Norges Bank Makes New Investment in Sysco Co. (NYSE:SYY)

Norges Bank acquired a new stake in Sysco Co. (NYSE:SYY) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 5,891,195 shares of the company’s stock, valued at approximately $450,441,000.

Several other institutional investors have also recently added to or reduced their stakes in SYY. Vanguard Group Inc. grew its holdings in Sysco by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company’s stock valued at $4,703,775,000 after buying an additional 429,711 shares during the period. State Street Corp boosted its position in shares of Sysco by 11.1% in the third 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 during the last quarter. Boston Partners grew its holdings in Sysco by 143.7% in the fourth quarter. Boston Partners now owns 12,184,114 shares of the company’s stock valued at $930,296,000 after purchasing an additional 7,184,754 shares during the period. Diamond Hill Capital Management Inc. increased its position in Sysco by 7.8% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 7,206,978 shares of the company’s stock worth $551,046,000 after purchasing an additional 521,431 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in Sysco by 4.1% during the third quarter. Janus Henderson Group PLC now owns 4,265,723 shares of the company’s stock worth $332,983,000 after purchasing an additional 168,163 shares during the period. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 48,027 shares of Sysco stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the completion of the transaction, the executive vice president now directly owns 56,304 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.54% of the company’s stock.

Sysco Stock Up 0.1 %

Shares of Sysco stock opened at $74.10 on Friday. Sysco Co. has a 1-year low of $69.03 and a 1-year high of $82.23. The company has a market capitalization of $36.25 billion, a PE ratio of 19.05, a P/E/G ratio of 1.88 and a beta of 1.11. 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 business has a 50-day moving average of $72.99 and a 200-day moving average of $75.15.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting 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 period last year, the business posted $0.89 EPS. As a group, equities analysts forecast 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 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Friday, April 4th. Sysco’s dividend payout ratio is currently 52.44%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. UBS Group lowered their price objective on shares of Sysco from $87.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Melius Research raised Sysco to a “hold” rating in a research report on Wednesday, December 18th. Truist Financial cut their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. JPMorgan Chase & Co. dropped their target price on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Finally, Jefferies Financial Group lifted their price target on shares of Sysco from $91.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.77.

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.