iA Global Asset Management Inc. Purchases 19,050 Shares of Sysco Co. (NYSE:SYY)

iA Global Asset Management Inc. increased its position in Sysco Co. (NYSE:SYY - Free Report) by 77.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,680 shares of the company's stock after acquiring an additional 19,050 shares during the period. iA Global Asset Management Inc.'s holdings in Sysco were worth $3,340,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Boston Partners raised its stake in shares of Sysco by 143.7% in the fourth quarter. Boston Partners now owns 12,184,114 shares of the company's stock worth $930,296,000 after purchasing an additional 7,184,754 shares during the last quarter. State Street Corp increased its holdings in Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company's stock worth $2,130,617,000 after buying an additional 2,721,449 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Sysco in the 3rd quarter worth about $137,900,000. Mondrian Investment Partners LTD bought a new position in Sysco during the 4th quarter valued at about $123,928,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Sysco during the 4th quarter valued at about $97,078,000. 83.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Guggenheim restated a "buy" rating and set a $85.00 price objective on shares of Sysco in a research report on Wednesday, January 29th. JPMorgan Chase & Co. dropped their price target on Sysco from $86.00 to $82.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 4th. Truist Financial reduced their price objective on Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. UBS Group dropped their target price on Sysco from $87.00 to $86.00 and set a "buy" rating on the stock in a research report on Wednesday, January 29th. Finally, Jefferies Financial Group upped 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 equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Sysco currently has a consensus rating of "Moderate Buy" and an average price target of $84.77.

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Insider Activity

In related news, EVP Greg D. Bertrand sold 48,027 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 56,304 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this link. Company insiders own 0.54% of the company's stock.

Sysco Price Performance

Shares of SYY stock traded down $1.05 on Tuesday, hitting $70.38. 3,403,212 shares of the stock traded hands, compared to its average volume of 3,134,436. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. Sysco Co. has a 52 week low of $69.03 and a 52 week high of $82.33. The firm has a 50 day simple moving average of $73.05 and a two-hundred day simple moving average of $75.26. The firm has a market cap of $34.43 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 1.88 and a beta of 1.11.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the prior year, the business earned $0.89 EPS. As a group, equities research analysts predict that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

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 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Friday, April 4th. Sysco's dividend payout ratio (DPR) is currently 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.