Investors Buy SYSCO (SYY) on Weakness
Traders purchased shares of SYSCO Co. (NYSE:SYY) on weakness during trading hours on Monday. $77.10 million flowed into the stock on the tick-up and $20.64 million flowed out of the stock on the tick-down, for a money net flow of $56.46 million into the stock. Of all equities tracked, SYSCO had the 4th highest net in-flow for the day. SYSCO traded down ($0.20) for the day and closed at $58.13
Several equities research analysts recently commented on SYY shares. Loop Capital dropped their target price on SYSCO from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. Pivotal Research dropped their target price on SYSCO from $68.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. BMO Capital Markets set a $66.00 target price on SYSCO and gave the stock a “buy” rating in a report on Friday, December 8th. Bank of America boosted their target price on SYSCO from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Finally, Morgan Stanley raised SYSCO from an “underweight” rating to an “equal weight” rating and set a $64.00 target price on the stock in a report on Tuesday, January 16th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $65.20.
The company has a debt-to-equity ratio of 3.66, a current ratio of 1.38 and a quick ratio of 0.85. The stock has a market cap of $30,443.52, a PE ratio of 25.95, a PEG ratio of 1.96 and a beta of 0.56.
The firm also recently declared a quarterly dividend, which was paid on Friday, January 26th. Shareholders of record on Friday, January 5th were given a $0.36 dividend. This is a positive change from SYSCO’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, January 4th. This represents a $1.44 annualized dividend and a yield of 2.48%. SYSCO’s payout ratio is 64.29%.
In other SYSCO news, SVP William W. Goetz sold 11,323 shares of SYSCO stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $62.00, for a total value of $702,026.00. Following the transaction, the senior vice president now owns 35,825 shares in the company, valued at $2,221,150. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Wayne Shurts sold 15,600 shares of SYSCO stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $56.66, for a total transaction of $883,896.00. Following the completion of the transaction, the insider now owns 56,985 shares in the company, valued at approximately $3,228,770.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 144,695 shares of company stock worth $8,759,223. 9.60% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp grew its position in SYSCO by 1.0% during the 2nd quarter. State Street Corp now owns 26,707,981 shares of the company’s stock worth $1,344,209,000 after purchasing an additional 272,303 shares in the last quarter. Capital World Investors grew its position in SYSCO by 11.7% during the 2nd quarter. Capital World Investors now owns 13,767,000 shares of the company’s stock worth $692,893,000 after purchasing an additional 1,445,000 shares in the last quarter. Ameriprise Financial Inc. grew its position in SYSCO by 2.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 10,451,813 shares of the company’s stock worth $563,890,000 after purchasing an additional 208,815 shares in the last quarter. Parnassus Investments CA grew its position in SYSCO by 1.8% during the 4th quarter. Parnassus Investments CA now owns 7,547,366 shares of the company’s stock worth $458,352,000 after purchasing an additional 136,965 shares in the last quarter. Finally, American Century Companies Inc. grew its position in SYSCO by 7.5% during the 4th quarter. American Century Companies Inc. now owns 6,578,176 shares of the company’s stock worth $399,493,000 after purchasing an additional 457,259 shares in the last quarter. Hedge funds and other institutional investors own 79.35% of the company’s stock.
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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