Franklin Resources Inc. Acquires 6,779 Shares of Sysco Co. (NYSE:SYY)

Posted by on May 30th, 2023

Franklin Resources Inc. lifted its holdings in Sysco Co. (NYSE:SYY – Get Rating) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 327,624 shares of the company’s stock after purchasing an additional 6,779 shares during the period. Franklin Resources Inc. owned 0.06% of Sysco worth $25,047,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Tower Research Capital LLC TRC increased its stake in Sysco by 1.9% during the third quarter. Tower Research Capital LLC TRC now owns 38,509 shares of the company’s stock valued at $2,723,000 after acquiring an additional 725 shares during the period. Clear Harbor Asset Management LLC increased its stake in Sysco by 9.9% during the fourth quarter. Clear Harbor Asset Management LLC now owns 15,765 shares of the company’s stock valued at $1,205,000 after acquiring an additional 1,420 shares during the period. Hsbc Holdings PLC increased its stake in Sysco by 55.3% during the third quarter. Hsbc Holdings PLC now owns 629,582 shares of the company’s stock valued at $44,951,000 after acquiring an additional 224,253 shares during the period. NorthCrest Asset Manangement LLC bought a new position in Sysco during the fourth quarter valued at about $274,000. Finally, Hudson Valley Investment Advisors Inc. ADV increased its stake in Sysco by 7.2% during the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 28,312 shares of the company’s stock valued at $2,164,000 after acquiring an additional 1,890 shares during the period. 81.18% of the stock is currently owned by institutional investors.

Sysco Stock Performance

SYY stock opened at $70.72 on Tuesday. The business’s fifty day moving average is $74.93 and its 200-day moving average is $77.63. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.51. The company has a market cap of $35.83 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. Sysco Co. has a twelve month low of $69.96 and a twelve month high of $88.84.

Sysco (NYSE:SYY – Get Rating) last posted its quarterly earnings results on Tuesday, May 2nd. The company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The company had revenue of $18.88 billion during the quarter, compared to analyst estimates of $18.56 billion. Sysco had a net margin of 2.05% and a return on equity of 141.53%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. Equities research analysts forecast that Sysco Co. will post 4 EPS for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, July 7th will be given a $0.50 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from Sysco’s previous quarterly dividend of $0.49. Sysco’s dividend payout ratio is currently 64.90%.

Analysts Set New Price Targets

Several research firms have recently weighed in on SYY. 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 research note on Wednesday, February 1st. 51job reiterated a “maintains” rating on shares of Sysco in a research note on Wednesday, May 3rd. Barclays lowered their price objective on Sysco from $87.00 to $85.00 in a research note on Wednesday, May 3rd. Morgan Stanley reduced their target price on Sysco from $86.00 to $83.00 and set an “equal weight” rating on the stock in a report on Monday, April 17th. Finally, Argus downgraded Sysco from a “buy” rating to a “hold” rating in a report on Thursday, February 2nd. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.27.

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.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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