Neo Ivy Capital Management Grows Stock Position in Sysco Co. (NYSE:SYY)

Neo Ivy Capital Management raised its stake in Sysco Co. (NYSE:SYY - Free Report) by 23.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,852 shares of the company's stock after purchasing an additional 3,584 shares during the quarter. Neo Ivy Capital Management's holdings in Sysco were worth $1,441,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYY. Vanguard Group Inc. boosted its stake in Sysco by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company's stock valued at $4,703,775,000 after purchasing an additional 429,711 shares during the period. Invesco Ltd. raised its holdings in shares of Sysco by 5.3% during the fourth quarter. Invesco Ltd. now owns 16,907,541 shares of the company's stock valued at $1,292,751,000 after acquiring an additional 851,441 shares during the period. Boston Partners increased its stake in Sysco by 143.7% in the 4th 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 period. Geode Capital Management LLC grew its position in Sysco by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company's stock worth $905,120,000 after acquiring an additional 233,885 shares in the last quarter. Finally, Capital Research Global Investors grew its position in Sysco by 27.3% in the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock worth $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Insiders Place Their Bets

In other news, Director Sheila Talton sold 356 shares of the firm'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 value of $25,219.04. Following the completion of the sale, the director now directly owns 12,738 shares of the company's stock, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.54% of the company's stock.

Sysco Stock Performance

Shares of SYY stock traded up $0.26 on Thursday, hitting $71.77. 747,167 shares of the stock were exchanged, compared to its average volume of 3,331,988. Sysco Co. has a one year low of $67.12 and a one year high of $82.23. The firm's 50 day moving average is $71.67 and its two-hundred day 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. The firm has a market capitalization of $34.79 billion, a PE ratio of 18.44, a P/E/G ratio of 1.88 and a beta of 0.80.

Sysco (NYSE:SYY - Get Free Report) last issued 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). Sysco had a net margin of 2.40% and a return on equity of 106.30%. The business had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter last year, the business posted $0.96 EPS. The business's revenue was up 1.1% compared to the same quarter last year. Sell-side analysts expect that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.54 dividend. This is an increase 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 dividend on an annualized basis and a yield of 3.01%. Sysco's dividend payout ratio is currently 55.96%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Truist Financial decreased their price objective on shares of Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Guggenheim reiterated a "buy" rating and set a $85.00 target price on shares of Sysco in a research note on Wednesday, January 29th. JPMorgan Chase & Co. upped their target price on shares of Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Morgan Stanley cut their target price on shares of Sysco from $79.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Finally, Sanford C. Bernstein set a $87.00 target price on shares of Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.