Nordea Investment Management AB Lowers Position in Sysco Co. (NYSE:SYY)

Nordea Investment Management AB decreased its holdings in Sysco Co. (NYSE:SYY - Free Report) by 5.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,443,983 shares of the company's stock after selling 87,855 shares during the period. Nordea Investment Management AB owned about 0.29% of Sysco worth $117,584,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of SYY. First United Bank & Trust acquired a new position in shares of Sysco during the fourth quarter worth $26,000. Verity & Verity LLC acquired a new position in shares of Sysco during the first quarter worth $26,000. AdvisorNet Financial Inc increased its position in shares of Sysco by 74.0% during the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company's stock worth $27,000 after purchasing an additional 159 shares in the last quarter. Burkett Financial Services LLC acquired a new position in shares of Sysco during the fourth quarter worth $30,000. Finally, OFI Invest Asset Management acquired a new position in shares of Sysco during the first quarter worth $31,000. Institutional investors own 83.41% of the company's stock.

Sysco Stock Performance

NYSE:SYY traded down $0.09 during mid-day trading on Monday, hitting $69.66. The company's stock had a trading volume of 1,666,230 shares, compared to its average volume of 3,148,894. Sysco Co. has a 1 year low of $62.24 and a 1 year high of $82.89. The company has a debt-to-equity ratio of 5.77, a current ratio of 1.34 and a quick ratio of 0.77. The stock has a market cap of $34.69 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.88 and a beta of 1.18. The business's fifty day moving average is $73.23 and its two-hundred day moving average is $76.29.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The company had revenue of $19.38 billion for the quarter, compared to analyst estimates of $19.74 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The firm's revenue was up 2.7% on a year-over-year basis. Analysts anticipate that Sysco Co. will post 4.3 EPS for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.51 per share. This is a positive change from Sysco's previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Friday, July 5th. Sysco's dividend payout ratio is presently 49.76%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SYY shares. Truist Financial reduced their price target on Sysco from $87.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday, June 24th. Guggenheim raised shares of Sysco from a "neutral" rating to a "buy" rating and set a $85.00 price objective on the stock in a report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Sysco from $90.00 to $86.00 and set a "buy" rating on the stock in a report on Thursday, May 23rd. Morgan Stanley dropped their price objective on shares of Sysco from $84.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Sysco from $87.00 to $85.00 and set an "overweight" rating on the stock in a report on Thursday, May 23rd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.90.

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.