Triton Financial Group Inc Acquires New Position in Sysco Corporation $SYY

Key Points

• Triton Financial Group acquired 15,997 shares of Sysco worth approximately $1.34 million in the second quarter. Institutional investors collectively own 83.41% of Sysco’s outstanding stock.
• Sysco exceeded quarterly expectations, reporting $1.53 in EPS and $22.12 billion in revenue, with revenue up 4.7% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.50.
• Sysco declared a quarterly dividend of $0.55 per share, equivalent to $2.20 annually and a 2.7% yield. Shares opened at $82.35, near their 50-day moving average of $82.98.

Triton Financial Group Inc purchased a new stake in shares of Sysco Corporation (NYSE:SYY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 15,997 shares of the company's stock, valued at approximately $1,337,000.

A number of other hedge funds have also recently added to or reduced their stakes in SYY. BlackRock Inc. acquired a new stake in Sysco in the second quarter valued at approximately $3,596,356,000. Norges Bank bought a new position in shares of Sysco during the 4th quarter valued at $542,780,000. Bank of America Corp DE bought a new position in shares of Sysco during the 2nd quarter valued at $482,589,000. Wellington Management Group LLP lifted its stake in shares of Sysco by 3,977.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,711,376 shares of the company's stock valued at $387,935,000 after purchasing an additional 4,595,819 shares during the last quarter. Finally, Primecap Management Co. CA bought a new stake in Sysco in the second quarter worth $313,503,000. Institutional investors and hedge funds own 83.41% of the company's stock.

Insider Buying and Selling

In other news, EVP Ronald L. Phillips sold 7,350 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $83.61, for a total transaction of $614,533.50. Following the completion of the transaction, the executive vice president directly owned 38,650 shares in the company, valued at $3,231,526.50. The trade was a 15.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 14,508 shares of company stock valued at $1,215,250. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SYY. Citigroup raised their target price on Sysco from $82.00 to $86.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Piper Sandler raised their price objective on Sysco from $77.00 to $84.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. UBS Group boosted their target price on Sysco from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Melius Research downgraded Sysco from a "hold" rating to a "sell" rating in a report on Tuesday, July 7th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sysco has an average rating of "Moderate Buy" and a consensus target price of $89.50.

Sysco Stock Down 1.1%

SYY stock opened at $82.35 on Friday. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. Sysco Corporation has a 52-week low of $68.19 and a 52-week high of $91.85. The company has a 50-day moving average of $82.98 and a two-hundred day moving average of $80.58. The stock has a market capitalization of $39.46 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 2.84 and a beta of 0.64.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.02. The company had revenue of $22.12 billion for the quarter, compared to the consensus estimate of $21.95 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The firm's revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $1.48 earnings per share. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. As a group, equities research analysts anticipate that Sysco Corporation will post 5.12 EPS for the current year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be issued a $0.55 dividend. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.7%. Sysco's dividend payout ratio (DPR) is 60.11%.

About Sysco

Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.

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