Mystic Asset Management Inc. Invests $793,000 in Sysco Corporation $SYY

Mystic Asset Management Inc. purchased a new position in shares of Sysco Corporation (NYSE:SYY) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 9,482 shares of the company’s stock, valued at approximately $793,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Montag A & Associates Inc. lifted its position in Sysco by 1.4% during the 4th quarter. Montag A & Associates Inc. now owns 8,743 shares of the company’s stock worth $644,000 after acquiring an additional 123 shares during the period. United Community Bank increased its holdings in shares of Sysco by 11.4% in the fourth quarter. United Community Bank now owns 1,224 shares of the company’s stock valued at $90,000 after purchasing an additional 125 shares during the period. First Citizens Bank & Trust Co. increased its stake in Sysco by 1.2% in the 4th quarter. First Citizens Bank & Trust Co. now owns 11,224 shares of the company’s stock valued at $827,000 after buying an additional 138 shares during the period. Diversify Wealth Management LLC boosted its holdings in shares of Sysco by 1.6% in the fourth quarter. Diversify Wealth Management LLC now owns 9,173 shares of the company’s stock valued at $698,000 after acquiring an additional 143 shares in the last quarter. Finally, Arax Advisory Partners increased its stake in shares of Sysco by 2.4% during the fourth quarter. Arax Advisory Partners now owns 6,222 shares of the company’s stock worth $458,000 after acquiring an additional 145 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Price Performance

Sysco stock opened at $83.21 on Friday. The firm has a market capitalization of $39.84 billion, a PE ratio of 22.74, a P/E/G ratio of 2.82 and a beta of 0.64. Sysco Corporation has a 52 week low of $68.19 and a 52 week high of $91.85. The firm’s 50-day simple moving average is $82.55 and its 200 day simple moving average is $80.62. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 4.62.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share 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 firm had revenue of $22.12 billion during the quarter, compared to the consensus estimate of $21.95 billion. During the same period last year, the firm posted $1.48 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. 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 research analysts predict that Sysco Corporation will post 5.1 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 2nd will be paid a $0.55 dividend. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $2.20 annualized dividend and a yield of 2.6%. Sysco’s payout ratio is presently 60.11%.

Insider Buying and Selling

In related news, EVP Ronald L. Phillips sold 6,285 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $83.94, for a total transaction of $527,562.90. Following the transaction, the executive vice president owned 39,970 shares of the company’s stock, valued at approximately $3,355,081.80. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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. Also, Director John M. Hinshaw purchased 13,304 shares of Sysco stock in a transaction on Tuesday, May 26th. The shares were acquired at an average cost of $75.17 per share, for a total transaction of $1,000,061.68. Following the purchase, the director owned 40,200 shares in the company, valued at approximately $3,021,834. This trade represents a 49.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Sanford C. Bernstein reduced their price objective on shares of Sysco from $90.00 to $85.00 and set a “market perform” rating for the company in a research report on Wednesday, April 29th. Weiss Ratings raised Sysco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Barclays reduced their target price on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Citigroup boosted their target price on shares of Sysco from $82.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Finally, UBS Group upped their price target on shares of Sysco from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sysco has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

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.