The Manufacturers Life Insurance Company Acquires New Position in Sysco Corporation $SYY

The Manufacturers Life Insurance Company bought a new position in shares of Sysco Corporation (NYSE:SYY) during the 2nd quarter, Holdings Channel.com reports. The fund bought 1,451,314 shares of the company’s stock, valued at approximately $121,301,000.

A number of other large investors have also modified their holdings of SYY. Vanguard Group Inc. lifted its holdings in shares of Sysco by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 62,305,343 shares of the company’s stock valued at $4,591,281,000 after buying an additional 814,270 shares during the period. BlackRock Inc. acquired a new position in Sysco during the second quarter worth $3,596,356,000. State Street Corp raised its position in Sysco by 0.9% in the third quarter. State Street Corp now owns 26,669,576 shares of the company’s stock worth $2,195,973,000 after acquiring an additional 246,542 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Sysco by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 12,728,692 shares of the company’s stock valued at $934,391,000 after acquiring an additional 131,659 shares during the period. Finally, Norges Bank purchased a new stake in shares of Sysco during the 4th quarter worth $542,780,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SYY shares. Wall Street Zen downgraded shares of Sysco from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Piper Sandler boosted their target price on Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. UBS Group upped their target price on Sysco from $90.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Barclays dropped their price target on Sysco from $92.00 to $86.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Finally, Morgan Stanley lifted their price target on Sysco from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

Insider Buying and Selling

In other Sysco news, EVP Ronald L. Phillips sold 506 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $84.09, for a total transaction of $42,549.54. Following the completion of the sale, the executive vice president directly owned 36,313 shares in the company, valued at $3,053,560.17. This represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 14,508 shares of company stock worth $1,215,250 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Sysco Stock Performance

Shares of SYY opened at $83.50 on Wednesday. Sysco Corporation has a 1 year low of $68.19 and a 1 year high of $91.85. The company’s 50 day simple moving average is $82.82 and its 200 day simple moving average is $80.61. The company has a debt-to-equity ratio of 4.62, a quick ratio of 0.77 and a current ratio of 1.28. The company has a market capitalization of $40.01 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 2.86 and a beta of 0.64.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The business had revenue of $22.12 billion during the quarter, compared to the consensus estimate of $21.95 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%.The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 earnings per share. Sysco has set its FY 2027 guidance at 5.025-5.117 EPS and its Q1 2027 guidance at 1.180-1.200 EPS. On average, sell-side analysts predict that Sysco Corporation will post 5.12 EPS for the current year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Friday, October 2nd will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.6%. Sysco’s payout ratio is currently 60.11%.

About Sysco

Sysco Corporation (NYSE: SYY) is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.