Cabot Wealth Management Inc. Raises Holdings in Sysco Co. (NYSE:SYY)

Cabot Wealth Management Inc. grew its position in Sysco Co. (NYSE:SYY) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 143,084 shares of the company’s stock after buying an additional 2,986 shares during the quarter. Cabot Wealth Management Inc.’s holdings in Sysco were worth $11,169,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SYY. Capital Research Global Investors lifted its holdings in shares of Sysco by 112.8% in the 1st quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after buying an additional 3,504,740 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Sysco by 103.0% in the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock worth $338,830,000 after buying an additional 2,408,226 shares during the period. Swedbank AB bought a new position in shares of Sysco in the 1st quarter worth $178,824,000. Diamond Hill Capital Management Inc. raised its position in shares of Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock worth $429,240,000 after acquiring an additional 1,997,895 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock worth $615,076,000 after acquiring an additional 1,782,180 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Stock Performance

Shares of SYY stock traded up $0.34 during mid-day trading on Tuesday, reaching $75.56. The stock had a trading volume of 3,754,027 shares, compared to its average volume of 3,163,177. The business’s fifty day moving average is $76.54 and its 200-day moving average is $74.99. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. The firm has a market cap of $37.12 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 1.92 and a beta of 1.20. Sysco Co. has a 1-year low of $63.18 and a 1-year high of $82.89.

Sysco (NYSE:SYY) last announced 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 return on equity of 102.09% and a net margin of 2.48%. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same period in the prior year, the company earned $1.34 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. On average, research analysts forecast that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.70%. Sysco’s payout ratio is 52.44%.

Analyst Ratings Changes

SYY has been the subject of several recent research reports. Jefferies Financial Group boosted their price target on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Bank of America reduced their price target on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Truist Financial reduced their price target on Sysco from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, June 24th. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Finally, Barclays upped their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus price target of $86.08.

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.