FORVIS Wealth Advisors LLC Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

FORVIS Wealth Advisors LLC lowered its position in shares of Sysco Co. (NYSE:SYY) by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,338 shares of the company’s stock after selling 949 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Sysco were worth $839,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. First United Bank & Trust purchased a new position in shares of Sysco in the fourth quarter worth $26,000. AdvisorNet Financial Inc lifted its stake in Sysco by 74.0% during the 4th quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after acquiring an additional 159 shares during the period. Burkett Financial Services LLC purchased a new stake in shares of Sysco during the 4th quarter valued at about $30,000. Headlands Technologies LLC bought a new stake in shares of Sysco in the fourth quarter worth approximately $34,000. Finally, JFS Wealth Advisors LLC raised its holdings in shares of Sysco by 39.3% during the fourth quarter. JFS Wealth Advisors LLC now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 141 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Stock Performance

Shares of NYSE:SYY traded down $0.54 during mid-day trading on Thursday, reaching $70.05. 1,781,874 shares of the company traded hands, compared to its average volume of 3,922,399. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89. The firm has a market cap of $34.88 billion, a PE ratio of 17.09, a PEG ratio of 1.90 and a beta of 1.18. The company’s 50 day moving average price is $73.52 and its 200-day moving average price is $76.31. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $19.38 billion during the quarter, compared to analyst estimates of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. On average, equities analysts expect that Sysco Co. will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.91%. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. Sysco’s payout ratio is presently 48.78%.

Analysts Set New Price Targets

SYY has been the topic of several research reports. UBS Group dropped their target price on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Piper Sandler cut their price objective on Sysco from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Barclays reduced their price objective on Sysco from $88.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft dropped their target price on Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Finally, Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $84.90.

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.