Mechanics Financial Corp Boosts Position in Sysco Co. (NYSE:SYY)

Mechanics Financial Corp raised its stake in Sysco Co. (NYSE:SYY) by 31.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,963 shares of the company’s stock after purchasing an additional 470 shares during the period. Mechanics Financial Corp’s holdings in Sysco were worth $140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SYY. Capital World Investors grew its stake in shares of Sysco by 17.5% in the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after purchasing an additional 1,637,232 shares during the last quarter. Capital Research Global Investors raised its position in shares of Sysco by 112.8% during the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after purchasing an additional 3,504,740 shares during the last quarter. Norges Bank purchased a new stake in shares of Sysco in the fourth quarter valued at $450,794,000. The Manufacturers Life Insurance Company lifted its holdings in Sysco by 132.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after purchasing an additional 2,084,501 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Sysco by 8.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock worth $222,029,000 after acquiring an additional 240,671 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

SYY has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Bank of America dropped their target price on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Barclays boosted their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. 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. Finally, BMO Capital Markets dropped their target price on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sysco currently has an average rating of “Moderate Buy” and an average target price of $85.27.

Sysco Stock Performance

NYSE SYY traded up $0.44 during trading hours on Monday, hitting $77.97. The company had a trading volume of 2,346,400 shares, compared to its average volume of 3,060,546. The firm has a market cap of $38.83 billion, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 2.03 and a beta of 1.18. The business has a fifty day simple moving average of $74.07 and a 200-day simple moving average of $75.82. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share 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 the consensus estimate of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.34 EPS. Equities analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.62%. Sysco’s dividend payout ratio (DPR) 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.