CIBC Private Wealth Group LLC Reduces Holdings in Sysco Co. (NYSE:SYY)

CIBC Private Wealth Group LLC decreased its stake in shares of Sysco Co. (NYSE:SYY) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,963 shares of the company’s stock after selling 2,329 shares during the period. CIBC Private Wealth Group LLC’s holdings in Sysco were worth $3,964,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SYY. Buckley Wealth Management LLC boosted its position in Sysco by 0.8% during the 4th quarter. Buckley Wealth Management LLC now owns 18,188 shares of the company’s stock valued at $1,391,000 after acquiring an additional 150 shares in the last quarter. WR Wealth Planners LLC lifted its stake in shares of Sysco by 9.9% in the 4th quarter. WR Wealth Planners LLC now owns 4,270 shares of the company’s stock valued at $326,000 after purchasing an additional 386 shares during the period. Clark & Stuart Inc bought a new stake in shares of Sysco during the fourth quarter valued at approximately $7,613,000. Kovitz Investment Group Partners LLC grew its stake in Sysco by 76.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 135,362 shares of the company’s stock worth $10,256,000 after purchasing an additional 58,430 shares during the period. Finally, Atom Investors LP bought a new position in Sysco in the third quarter worth $2,726,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SYY shares. Wells Fargo & Company upped their target price on shares of Sysco from $82.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Truist Financial decreased their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. JPMorgan Chase & Co. dropped their price target on Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Finally, UBS Group reduced their price objective on Sysco from $87.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $84.77.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 48,027 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total value of $3,698,079.00. Following the sale, the executive vice president now owns 56,304 shares in the company, valued at approximately $4,335,408. This trade represents a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.54% of the company’s stock.

Sysco Stock Performance

SYY stock opened at $75.46 on Wednesday. The stock’s 50 day simple moving average is $73.07 and its 200 day simple moving average is $75.10. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.23. The stock has a market capitalization of $36.91 billion, a PE ratio of 19.40, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the previous year, the company earned $0.89 earnings per share. As a group, research analysts forecast that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Friday, April 4th. Sysco’s payout ratio is presently 52.44%.

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.