Avantax Advisory Services Inc. Has $2.01 Million Position in Sysco Co. (NYSE:SYY)

Avantax Advisory Services Inc. cut its stake in Sysco Co. (NYSE:SYY - Free Report) by 16.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,267 shares of the company's stock after selling 5,191 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Sysco were worth $2,008,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of SYY. Essential Planning LLC. bought a new stake in Sysco in the fourth quarter worth $866,000. Hopwood Financial Services Inc. bought a new stake in Sysco in the fourth quarter worth $65,000. Farther Finance Advisors LLC boosted its holdings in Sysco by 18.6% in the fourth quarter. Farther Finance Advisors LLC now owns 4,204 shares of the company's stock worth $321,000 after purchasing an additional 660 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Sysco by 12.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock valued at $217,000 after acquiring an additional 324 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its holdings in Sysco by 4.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 21,166 shares of the company's stock valued at $1,618,000 after acquiring an additional 899 shares during the period. 83.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 shares were sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the transaction, the executive vice president now directly owns 56,304 shares in the company, valued at approximately $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The sale 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.

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Wall Street Analysts Forecast Growth

SYY has been the subject of a number of recent analyst reports. Melius initiated coverage on shares of Sysco in a report on Wednesday, December 18th. They set a "hold" rating and a $85.00 price target for the company. Truist Financial decreased their price target on shares of Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Barclays decreased their price target on shares of Sysco from $93.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, January 29th. Jefferies Financial Group increased their target price on shares of Sysco from $91.00 to $95.00 and gave the company a "buy" rating in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Sysco from $86.00 to $82.00 and set an "overweight" rating for the company in a research note on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Sysco currently has an average rating of "Moderate Buy" and an average target price of $84.77.

Sysco Price Performance

Shares of Sysco stock traded down $0.08 during mid-day trading on Friday, reaching $71.12. 4,883,533 shares of the stock were exchanged, compared to its average volume of 3,761,020. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. The company has a market cap of $34.79 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. Sysco Co. has a fifty-two week low of $69.03 and a fifty-two week high of $82.33. The firm has a 50-day simple moving average of $73.15 and a 200 day simple moving average of $75.41.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 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 last year, the firm posted $0.89 EPS. On average, sell-side analysts predict 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 given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.87%. The ex-dividend date is Friday, April 4th. Sysco's payout ratio is presently 52.44%.

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.