Summit Global Investments Has $4.36 Million Stake in Sysco Co. (NYSE:SYY)

Summit Global Investments lowered its stake in shares of Sysco Co. (NYSE:SYY - Free Report) by 22.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,986 shares of the company's stock after selling 16,487 shares during the period. Summit Global Investments' holdings in Sysco were worth $4,357,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fortem Financial Group LLC raised its stake in Sysco by 3.6% during the fourth quarter. Fortem Financial Group LLC now owns 3,875 shares of the company's stock valued at $296,000 after buying an additional 136 shares in the last quarter. Morton Community Bank raised its position in shares of Sysco by 0.4% during the 4th quarter. Morton Community Bank now owns 40,585 shares of the company's stock valued at $3,103,000 after acquiring an additional 145 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in Sysco by 53.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock valued at $33,000 after purchasing an additional 149 shares during the last quarter. S.A. Mason LLC raised its holdings in shares of Sysco by 10.7% during the fourth quarter. S.A. Mason LLC now owns 1,546 shares of the company's stock worth $118,000 after purchasing an additional 150 shares during the period. Finally, HM Payson & Co. lifted its position in shares of Sysco by 0.8% in the 4th quarter. HM Payson & Co. now owns 19,160 shares of the company's stock worth $1,465,000 after buying an additional 150 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

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Sysco Price Performance

SYY traded down $1.05 during trading on Tuesday, reaching $70.38. The stock had a trading volume of 3,403,212 shares, compared to its average volume of 3,137,520. Sysco Co. has a 1-year low of $69.03 and a 1-year high of $82.33. The firm has a market capitalization of $34.43 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The stock has a 50 day moving average of $72.98 and a two-hundred day moving average of $75.21. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66.

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

Sysco Announces Dividend

The firm also recently announced 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. 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 payout ratio is 52.44%.

Analyst Ratings Changes

A number of brokerages have issued reports on SYY. Barclays cut their target price on shares of Sysco from $93.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, January 29th. Truist Financial lowered their price objective on Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Jefferies Financial Group raised their target price on Sysco from $91.00 to $95.00 and gave the company a "buy" rating in a research note on Monday, December 16th. Guggenheim reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Sysco in a report on Wednesday, January 29th. Finally, UBS Group reduced their target price on shares of Sysco from $87.00 to $86.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.77.

Insiders Place Their Bets

In other news, EVP Greg D. Bertrand sold 48,027 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was 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 directly owns 56,304 shares of the company's stock, valued at $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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.