Fifth Third Bancorp Boosts Stock Holdings in Sysco Co. (NYSE:SYY)

Fifth Third Bancorp grew its stake in shares of Sysco Co. (NYSE:SYY) by 6.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 284,429 shares of the company’s stock after buying an additional 18,171 shares during the quarter. Fifth Third Bancorp’s holdings in Sysco were worth $20,305,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. TruNorth Capital Management LLC acquired a new position in Sysco during the second quarter valued at approximately $25,000. First United Bank & Trust purchased a new position in shares of Sysco in the 4th quarter valued at $26,000. Verity & Verity LLC acquired a new position in shares of Sysco during the 1st quarter valued at $26,000. Burkett Financial Services LLC purchased a new stake in Sysco during the 4th quarter worth $30,000. Finally, OFI Invest Asset Management acquired a new stake in Sysco in the 1st quarter valued at $31,000. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Stock Up 0.8 %

SYY traded up $0.58 during trading on Wednesday, hitting $77.12. The company had a trading volume of 1,774,509 shares, compared to its average volume of 3,090,073. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The company has a market cap of $38.40 billion, a PE ratio of 18.67, a P/E/G ratio of 2.00 and a beta of 1.18. The business has a 50-day moving average of $73.27 and a 200-day moving average of $75.96.

Sysco (NYSE:SYY) last released its 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 net margin of 2.48% and a return on equity of 102.09%. The company had revenue of $20.56 billion during the quarter, compared to the consensus estimate of $20.51 billion. During the same quarter in the previous year, the firm earned $1.34 EPS. The company’s revenue was up 4.2% on a year-over-year basis. As a group, analysts forecast that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

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 given a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.65%. Sysco’s payout ratio is 49.76%.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reduced their price objective on Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. BMO Capital Markets reduced their price target on Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Tuesday, May 28th. UBS Group dropped their price objective on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Finally, Barclays upped their target price on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.27.

Sysco 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.