Sysco Co. (NYSE:SYY) Stake Lifted by DNB Asset Management AS

Posted by on Mar 21st, 2023

DNB Asset Management AS increased its stake in shares of Sysco Co. (NYSE:SYY – Get Rating) by 57.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 183,271 shares of the company’s stock after buying an additional 67,001 shares during the quarter. DNB Asset Management AS’s holdings in Sysco were worth $14,011,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Standard Family Office LLC bought a new position in Sysco during the 3rd quarter worth $25,000. Karp Capital Management Corp acquired a new position in Sysco during the 3rd quarter worth $27,000. General Partner Inc. acquired a new position in Sysco during the 4th quarter worth $31,000. MinichMacGregor Wealth Management LLC acquired a new position in Sysco during the 4th quarter worth $31,000. Finally, American National Bank boosted its position in Sysco by 397.6% during the 3rd quarter. American National Bank now owns 408 shares of the company’s stock worth $29,000 after acquiring an additional 326 shares during the period. 81.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 10th. Argus lowered Sysco from a “buy” rating to a “hold” rating in a research report on Thursday, February 2nd. Credit Suisse Group reduced their price target on Sysco from $100.00 to $94.00 and set an “outperform” rating for the company in a research report on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft reduced their price target on Sysco from $83.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, February 1st. Finally, Wells Fargo & Company cut their price objective on Sysco from $95.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, January 4th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $89.67.

Sysco Stock Up 1.6 %

Shares of Sysco stock opened at $74.09 on Tuesday. The stock’s fifty day moving average is $76.99 and its 200-day moving average is $78.97. The firm has a market capitalization of $37.61 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 1.41 and a beta of 1.10. The company has a quick ratio of 0.68, a current ratio of 1.24 and a debt-to-equity ratio of 7.20. Sysco Co. has a 12-month low of $70.61 and a 12-month high of $91.53.

Sysco (NYSE:SYY – Get Rating) last announced its earnings results on Tuesday, January 31st. The company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.04). The company had revenue of $18.59 billion for the quarter, compared to analyst estimates of $18.59 billion. Sysco had a return on equity of 140.94% and a net margin of 1.93%. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. Equities analysts anticipate that Sysco Co. will post 4.04 earnings per share for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Thursday, April 6th will be given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 2.65%. The ex-dividend date is Wednesday, April 5th. Sysco’s payout ratio is 70.76%.

About Sysco

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Sysco Corp. engages in selling, marketing, and distribution of food products to restaurants, healthcare and educational facilities, and lodging establishments. It operates through the following segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other. The U.S. Foodservice Operations consists of U.S.

See Also

Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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