Commerce Bank Has $21.18 Million Position in Sysco Co. (NYSE:SYY)

Commerce Bank decreased its position in shares of Sysco Co. (NYSE:SYY - Free Report) by 9.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 260,948 shares of the company's stock after selling 27,143 shares during the period. Commerce Bank owned 0.05% of Sysco worth $21,184,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Chicago Partners Investment Group LLC raised its holdings in shares of Sysco by 1.8% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,150 shares of the company's stock worth $536,000 after buying an additional 124 shares during the last quarter. Hunter Associates Investment Management LLC raised its holdings in shares of Sysco by 1.5% in the fourth quarter. Hunter Associates Investment Management LLC now owns 8,275 shares of the company's stock worth $606,000 after buying an additional 125 shares during the last quarter. Bell Investment Advisors Inc raised its holdings in shares of Sysco by 8.2% in the fourth quarter. Bell Investment Advisors Inc now owns 1,722 shares of the company's stock worth $126,000 after buying an additional 131 shares during the last quarter. Beacon Investment Advisors LLC increased its stake in shares of Sysco by 0.5% in the fourth quarter. Beacon Investment Advisors LLC now owns 24,680 shares of the company's stock worth $1,805,000 after acquiring an additional 133 shares during the period. Finally, Hazlett Burt & Watson Inc. increased its stake in shares of Sysco by 6.4% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 2,246 shares of the company's stock worth $165,000 after acquiring an additional 135 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Sysco Price Performance

SYY traded up $0.48 during midday trading on Wednesday, hitting $69.64. 2,312,912 shares of the company traded hands, compared to its average volume of 3,134,139. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 5.77. The company has a market capitalization of $34.68 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 1.87 and a beta of 1.18. Sysco Co. has a 52-week low of $62.24 and a 52-week high of $82.89. The business has a 50 day simple moving average of $72.91 and a two-hundred day simple moving average of $76.19.

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

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.93%. This is an increase from Sysco's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, July 5th. Sysco's dividend payout ratio (DPR) is presently 49.76%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SYY. Barclays cut their price objective on shares of Sysco from $88.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday, May 23rd. JPMorgan Chase & Co. cut their price objective on shares of Sysco from $87.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday, May 23rd. Morgan Stanley cut their price objective on shares of Sysco from $84.00 to $82.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 23rd. Truist Financial cut their price objective on shares of Sysco from $87.00 to $85.00 and set a "buy" rating on the stock in a research note on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Sysco from $90.00 to $86.00 and set a "buy" rating on the stock in a research report on Thursday, May 23rd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $84.90.

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.