Crossmark Global Holdings Inc. Trims Stake in Sysco Co. (NYSE:SYY)

Crossmark Global Holdings Inc. lowered its holdings in shares of Sysco Co. (NYSE:SYY) by 1.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,260 shares of the company’s stock after selling 2,545 shares during the period. Crossmark Global Holdings Inc.’s holdings in Sysco were worth $9,442,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. TruNorth Capital Management LLC acquired a new stake in shares of Sysco during the second quarter worth $25,000. First United Bank & Trust purchased a new position in Sysco during the fourth quarter worth about $26,000. Verity & Verity LLC acquired a new stake in Sysco in the first quarter valued at about $26,000. Burkett Financial Services LLC purchased a new stake in Sysco in the 4th quarter valued at approximately $30,000. Finally, OFI Invest Asset Management acquired a new position in Sysco during the first quarter worth $31,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on SYY. Truist Financial decreased their target price 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. Deutsche Bank Aktiengesellschaft cut their price target on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Barclays upped their price objective on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Finally, BMO Capital Markets decreased their price target 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. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $85.27.

Sysco Stock Up 0.6 %

NYSE:SYY traded up $0.44 during trading hours on Friday, hitting $77.97. The stock had a trading volume of 2,328,237 shares, compared to its average volume of 3,060,547. The business has a 50 day simple moving average of $73.97 and a two-hundred day simple moving average of $75.88. The company has a market cap of $38.83 billion, a PE ratio of 19.02, a price-to-earnings-growth ratio of 2.01 and a beta of 1.18. 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 0.69 and a debt-to-equity ratio of 6.19.

Sysco (NYSE:SYY) last posted 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 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 analysts’ expectations of $20.51 billion. During the same period in the prior year, the company posted $1.34 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 annualized dividend and a yield of 2.62%. Sysco’s dividend payout ratio is presently 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.