Envestnet Asset Management Inc. increases stake in Sysco Co. (NYSE:SYY)

Envestnet Asset Management Inc. increased its holdings in shares of Sysco Co. (NYSE:SYY – Free Report) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,903,808 shares of the company’s stock after purchasing an additional 58,373 shares during the period. Holdings of Envestnet Asset Management Inc. holdings in Sysco were worth $135,913,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SYY. Oppenheimer Asset Management Inc. lifted its position in shares of Sysco by 12.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 26,790 shares of the company’s stock valued at $1,913,000 after acquiring an additional 3,022 shares during the period. WESCAP Management Group Inc. boosted its position in Sysco by 7.2% in the second quarter. WESCAP Management Group Inc. now owns 15,327 shares of the company’s stock worth $1,094,000 after buying an additional 1,024 shares in the last quarter. Leelyn Smith LLC boosted its holdings in Sysco by 1.2% in the second quarter. Leelyn Smith LLC now owns 29,777 shares of the company’s stock valued at $2,126,000 after buying an additional 364 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new position in shares of Sysco in the second quarter valued at $257,000. Finally, Dai ichi Life Insurance Company Ltd raised its stake in Sysco by 11.9% in the second quarter. Dai ichi Life Insurance Company Ltd now owns 14,513 shares of the company’s stock worth $1,036,000 after buying an additional 1,545 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company’s shares.

Analysts set new price targets

A number of brokerages have recently commented on SYY. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Truist Financial cut their price target on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, June 24th. JPMorgan Chase & Co. boosted their price target on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Monday. Bank of America cut their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Guggenheim raised Sysco from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.55, based on data from MarketBeat.com.

Check out the latest stock report on Sysco

Sysco stock performance

Sysco stock opened at $77.18 on Tuesday. The stock has a fifty day moving average price of $75.49 and a 200 day moving average price of $75.64. Sysco Co. it has a 52-week low of $62.24 and a 52-week high of $82.89. The firm has a market cap of $38.43 billion, a P/E ratio of 18.82, a PEG ratio of 2.01 and a beta of 1.20. The company has a current ratio of 1.20, a quick ratio of 0.69, and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company had revenue of $20.56 billion during the quarter, compared to the consensus estimate of $20.51 billion. In the same quarter last year, the company posted EPS of $1.34. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.51 dividend. The ex-dividend date is Friday, October 4. This represents a dividend of $2.04 on an annualized basis and a dividend yield of 2.64%. Sysco’s dividend payout ratio (DPR) is currently 49.76%.

Sysco profile

(Free report)

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products for the foodservice or food-away-from-home industries in the United States, Canada, the United Kingdom, France and internationally. It operates through US foodservice operations, international foodservice operations, SYGMA and other segments.

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