Everence Capital Management Inc. Cuts Position in Sysco Co. (NYSE:SYY)

Everence Capital Management Inc. lessened its stake in Sysco Co. (NYSE:SYY) by 57.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,550 shares of the company’s stock after selling 14,100 shares during the quarter. Everence Capital Management Inc.’s holdings in Sysco were worth $824,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Capital World Investors increased its holdings 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 in the last quarter. Ameriprise Financial Inc. grew its stake in Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after acquiring an additional 1,782,180 shares during the last quarter. Capital Research Global Investors grew its stake in Sysco by 112.8% in the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after acquiring an additional 3,504,740 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock valued at $429,240,000 after acquiring an additional 1,997,895 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in Sysco by 103.0% in the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after acquiring an additional 2,408,226 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Trading Down 0.3 %

NYSE SYY traded down $0.21 during mid-day trading on Monday, hitting $75.33. The company’s stock had a trading volume of 1,073,557 shares, compared to its average volume of 3,153,508. The firm has a market capitalization of $37.01 billion, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20. The stock’s fifty day simple moving average is $76.55 and its two-hundred day simple moving average is $74.85. Sysco Co. has a 52-week low of $64.28 and a 52-week 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.

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 analysts’ consensus estimates of $1.38 by $0.01. The company had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.34 earnings per share. Research analysts expect that Sysco Co. will post 4.6 EPS for the current year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.71%. Sysco’s dividend payout ratio is currently 52.44%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SYY. Bank of America decreased their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. JPMorgan Chase & Co. raised their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Morgan Stanley decreased their target price on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Jefferies Financial Group raised their target price on shares of Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Truist Financial decreased their target price on shares of Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $86.08.

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.