Modern Wealth Management LLC Has $741,000 Stake in Sysco Co. (NYSE:SYY)

Modern Wealth Management LLC grew its stake in shares of Sysco Co. (NYSE:SYY) by 12.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 10,552 shares of the company’s stock after purchasing an additional 1,133 shares during the period. Modern Wealth Management LLC’s holdings in Sysco were worth $741,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Stonebridge Financial Group LLC acquired a new position in Sysco in the 4th quarter valued at approximately $31,000. Flagship Wealth Advisors LLC acquired a new position in shares of Sysco in the fourth quarter valued at $31,000. Sherman Asset Management Inc. bought a new position in Sysco in the fourth quarter worth $31,000. SRS Capital Advisors Inc. boosted its stake in Sysco by 53.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after buying an additional 149 shares in the last quarter. Finally, HHM Wealth Advisors LLC increased its holdings in Sysco by 107.4% in the 4th quarter. HHM Wealth Advisors LLC now owns 620 shares of the company’s stock valued at $47,000 after buying an additional 321 shares during the period. Institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling

In other news, EVP Greg D. Bertrand sold 48,027 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the sale, the executive vice president now owns 56,304 shares in the company, valued at $4,335,408. This represents a 46.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on SYY. Morgan Stanley lowered their target price on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Jefferies Financial Group increased their target price on Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Wells Fargo & Company boosted their price target on Sysco from $82.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Truist Financial dropped their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Finally, UBS Group reduced their target price on shares of Sysco from $87.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $84.77.

Sysco Price Performance

Shares of SYY opened at $72.74 on Thursday. The company has a debt-to-equity ratio of 5.66, a quick ratio of 0.68 and a current ratio of 1.20. The firm has a market capitalization of $35.58 billion, a PE ratio of 18.70, a P/E/G ratio of 1.88 and a beta of 1.11. The stock has a 50 day simple moving average of $72.95 and a 200 day simple moving average of $75.19. Sysco Co. has a 52-week low of $69.03 and a 52-week high of $82.33.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same quarter in the previous year, the firm posted $0.89 earnings per share. Sell-side analysts predict that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, April 4th. Sysco’s dividend payout ratio is currently 52.44%.

Sysco 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.