Cary Street Partners Asset Management LLC Lowers Stake in Sysco Co. (NYSE:SYY)

Cary Street Partners Asset Management LLC reduced its stake in shares of Sysco Co. (NYSE:SYY) by 7.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,331 shares of the company’s stock after selling 6,296 shares during the quarter. Sysco makes up approximately 0.9% of Cary Street Partners Asset Management LLC’s investment portfolio, making the stock its 27th largest position. Cary Street Partners Asset Management LLC’s holdings in Sysco were worth $5,509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Waycross Partners LLC lifted its stake in Sysco by 3.6% in the fourth quarter. Waycross Partners LLC now owns 131,701 shares of the company’s stock worth $9,631,000 after acquiring an additional 4,565 shares during the period. Savant Capital LLC lifted its stake in Sysco by 10.2% in the fourth quarter. Savant Capital LLC now owns 17,894 shares of the company’s stock worth $1,309,000 after acquiring an additional 1,649 shares during the period. Brighton Jones LLC lifted its stake in Sysco by 0.9% in the fourth quarter. Brighton Jones LLC now owns 119,303 shares of the company’s stock worth $8,725,000 after acquiring an additional 1,067 shares during the period. Investment House LLC lifted its stake in Sysco by 1.8% in the fourth quarter. Investment House LLC now owns 43,411 shares of the company’s stock worth $3,175,000 after acquiring an additional 759 shares during the period. Finally, Choreo LLC lifted its stake in Sysco by 83.0% in the fourth quarter. Choreo LLC now owns 9,447 shares of the company’s stock worth $691,000 after acquiring an additional 4,285 shares during the period. 83.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Neil Russell sold 1,722 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares in the company, valued at approximately $1,926,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on SYY shares. JPMorgan Chase & Co. increased their price target on shares of Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Piper Sandler cut their price objective on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a report on Wednesday. Barclays upped their price objective on shares of Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 1st. Finally, BMO Capital Markets increased their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $84.67.

Sysco Stock Performance

Sysco stock traded down $0.80 during mid-day trading on Wednesday, hitting $73.52. The company had a trading volume of 1,654,083 shares, compared to its average volume of 2,931,934. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 5.00. Sysco Co. has a 12-month low of $62.24 and a 12-month high of $82.89. The company’s fifty day moving average is $79.02 and its 200-day moving average is $75.11. The company has a market capitalization of $36.60 billion, a price-to-earnings ratio of 17.91, a P/E/G ratio of 1.56 and a beta of 1.15.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The business had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts predict that Sysco Co. will post 4.33 EPS for the current year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a dividend of $0.51 per share. This is a positive change from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.77%. Sysco’s dividend payout ratio (DPR) is 48.90%.

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.