Sysco Corporation $SYY Stock Holdings Cut by New England Research & Management Inc.

New England Research & Management Inc. cut its holdings in shares of Sysco Corporation (NYSE:SYY) by 23.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,604 shares of the company’s stock after selling 7,350 shares during the quarter. New England Research & Management Inc.’s holdings in Sysco were worth $1,918,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SYY. BlackRock Inc. bought a new position in Sysco during the second quarter worth about $3,596,356,000. Bank of America Corp DE purchased a new position in shares of Sysco in the second quarter worth about $482,589,000. Primecap Management Co. CA bought a new stake in shares of Sysco in the second quarter valued at approximately $313,503,000. Bank of New York Mellon Corp bought a new stake in shares of Sysco in the second quarter valued at approximately $273,323,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Sysco during the 2nd quarter valued at approximately $203,861,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Price Performance

NYSE SYY traded up $0.08 during trading hours on Friday, hitting $82.23. The company had a trading volume of 2,536,147 shares, compared to its average volume of 4,100,611. Sysco Corporation has a 52 week low of $68.19 and a 52 week high of $91.85. The firm has a 50 day simple moving average of $80.64 and a 200 day simple moving average of $78.89. 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 firm has a market capitalization of $40.45 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 2.87 and a beta of 0.64.

Sysco (NYSE:SYY) last announced its quarterly 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 return on equity of 95.05% and a net margin of 2.08%. The firm had revenue of $22.12 billion for the quarter, compared to analysts’ expectations of $21.95 billion. During the same period in the prior year, the business posted $1.48 earnings per share. The company’s revenue 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. Equities research analysts expect that Sysco Corporation will post 5.10 earnings per share for the current year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 2nd will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $2.20 annualized dividend and a yield of 2.7%. Sysco’s payout ratio is currently 60.11%.

Insider Buying and Selling

In related news, EVP Ronald Phillips sold 7,350 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were 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. This represents a 15.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 a total of 15,525 shares of company stock worth $1,299,736 over the last three months. 0.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SYY has been the subject of several analyst reports. Piper Sandler raised their price objective on shares of Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Weiss Ratings upgraded shares of Sysco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday. UBS Group boosted their target price on shares of Sysco from $90.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. lowered their target price on shares of Sysco from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Finally, Guggenheim restated a “buy” rating and set a $90.00 target price on shares of Sysco in a research report on Wednesday, September 16th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.42.

About Sysco

Sysco Corporation is a global foodservice distributor headquartered in Houston, Texas. The company supplies restaurants, hotels, healthcare facilities, educational institutions, government organizations and other foodservice customers with a broad range of products and related services.

Sysco’s offerings include fresh and frozen foods, meat and seafood, dairy products, produce, canned and dry goods, beverages, specialty and international foods, and prepared and ready-to-use items. The company also distributes nonfood products such as kitchen equipment, tableware, cleaning supplies and other operating supplies.