Wedbush Securities Inc. Trims Stock Position in Sysco Co. (NYSE:SYY)

Wedbush Securities Inc. trimmed its holdings in Sysco Co. (NYSE:SYY) by 5.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 8,624 shares of the company’s stock after selling 477 shares during the period. Wedbush Securities Inc.’s holdings in Sysco were worth $616,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SYY. Prudential PLC grew its holdings in shares of Sysco by 68.0% during the 2nd quarter. Prudential PLC now owns 9,200 shares of the company’s stock worth $657,000 after purchasing an additional 3,725 shares during the period. Harrington Investments INC lifted its position in Sysco by 1.1% in the second quarter. Harrington Investments INC now owns 22,995 shares of the company’s stock valued at $1,642,000 after buying an additional 255 shares during the last quarter. First Foundation Advisors boosted its stake in Sysco by 10.0% during the second quarter. First Foundation Advisors now owns 4,967 shares of the company’s stock worth $355,000 after buying an additional 450 shares during the period. Oak Thistle LLC increased its position in shares of Sysco by 24.4% during the second quarter. Oak Thistle LLC now owns 3,653 shares of the company’s stock valued at $261,000 after acquiring an additional 716 shares during the last quarter. Finally, Morton Community Bank raised its stake in shares of Sysco by 6.4% in the 2nd quarter. Morton Community Bank now owns 39,965 shares of the company’s stock valued at $2,853,000 after acquiring an additional 2,410 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Trading Up 1.0 %

Shares of NYSE:SYY opened at $76.97 on Friday. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89. The company’s 50 day moving average is $75.20 and its two-hundred day moving average is $75.77. The company has a market cap of $38.33 billion, a PE ratio of 18.77, a P/E/G ratio of 2.05 and a beta of 1.20. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.38 by $0.01. The firm had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. Sysco’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.34 earnings per share. Equities analysts predict that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, October 4th. Sysco’s dividend payout ratio (DPR) is 49.76%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SYY. Bank of America lowered their price objective on shares of Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Truist Financial dropped their price objective on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Barclays increased their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft dropped their target price on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Finally, BMO Capital Markets reduced their price target on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.27.

About Sysco

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.