Van ECK Associates Corp Sells 58,996 Shares of Sysco Corporation $SYY

Key Points

• Van ECK Associates cut its Sysco stake by 48% in the second quarter, selling 58,996 shares and retaining 64,024 shares valued at approximately $5.35 million. Institutional investors collectively own 83.41% of Sysco.
• Analyst sentiment remains favorable overall, with nine Buy ratings, six Holds and one Sell. Sysco has a “Moderate Buy” consensus rating and an average price target of $89.50.
• Sysco reported quarterly EPS of $1.53, exceeding estimates by $0.02, while revenue rose 4.7% year over year to $22.12 billion. The company also declared a quarterly dividend of $0.55 per share, representing a 2.7% annualized yield.

Van ECK Associates Corp lowered its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 48.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 64,024 shares of the company's stock after selling 58,996 shares during the period. Van ECK Associates Corp's holdings in Sysco were worth $5,351,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Lloyd Advisory Services LLC. acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $25,000. Motiv8 Investments LLC acquired a new position in shares of Sysco during the 4th quarter worth approximately $25,000. N.E.W. Advisory Services LLC acquired a new position in shares of Sysco during the 2nd quarter worth approximately $29,000. Sunbelt Securities Inc. raised its stake in Sysco by 87.6% in the 1st quarter. Sunbelt Securities Inc. now owns 364 shares of the company's stock valued at $26,000 after acquiring an additional 170 shares during the period. Finally, Bard Associates Inc. bought a new stake in Sysco in the 4th quarter valued at $27,000. Institutional investors and hedge funds own 83.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SYY. Weiss Ratings raised shares of Sysco from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 19th. Melius Research cut shares of Sysco from a "hold" rating to a "sell" rating in a research note on Tuesday, July 7th. Citigroup lifted their target price on shares of Sysco from $82.00 to $86.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. Piper Sandler upped their price target on shares of Sysco from $77.00 to $84.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Finally, Morgan Stanley raised their price objective on shares of Sysco from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $89.50.

Insider Buying and Selling at Sysco

In related news, EVP Ronald L. Phillips sold 506 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $84.09, for a total transaction of $42,549.54. Following the sale, the executive vice president owned 36,313 shares of the company's stock, valued at $3,053,560.17. This represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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. Insiders have sold 14,508 shares of company stock valued at $1,215,250 in the last three months. 0.56% of the stock is currently owned by insiders.

Sysco Stock Down 0.3%

SYY opened at $81.86 on Thursday. Sysco Corporation has a fifty-two week low of $68.19 and a fifty-two week high of $91.85. The company has a debt-to-equity ratio of 4.62, a quick ratio of 0.77 and a current ratio of 1.28. The company has a market capitalization of $39.22 billion, a P/E ratio of 22.37, a P/E/G ratio of 2.80 and a beta of 0.63. The stock has a fifty day moving average of $83.19 and a 200-day moving average of $80.40.

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

Sysco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, October 2nd. Sysco's payout ratio is presently 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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