Principal Financial Group Inc. raised its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 2.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 600,688 shares of the company's stock after acquiring an additional 13,509 shares during the period. Principal Financial Group Inc. owned approximately 0.12% of Sysco worth $45,076,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in SYY. Rialto Wealth Management LLC grew its holdings in shares of Sysco by 188.7% in the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after purchasing an additional 217 shares during the last quarter. Parvin Asset Management LLC purchased a new position in shares of Sysco in the fourth quarter worth $29,000. Flagship Wealth Advisors LLC purchased a new position in shares of Sysco in the fourth quarter worth $31,000. Golden State Wealth Management LLC raised its holdings in shares of Sysco by 48.4% in the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after buying an additional 140 shares during the last quarter. Finally, Capital A Wealth Management LLC purchased a new position in shares of Sysco in the fourth quarter worth $34,000. 83.41% of the stock is currently owned by institutional investors.
Sysco Price Performance
Shares of NYSE SYY traded down $0.14 during trading on Wednesday, hitting $76.39. The company had a trading volume of 1,671,680 shares, compared to its average volume of 3,237,379. The stock has a fifty day simple moving average of $73.63 and a two-hundred day simple moving average of $73.30. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The firm has a market capitalization of $37.03 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 2.31 and a beta of 0.81. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 6.37.
Sysco (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). The company had revenue of $19.60 billion during the quarter, compared to analyst estimates of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.96 EPS. On average, research analysts expect that Sysco Corporation will post 4.58 earnings per share for the current year.
Sysco Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This is a positive change from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a yield of 2.83%. Sysco's payout ratio is presently 55.96%.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on SYY shares. BMO Capital Markets decreased their price target on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Citigroup began coverage on shares of 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 upgraded shares of Sysco from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, UBS Group cut their price objective on shares of Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $82.77.
Read Our Latest Stock Report on SYY
Insiders Place Their Bets
In other Sysco news, Director Sheila Talton sold 356 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the transaction, the director directly owned 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.54% of the stock is owned by insiders.
Sysco Company Profile
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Free Report)
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.
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