Grove Bank & Trust Increases Stock Holdings in Sysco Co. (NYSE:SYY)

by · The Markets Daily

Grove Bank & Trust lifted its position in Sysco Co. (NYSE:SYY – Free Report) by 50.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,910 shares of the company’s stock after buying an additional 2,981 shares during the quarter. Grove Bank & Trust’s holdings in Sysco were worth $696,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TruNorth Capital Management LLC purchased a new stake in shares of Sysco in the second quarter worth about $25,000. Armstrong Advisory Group Inc. grew its holdings in shares of Sysco by 1,240.0% in the third quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after purchasing an additional 310 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Sysco in the first quarter worth approximately $31,000. Fairscale Capital LLC bought a new position in shares of Sysco in the second quarter worth approximately $38,000. Finally, Fairman Group LLC bought a new position in shares of Sysco in the fourth quarter worth approximately $39,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on SYY shares. Jefferies Financial Group lifted their price target on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com upgraded shares of Sysco from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on shares of Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Morgan Stanley lowered their price objective on Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Finally, Bank of America lowered their price objective on Sysco from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.08.

Read Our Latest Research Report on Sysco

Sysco Trading Up 1.4 %

SYY stock traded up $1.01 during midday trading on Monday, reaching $75.43. The company’s stock had a trading volume of 808,766 shares, compared to its average volume of 3,150,422. The company has a debt-to-equity ratio of 6.19, a quick ratio of 0.69 and a current ratio of 1.20. The stock has a fifty day simple moving average of $76.53 and a two-hundred day simple moving average of $75.03. Sysco Co. has a 1 year low of $63.18 and a 1 year high of $82.89. The firm has a market capitalization of $37.05 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.92 and a beta of 1.20.

Sysco (NYSE:SYY – Get Free Report) last released its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Sysco had a return on equity of 102.09% and a net margin of 2.48%. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. During the same quarter last year, the firm posted $1.34 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts predict that Sysco Co. will post 4.6 EPS for the current year.

Sysco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.70%. Sysco’s dividend payout ratio is currently 52.44%.

Sysco Company Profile

(Free Report)

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.

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