WESCAP Management Group Inc. Acquires 1,024 Shares of Sysco Co. (NYSE:SYY)

WESCAP Management Group Inc. raised its holdings in shares of Sysco Co. (NYSE:SYY) by 7.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,327 shares of the company’s stock after acquiring an additional 1,024 shares during the quarter. WESCAP Management Group Inc.’s holdings in Sysco were worth $1,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SYY. Capital World Investors grew its stake in Sysco by 17.5% during the first quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after acquiring an additional 1,637,232 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Sysco by 112.8% in the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after purchasing an additional 3,504,740 shares during the period. Norges Bank purchased a new stake in shares of Sysco in the fourth quarter worth $450,794,000. The Manufacturers Life Insurance Company boosted its stake in Sysco by 132.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock valued at $267,177,000 after buying an additional 2,084,501 shares during the period. Finally, Fiduciary Management Inc. WI increased its stake in Sysco by 92.1% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,619,940 shares of the company’s stock worth $191,596,000 after acquiring an additional 1,255,908 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

SYY has been the topic of several research analyst reports. Truist Financial decreased their price objective 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. Morgan Stanley decreased their price target on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Guggenheim raised shares of Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Tuesday, May 28th. BMO Capital Markets cut their target price on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Finally, Bank of America lowered their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Sysco has a consensus rating of “Moderate Buy” and a consensus price target of $85.27.

Sysco Trading Down 0.6 %

Shares of SYY stock opened at $76.52 on Friday. The business has a 50-day moving average of $75.34 and a 200 day moving average of $75.74. 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 Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The stock has a market capitalization of $37.61 billion, a PE ratio of 18.66, a P/E/G ratio of 1.99 and a beta of 1.20.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The firm had revenue of $20.56 billion during the quarter, compared to analyst estimates of $20.51 billion. During the same quarter in the prior year, the firm posted $1.34 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued 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 2.67%. Sysco’s dividend payout ratio is currently 49.76%.

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.