5,891,195 Shares in Sysco Co. (NYSE:SYY) Purchased by Norges Bank

Norges Bank bought a new stake in shares of Sysco Co. (NYSE:SYY - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,891,195 shares of the company's stock, valued at approximately $450,441,000. Norges Bank owned 1.20% of Sysco at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position 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 raised its stake in shares of Sysco by 11.1% during the third quarter. State Street Corp now owns 27,294,612 shares of the company's stock valued at $2,130,617,000 after acquiring an additional 2,721,449 shares in the last quarter. Boston Partners boosted its holdings in shares of 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. grew its stake in Sysco by 7.8% in 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 in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Sysco by 4.1% during the 3rd 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.

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Sysco Stock Performance

Sysco stock traded down $0.09 during trading hours on Wednesday, hitting $75.33. 795,247 shares of the stock traded hands, compared to its average volume of 3,269,108. The stock has a market capitalization of $36.85 billion, a price-to-earnings ratio of 19.37, a P/E/G ratio of 1.88 and a beta of 1.11. The firm's 50 day moving average price is $73.07 and its 200-day moving average price is $75.10. Sysco Co. has a 1 year low of $69.03 and a 1 year high of $82.23. 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 (NYSE:SYY - Get Free Report) last announced its quarterly 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 net margin of 2.40% and a return on equity of 106.30%. During the same quarter in the prior year, the firm earned $0.89 EPS. As a group, equities analysts expect that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, April 4th. Sysco's payout ratio is 52.44%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Melius assumed coverage on shares of Sysco in a research report on Wednesday, December 18th. They set a "hold" rating and a $85.00 target price on the stock. 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. JPMorgan Chase & Co. cut their price target on Sysco from $86.00 to $82.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Jefferies Financial Group upped their price objective on Sysco from $91.00 to $95.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Finally, Truist Financial cut their target price on Sysco from $85.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, Sysco presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.77.

Insider Buying and Selling

In related news, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.54% of the stock is currently owned by company insiders.

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.