Covenant Partners LLC Acquires New Shares in Sysco Co. (NYSE:SYY)

Covenant Partners LLC bought a new stake in Sysco Co. (NYSE:SYY) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,034 shares of the company’s stock, valued at approximately $237,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Plimoth Trust Co. LLC grew its holdings in Sysco by 0.6% in the 2nd quarter. Plimoth Trust Co. LLC now owns 22,547 shares of the company’s stock worth $1,610,000 after buying an additional 139 shares in the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of Sysco by 1.7% during the first quarter. Meeder Advisory Services Inc. now owns 8,362 shares of the company’s stock valued at $679,000 after purchasing an additional 141 shares during the period. Koshinski Asset Management Inc. raised its stake in shares of Sysco by 3.1% during the third quarter. Koshinski Asset Management Inc. now owns 4,913 shares of the company’s stock valued at $383,000 after purchasing an additional 146 shares in the last quarter. NorthRock Partners LLC lifted its holdings in Sysco by 3.7% in the first quarter. NorthRock Partners LLC now owns 4,121 shares of the company’s stock worth $335,000 after purchasing an additional 147 shares during the period. Finally, Winthrop Advisory Group LLC grew its position in Sysco by 3.7% in the 1st quarter. Winthrop Advisory Group LLC now owns 4,120 shares of the company’s stock valued at $334,000 after buying an additional 148 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SYY. Barclays boosted their price target on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group upped their target price on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 21st. Bank of America cut their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Morgan Stanley lowered their target price on Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.08.

Sysco Trading Down 0.6 %

Shares of SYY traded down $0.46 during midday trading on Friday, hitting $73.92. The stock had a trading volume of 2,512,573 shares, compared to its average volume of 3,147,916. The business has a 50-day simple moving average of $76.42 and a two-hundred day simple moving average of $74.80. The firm has a market cap of $36.31 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 1.95 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 Co. has a fifty-two week low of $64.28 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY) last posted its quarterly earnings data 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. The firm had revenue of $20.56 billion for the quarter, compared to analysts’ expectations of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. As a group, equities analysts forecast that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 4th were issued a $0.51 dividend. The ex-dividend date was Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.76%. Sysco’s dividend payout ratio is 52.44%.

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.