Sysco Corporation $SYY Stock: Illinois Municipal Retirement Fund Grows Holdings

Illinois Municipal Retirement Fund boosted its stake in Sysco Corporation (NYSE:SYY) by 5.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,442 shares of the company’s stock after buying an additional 10,093 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Sysco were worth $16,406,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Sysco in the second quarter valued at approximately $3,596,356,000. Bank of America Corp DE acquired a new stake in shares of Sysco in the second quarter worth approximately $482,589,000. Dimensional Fund Advisors LP boosted its stake in shares of Sysco by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,667,412 shares of the company’s stock worth $332,871,000 after acquiring an additional 59,685 shares during the last quarter. Primecap Management Co. CA purchased a new stake in shares of Sysco during the second quarter worth approximately $313,503,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Sysco during the second quarter worth approximately $273,323,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on SYY shares. Wall Street Zen downgraded Sysco from a “buy” rating to a “hold” rating in a research note on Saturday, October 24th. Morgan Stanley lifted their target price on shares of Sysco from $88.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. Weiss Ratings lowered shares of Sysco from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Piper Sandler increased their target price on shares of Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Finally, Citigroup decreased their price target on shares of Sysco from $87.00 to $84.00 and set a “neutral” rating on the stock in a research note on Thursday, November 5th. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.13.

Sysco Trading Down 0.9%

Shares of Sysco stock opened at $76.92 on Thursday. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.46 and a quick ratio of 0.95. The stock’s 50 day simple moving average is $79.65 and its 200-day simple moving average is $80.51. The stock has a market cap of $37.86 billion, a P/E ratio of 20.46, a P/E/G ratio of 1.91 and a beta of 0.66. Sysco Corporation has a 1-year low of $68.19 and a 1-year high of $91.85.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.19 EPS for the quarter, meeting the consensus estimate of $1.19. Sysco had a return on equity of 79.24% and a net margin of 2.12%. The firm had revenue of $21.74 billion during the quarter, compared to analysts’ expectations of $22.02 billion. During the same quarter last year, the firm earned $1.15 earnings per share. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. Analysts predict that Sysco Corporation will post 5.06 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.9%. Sysco’s payout ratio is presently 58.51%.

Insider Activity

In other news, Director Thomas Gerard Ondrof acquired 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was purchased at an average price of $76.62 per share, with a total value of $191,550.00. Following the completion of the acquisition, the director owned 2,500 shares of the company’s stock, valued at $191,550. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ronald Phillips sold 7,350 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $83.61, for a total transaction of $614,533.50. Following the sale, the executive vice president owned 38,650 shares of the company’s stock, valued at approximately $3,231,526.50. The trade was a 15.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders have sold 8,873 shares of company stock worth $741,569. Corporate insiders own 0.55% of the company’s stock.

Sysco Profile

Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries. The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.