Raymond James & Associates Has $119.25 Million Holdings in Sysco Co. (NYSE:SYY)

Raymond James & Associates lifted its holdings in Sysco Co. (NYSE:SYY - Free Report) by 10.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,468,925 shares of the company's stock after acquiring an additional 133,398 shares during the quarter. Raymond James & Associates owned approximately 0.30% of Sysco worth $119,247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Invesco Ltd. lifted its holdings in Sysco by 11.0% during the 3rd quarter. Invesco Ltd. now owns 10,859,690 shares of the company's stock worth $717,283,000 after buying an additional 1,076,287 shares in the last quarter. Capital World Investors acquired a new position in Sysco during the 4th quarter worth $683,599,000. Norges Bank acquired a new position in Sysco during the 4th quarter worth $450,794,000. Northern Trust Corp lifted its holdings in Sysco by 3.0% during the 3rd quarter. Northern Trust Corp now owns 6,138,310 shares of the company's stock worth $405,435,000 after buying an additional 178,464 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Sysco by 4.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,651,746 shares of the company's stock worth $373,298,000 after buying an additional 265,621 shares in the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on SYY. UBS Group dropped their target price on shares of Sysco from $92.00 to $87.00 and set a "buy" rating for the company in a research report on Wednesday. Piper Sandler dropped their target price on shares of Sysco from $83.00 to $79.00 and set a "neutral" rating for the company in a research report on Wednesday. Barclays upped their target price on shares of Sysco from $85.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. upped their target price on shares of Sysco from $84.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, March 19th. Finally, Stephens upped their target price on shares of Sysco from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $84.90.

Sysco Stock Down 1.7 %

Shares of Sysco stock traded down $1.28 during trading hours on Wednesday, reaching $73.04. 4,975,011 shares of the company's stock were exchanged, compared to its average volume of 2,972,662. The company has a 50 day moving average of $78.89 and a two-hundred day moving average of $75.09. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00. The stock has a market cap of $36.36 billion, a P/E ratio of 17.86, a P/E/G ratio of 1.56 and a beta of 1.15.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. During the same period in the prior year, the business posted $0.90 EPS. The company's quarterly revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Sysco Co. will post 4.33 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a $0.51 dividend. This is a boost from Sysco's previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, July 5th. Sysco's dividend payout ratio is currently 48.90%.

Insider Buying and Selling at Sysco

In other Sysco news, CAO Neil Russell sold 1,722 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the transaction, the chief accounting officer now directly owns 24,082 shares of the company's stock, valued at approximately $1,926,560. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.58% of the company's stock.

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.

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