revenue of $21.14 billion for the quarter, compared to analysts' expectations of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The company's quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. As a group, equities analysts forecast that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 3rd. Sysco's dividend payout ratio (DPR) is presently 57.91%.

Sysco 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.