Sysco Co. (NYSE:SYY) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its position in Sysco Co. (NYSE:SYY) by 3.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,903,808 shares of the company’s stock after purchasing an additional 58,373 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.38% of Sysco worth $135,913,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SYY. TruNorth Capital Management LLC purchased a new stake in Sysco during the 2nd quarter worth about $25,000. Burkett Financial Services LLC purchased a new stake in Sysco during the fourth quarter worth approximately $30,000. OFI Invest Asset Management acquired a new position in Sysco in the first quarter valued at approximately $31,000. Fairman Group LLC purchased a new position in Sysco in the fourth quarter valued at approximately $39,000. Finally, Livelsberger Financial Advisory acquired a new stake in Sysco during the fourth quarter worth approximately $44,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SYY. JPMorgan Chase & Co. increased their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday. Morgan Stanley dropped their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Barclays lifted their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. BMO Capital Markets decreased their target price on Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Finally, Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Tuesday, May 28th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Sysco has an average rating of “Moderate Buy” and a consensus price target of $85.55.

Sysco Stock Up 0.9 %

Sysco stock opened at $77.18 on Tuesday. The stock has a 50 day moving average of $75.49 and a two-hundred day moving average of $75.64. Sysco Co. has a twelve month low of $62.24 and a twelve month high of $82.89. The stock has a market capitalization of $38.43 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 2.01 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 issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm had revenue of $20.56 billion during the quarter, compared to the consensus estimate of $20.51 billion. During the same period last year, the company earned $1.34 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, research analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Friday, October 4th. Sysco’s payout ratio is 49.76%.

Sysco Company 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.