Pinnacle Associates Ltd. Grows Stock Holdings in Sysco Co. (NYSE:SYY)

Posted by Defense World Staff on Apr 7th, 2023

Pinnacle Associates Ltd. increased its stake in shares of Sysco Co. (NYSE:SYY – Get Rating) by 7.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,300 shares of the company’s stock after buying an additional 628 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Sysco were worth $804,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SYY. Standard Family Office LLC purchased a new position in shares of Sysco during the third quarter worth about $25,000. Karp Capital Management Corp purchased a new position in shares of Sysco during the third quarter worth about $27,000. American National Bank boosted its holdings in Sysco by 397.6% in the 3rd quarter. American National Bank now owns 408 shares of the company’s stock valued at $29,000 after purchasing an additional 326 shares in the last quarter. General Partner Inc. purchased a new stake in Sysco in the 4th quarter valued at approximately $31,000. Finally, MinichMacGregor Wealth Management LLC purchased a new stake in Sysco in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 81.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SYY shares. Credit Suisse Group lowered their price objective on Sysco from $100.00 to $94.00 and set an “outperform” rating on the stock in a report on Wednesday, February 1st. Morgan Stanley lowered their price objective on Sysco from $87.00 to $86.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 1st. Barclays lowered their price objective on Sysco from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft lowered their price objective on Sysco from $83.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, February 1st. Finally, Argus lowered Sysco from a “buy” rating to a “hold” rating in a research note on Thursday, February 2nd. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus target price of $88.42.

Sysco Price Performance

SYY stock opened at $77.27 on Friday. Sysco Co. has a 1 year low of $70.61 and a 1 year high of $91.53. The company has a debt-to-equity ratio of 7.20, a quick ratio of 0.68 and a current ratio of 1.24. The stock’s 50 day moving average price is $76.25 and its 200 day moving average price is $78.55. The firm has a market cap of $39.22 billion, a P/E ratio of 27.90, a PEG ratio of 1.50 and a beta of 1.10.

Sysco (NYSE:SYY – Get Rating) last posted 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). Sysco had a net margin of 1.93% and a return on equity of 140.94%. The company had revenue of $18.59 billion during the quarter, compared to analysts’ expectations of $18.59 billion. During the same period in the previous year, the company posted $0.57 EPS. Sysco’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, sell-side analysts expect that Sysco Co. will post 4.04 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Thursday, April 6th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, April 5th. Sysco’s dividend payout ratio is presently 70.76%.

Sysco Company Profile

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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.