State of Michigan Retirement System Sells 600 Shares of Sysco Co. (NYSE:SYY)

State of Michigan Retirement System lowered its stake in shares of Sysco Co. (NYSE:SYY) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 133,317 shares of the company’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in Sysco were worth $10,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of SYY. State Street Corp raised its position in shares of Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock worth $2,130,617,000 after acquiring an additional 2,721,449 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Sysco by 11.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock worth $521,874,000 after purchasing an additional 672,940 shares during the period. Primecap Management Co. CA raised its holdings in Sysco by 9.7% in the third quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company’s stock worth $374,410,000 after purchasing an additional 422,954 shares in the last quarter. Montrusco Bolton Investments Inc. lifted its position in Sysco by 8.5% during the third quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company’s stock valued at $366,789,000 after buying an additional 375,409 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Sysco by 4.1% during the 3rd quarter. Janus Henderson Group PLC now owns 4,265,723 shares of the company’s stock valued at $332,983,000 after buying an additional 168,163 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Greg D. Bertrand sold 48,027 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the completion of the transaction, the executive vice president now directly owns 56,304 shares of the company’s stock, valued at approximately $4,335,408. This trade represents a 46.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.54% of the company’s stock.

Analyst Ratings Changes

SYY has been the subject of several research reports. Truist Financial decreased their price target on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Jefferies Financial Group lifted their target price on shares of Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a report on Monday, December 16th. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Morgan Stanley lowered their price objective on Sysco from $79.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, Melius Research raised Sysco to a “hold” rating in a research note on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $84.77.

Sysco Stock Down 0.6 %

Shares of SYY stock opened at $74.48 on Thursday. The company has a market capitalization of $36.44 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 1.88 and a beta of 1.17. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. The company’s fifty day moving average price is $73.52 and its 200-day moving average price is $75.62. Sysco Co. has a one year low of $69.03 and a one year high of $82.33.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the prior year, the business earned $0.89 EPS. Sell-side analysts expect that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 4th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, April 4th. Sysco’s dividend payout ratio (DPR) is currently 52.44%.

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.