Tidal Investments LLC Increases Stake in Sysco Co. (NYSE:SYY)

Tidal Investments LLC increased its holdings in Sysco Co. (NYSE:SYY) by 51.3% in the third quarter, Holdings Channel reports. The fund owned 37,030 shares of the company’s stock after purchasing an additional 12,550 shares during the quarter. Tidal Investments LLC’s holdings in Sysco were worth $2,891,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James & Associates raised its position in shares of Sysco by 2.9% in the 2nd quarter. Raymond James & Associates now owns 1,511,632 shares of the company’s stock worth $107,915,000 after acquiring an additional 42,707 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in Sysco by 3.1% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 11,509 shares of the company’s stock valued at $822,000 after buying an additional 342 shares in the last quarter. Sanibel Captiva Trust Company Inc. raised its stake in Sysco by 29.5% in the second quarter. Sanibel Captiva Trust Company Inc. now owns 22,658 shares of the company’s stock valued at $1,618,000 after buying an additional 5,161 shares during the last quarter. Focus Financial Network Inc. grew its stake in shares of Sysco by 56.4% during the second quarter. Focus Financial Network Inc. now owns 5,044 shares of the company’s stock worth $379,000 after acquiring an additional 1,818 shares during the last quarter. Finally, Summit Global Investments increased its holdings in shares of Sysco by 181.2% during the second quarter. Summit Global Investments now owns 75,320 shares of the company’s stock valued at $5,377,000 after acquiring an additional 48,536 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company cut their price objective on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price target on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.77.

Sysco Price Performance

Shares of Sysco stock opened at $79.96 on Monday. The firm has a market cap of $39.28 billion, a PE ratio of 20.56, a P/E/G ratio of 2.10 and a beta of 1.19. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.89. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. The business has a 50-day moving average price of $76.40 and a 200 day moving average price of $75.21.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The business had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.47 billion. During the same period in the previous year, the company earned $1.07 earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. Sell-side analysts predict that Sysco Co. will post 4.57 earnings per share for the current fiscal year.

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, January 3rd. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.55%. Sysco’s dividend payout ratio is currently 52.44%.

Insider Buying and Selling

In other news, Director Sheila Talton sold 2,900 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total value of $216,427.00. Following the completion of the sale, the director now directly owns 12,955 shares in the company, valued at $966,831.65. This represents a 18.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Eve M. Mcfadden sold 6,499 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $519,920.00. Following the completion of the transaction, the senior vice president now directly owns 48,451 shares in the company, valued at approximately $3,876,080. This represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,279 shares of company stock worth $2,786,971 in the last 90 days. Insiders own 0.54% of the company’s stock.

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.