Kingsview Wealth Management LLC Lowers Stock Position in Sysco Co. (NYSE:SYY)

Kingsview Wealth Management LLC cut its position in shares of Sysco Co. (NYSE:SYY) by 70.6% during the 4th quarter, Holdings Channel reports. The firm owned 10,523 shares of the company’s stock after selling 25,303 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Sysco were worth $805,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in shares of Sysco during the 3rd quarter valued at $26,000. Valley Wealth Managers Inc. bought a new position in Sysco during the third quarter valued at about $31,000. Focused Wealth Management Inc purchased a new stake in Sysco during the third quarter worth about $37,000. Canoe Financial LP bought a new stake in Sysco in the third quarter worth about $38,000. Finally, Livelsberger Financial Advisory purchased a new position in Sysco in the third quarter valued at about $47,000. 83.41% of the stock is owned by institutional investors.

Sysco Price Performance

SYY stock opened at $70.16 on Thursday. The firm has a 50 day moving average of $75.47 and a 200-day moving average of $75.93. The firm has a market capitalization of $34.32 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. Sysco Co. has a 12 month low of $69.03 and a 12 month high of $82.33. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same period in the prior year, the business posted $0.89 earnings per share. As a group, sell-side analysts predict that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 24th. Shareholders of record on Friday, January 3rd were paid a $0.51 dividend. The ex-dividend date of this dividend was Friday, January 3rd. This represents a $2.04 dividend on an annualized basis and a yield of 2.91%. Sysco’s dividend payout ratio is currently 52.44%.

Analysts Set New Price Targets

SYY has been the subject of several research analyst reports. Melius started coverage on shares of Sysco in a research note on Wednesday, December 18th. They set a “hold” rating and a $85.00 price target for the company. JPMorgan Chase & Co. lowered their target price on Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. Truist Financial decreased their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, Guggenheim reaffirmed a “buy” rating and set a $85.00 price objective on shares of Sysco in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.38.

Insider Buying and Selling at Sysco

In related news, SVP Eve M. Mcfadden sold 6,499 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $80.00, for a total value of $519,920.00. Following the completion of the transaction, the senior vice president now directly owns 48,451 shares in the company, valued at approximately $3,876,080. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the director now owns 12,955 shares in the company, valued at $966,831.65. The trade was a 18.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,270 shares of company stock valued at $6,181,946 in the last 90 days. Corporate insiders own 0.54% of the company’s stock.

About Sysco

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.