Parnassus Investments LLC Sells 6,352,150 Shares of Sysco Co. (NYSE:SYY)

Parnassus Investments LLC decreased its holdings in shares of Sysco Co. (NYSE:SYY - Free Report) by 75.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,041,218 shares of the company's stock after selling 6,352,150 shares during the period. Parnassus Investments LLC owned 0.42% of Sysco worth $156,072,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Mondrian Investment Partners LTD acquired a new stake in shares of Sysco during the 4th quarter worth approximately $123,928,000. Impact Capital Partners LLC bought a new position in Sysco during the fourth quarter worth $306,000. PGGM Investments grew its holdings in Sysco by 72.0% in the fourth quarter. PGGM Investments now owns 7,330 shares of the company's stock worth $560,000 after purchasing an additional 3,069 shares during the period. Achmea Investment Management B.V. increased its stake in Sysco by 16.1% in the fourth quarter. Achmea Investment Management B.V. now owns 84,798 shares of the company's stock valued at $6,483,000 after purchasing an additional 11,747 shares in the last quarter. Finally, Essential Planning LLC. acquired a new position in shares of Sysco during the fourth quarter valued at about $866,000. Institutional investors and hedge funds own 83.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SYY. Melius Research upgraded Sysco to a "hold" rating in a research note on Wednesday, December 18th. Melius assumed coverage on Sysco in a research note on Wednesday, December 18th. They issued a "hold" rating and a $85.00 price objective for the company. Truist Financial lowered their target price on Sysco from $85.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, January 29th. UBS Group cut their target price on Sysco from $87.00 to $86.00 and set a "buy" rating on the stock in a report on Wednesday, January 29th. Finally, Morgan Stanley decreased their price target on shares of Sysco from $79.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Sysco presently has an average rating of "Moderate Buy" and a consensus target price of $84.77.

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Sysco Stock Down 0.6 %

Shares of SYY traded down $0.48 during trading hours on Tuesday, reaching $74.25. 1,950,625 shares of the stock traded hands, compared to its average volume of 3,097,761. Sysco Co. has a 52 week low of $69.03 and a 52 week high of $82.33. 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 stock has a fifty day simple moving average of $73.28 and a 200 day simple moving average of $75.49. The company has a market cap of $36.33 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 1.88 and a beta of 1.11.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, hitting 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 previous year, the company earned $0.89 EPS. On average, equities analysts forecast that Sysco Co. will post 4.58 EPS for the current year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.75%. Sysco's dividend payout ratio (DPR) is presently 52.44%.

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 48,027 shares of the firm'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 completion of the sale, the executive vice president now owns 56,304 shares in the company, valued at $4,335,408. This trade represents a 46.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.54% of the company's stock.

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.