SouthState Corp Sells 1,247 Shares of Sysco Co. (NYSE:SYY)

SouthState Corp cut its position in shares of Sysco Co. (NYSE:SYY) by 42.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,718 shares of the company’s stock after selling 1,247 shares during the quarter. SouthState Corp’s holdings in Sysco were worth $134,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TruNorth Capital Management LLC bought a new position in shares of Sysco during the 2nd quarter worth approximately $25,000. Armstrong Advisory Group Inc. lifted its position 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 in the last quarter. Ashton Thomas Securities LLC acquired a new position in Sysco during the third quarter worth $26,000. Valley Wealth Managers Inc. bought a new position in Sysco in the third quarter valued at $31,000. Finally, Focused Wealth Management Inc acquired a new stake in Sysco in the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Insider Activity at Sysco

In other Sysco news, Director Sheila Talton sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total value of $216,427.00. Following the transaction, the director now directly owns 12,955 shares of the company’s stock, valued at $966,831.65. This trade represents a 18.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eve M. Mcfadden sold 4,036 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $75.10, for a total transaction of $303,103.60. Following the sale, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at approximately $3,638,670.10. This trade represents a 7.69 % decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Sysco Price Performance

Shares of Sysco stock opened at $74.40 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. The stock has a market capitalization of $36.55 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.89. The company has a 50-day simple moving average of $75.79 and a two-hundred day simple moving average of $74.75.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a net margin of 2.44% and a return on equity of 101.04%. The company had revenue of $20.48 billion during the quarter, compared to the consensus estimate of $20.47 billion. During the same quarter last year, the firm posted $1.07 earnings per share. The company’s quarterly revenue was up 4.4% on a year-over-year basis. Analysts forecast that Sysco Co. will post 4.57 EPS for the current year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 3rd will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, January 3rd. Sysco’s payout ratio is currently 52.44%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SYY shares. Barclays increased their price objective on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company reduced their price target on Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Jefferies Financial Group increased their price objective on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $85.77.

Sysco 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.