US Asset Management LLC Invests $342,000 in Sysco Co. (NYSE:SYY)

US Asset Management LLC purchased a new position in Sysco Co. (NYSE:SYY) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,674 shares of the company’s stock, valued at approximately $342,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealthfront Advisers LLC grew its position in shares of Sysco by 263.4% during the third quarter. Wealthfront Advisers LLC now owns 34,007 shares of the company’s stock valued at $2,246,000 after purchasing an additional 24,650 shares in the last quarter. Professional Advisory Services Inc. bought a new stake in Sysco in the fourth quarter worth $20,057,000. Harbour Trust & Investment Management Co bought a new position in Sysco during the fourth quarter valued at $4,623,000. Pacer Advisors Inc. grew its stake in shares of Sysco by 40.1% in the 4th quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock worth $6,014,000 after buying an additional 23,558 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Sysco by 16.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after buying an additional 41,618 shares in the last quarter. Institutional investors own 83.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their price objective 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. Piper Sandler cut their target price on Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st. Barclays lifted their target price on Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Finally, BMO Capital Markets lifted their price objective on shares of Sysco from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average price target of $84.56.

Sysco Stock Up 0.7 %

Shares of NYSE SYY traded up $0.54 during mid-day trading on Thursday, reaching $75.16. 2,185,816 shares of the company were exchanged, compared to its average volume of 2,961,454. The stock has a market cap of $37.43 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 1.92 and a beta of 1.16. The company has a quick ratio of 0.77, a current ratio of 1.34 and a debt-to-equity ratio of 5.77. The firm has a 50-day moving average of $78.32 and a 200 day moving average of $75.44. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion during the quarter, compared to analysts’ expectations of $19.74 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. Sysco’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, research analysts expect that Sysco Co. will post 4.31 earnings per share for the current year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be given a $0.51 dividend. This is a positive change from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is presently 49.76%.

Insiders Place Their Bets

In other Sysco news, CAO Neil Russell sold 1,722 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the sale, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.58% of the stock is owned by insiders.

Sysco 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.