Norges Bank Invests $450.44 Million in Sysco Co. (NYSE:SYY)

Norges Bank bought a new stake in Sysco Co. (NYSE:SYY) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,891,195 shares of the company’s stock, valued at approximately $450,441,000. Norges Bank owned 1.20% of Sysco at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Fortem Financial Group LLC increased its stake in Sysco by 3.6% in the fourth quarter. Fortem Financial Group LLC now owns 3,875 shares of the company’s stock valued at $296,000 after purchasing an additional 136 shares during the period. Morton Community Bank increased its position in Sysco by 0.4% in the 4th quarter. Morton Community Bank now owns 40,585 shares of the company’s stock valued at $3,103,000 after acquiring an additional 145 shares during the period. SRS Capital Advisors Inc. raised its stake in Sysco by 53.0% during the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock valued at $33,000 after acquiring an additional 149 shares during the last quarter. FineMark National Bank & Trust lifted its position in Sysco by 1.8% during the 4th quarter. FineMark National Bank & Trust now owns 8,580 shares of the company’s stock worth $656,000 after acquiring an additional 149 shares during the period. Finally, S.A. Mason LLC grew its stake in shares of Sysco by 10.7% in the 4th quarter. S.A. Mason LLC now owns 1,546 shares of the company’s stock valued at $118,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SYY shares. UBS Group lowered their price objective on shares of Sysco from $87.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Jefferies Financial Group boosted their price target on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Truist Financial reduced their price objective on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Wells Fargo & Company boosted their target price on Sysco from $82.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, Guggenheim reissued a “buy” rating and issued a $85.00 price target on shares of Sysco in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.77.

Insider Activity

In related news, EVP Greg D. Bertrand sold 48,027 shares of Sysco stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.54% of the company’s stock.

Sysco Price Performance

Sysco stock opened at $74.10 on Friday. The firm has a market capitalization of $36.25 billion, a PE ratio of 19.05, a P/E/G ratio of 1.88 and a beta of 1.11. Sysco Co. has a 52 week low of $69.03 and a 52 week high of $82.23. The firm’s 50-day simple moving average is $72.99 and its 200 day simple moving average is $75.15. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same period in the prior year, the firm earned $0.89 EPS. On average, equities research analysts predict that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

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 $0.51 dividend. The ex-dividend date is Friday, April 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.75%. Sysco’s dividend payout ratio (DPR) is 52.44%.

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.