Iowa State Bank Reduces Stock Position in Sysco Co. (NYSE:SYY)

Iowa State Bank reduced its holdings in shares of Sysco Co. (NYSE:SYY) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,056 shares of the company’s stock after selling 918 shares during the quarter. Iowa State Bank’s holdings in Sysco were worth $1,644,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SYY. CMG Global Holdings LLC bought a new stake in shares of Sysco in the 4th quarter worth about $230,000. Covenant Partners LLC bought a new stake in Sysco in the fourth quarter valued at about $214,000. Chicago Partners Investment Group LLC raised its stake in Sysco by 1.8% during the fourth quarter. Chicago Partners Investment Group LLC now owns 7,150 shares of the company’s stock valued at $536,000 after buying an additional 124 shares in the last quarter. Virtu Financial LLC lifted its holdings in Sysco by 60.0% during the 4th quarter. Virtu Financial LLC now owns 7,427 shares of the company’s stock worth $543,000 after buying an additional 2,786 shares during the last quarter. Finally, Syon Capital LLC grew its position in shares of Sysco by 24.2% in the 4th quarter. Syon Capital LLC now owns 7,505 shares of the company’s stock worth $549,000 after acquiring an additional 1,464 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Performance

SYY stock opened at $74.42 on Friday. The company has a 50-day simple moving average of $76.53 and a 200 day simple moving average of $75.12. The company has a market capitalization of $37.06 billion, a P/E ratio of 18.15, a PEG ratio of 1.94 and a beta of 1.20. 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 Co. has a fifty-two week low of $62.45 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 (EPS) for the quarter, beating 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 business had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. During the same period last year, the firm posted $1.34 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. Sell-side analysts predict that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.74%. Sysco’s dividend payout ratio is currently 49.76%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SYY shares. Jefferies Financial Group raised their price objective on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price objective on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Truist Financial cut their target price on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, June 24th. Barclays increased their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley reduced their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

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.