DNB Asset Management AS Has $5.68 Million Stock Position in Sysco Co. (NYSE:SYY)

DNB Asset Management AS increased its stake in shares of Sysco Co. (NYSE:SYY) by 4.7% during the second quarter, HoldingsChannel reports. The fund owned 79,540 shares of the company’s stock after acquiring an additional 3,606 shares during the quarter. DNB Asset Management AS’s holdings in Sysco were worth $5,678,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of SYY. Capital World Investors increased its holdings in Sysco by 17.5% in the 1st quarter. Capital World Investors now owns 10,984,950 shares of the company’s stock valued at $891,758,000 after buying an additional 1,637,232 shares during the period. Capital Research Global Investors boosted its holdings in Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock valued at $536,770,000 after purchasing an additional 3,504,740 shares in the last quarter. Norges Bank bought a new stake in shares of Sysco in the 4th quarter valued at approximately $450,794,000. The Manufacturers Life Insurance Company lifted its position in shares of Sysco by 132.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,653,446 shares of the company’s stock worth $267,177,000 after buying an additional 2,084,501 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Sysco by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,036,100 shares of the company’s stock valued at $222,029,000 after acquiring an additional 240,671 shares during the period. Institutional investors own 83.41% of the company’s stock.

Analyst Ratings Changes

SYY has been the topic of several analyst reports. StockNews.com raised shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 1st. Bank of America lowered their target price on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. BMO Capital Markets decreased their price objective on shares of Sysco from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Piper Sandler decreased 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, May 1st. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Sysco from $90.00 to $86.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $85.27.

Sysco Price Performance

NYSE:SYY opened at $75.39 on Wednesday. Sysco Co. has a 1-year low of $62.24 and a 1-year high of $82.89. The company has a current ratio of 1.20, a quick ratio of 0.77 and a debt-to-equity ratio of 6.19. The firm has a fifty day simple moving average of $72.56 and a 200 day simple moving average of $76.10. The stock has a market capitalization of $37.54 billion, a PE ratio of 18.33, a P/E/G ratio of 2.07 and a beta of 1.18.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The business had revenue of $20.56 billion during the quarter, compared to analysts’ expectations of $20.51 billion. During the same period last year, the business earned $1.34 earnings per share. The firm’s revenue was up 4.2% on a year-over-year basis. On average, research analysts expect that Sysco Co. will post 4.59 EPS for the current fiscal year.

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.