The Police & Firemen’s Retirement System of New Jersey has increased its investment in Sysco Corporation (NYSE: SYY) by 2.9%, now holding a total of $5.57 million in shares. This adjustment was revealed in the fund’s latest 13F filing with the Securities and Exchange Commission, indicating a purchase of an additional 2,100 shares during the second quarter. The retirement system’s holdings now comprise 73,522 shares of Sysco stock.
Several other investment firms have also modified their stakes in Sysco, reflecting a growing interest in the food distribution company. Notably, Boyd Watterson Asset Management LLC OH raised its position by an impressive 106.4% during the first quarter, now owning 3,147 shares valued at approximately $236,000. In the second quarter, Salvus Wealth Management LLC acquired a new stake worth $329,000, while Gradient Investments LLC increased its holdings by 9.2%, now possessing 189,169 shares valued at $14.33 million.
Another significant move came from Brighton Jones LLC, which expanded its position by 4.3%, resulting in ownership of 90,338 shares worth $6.84 million. Beacon Financial Group also increased its stake by 55.5%, now holding 9,955 shares valued at $754,000. Collectively, institutional investors and hedge funds own approximately 83.41% of Sysco’s stock.
Stock Performance and Dividend Announcement
As of Friday, Sysco shares opened at $74.66. The company’s performance shows a 50-day moving average price of $78.80 and a two-hundred day moving average price of $77.18. Over the past year, Sysco’s stock has fluctuated, reaching a low of $67.12 and a high of $83.47. With a market capitalization of $35.75 billion, Sysco boasts a price-to-earnings (P/E) ratio of 20.02 and a P/E growth (P/E/G) ratio of 2.19, alongside a beta of 0.79.
Sysco recently announced a quarterly dividend of $0.54 per share, set to be paid on January 23, 2024. Shareholders on record as of January 2, 2024, will be eligible for this dividend, which represents an annualized amount of $2.16 and a yield of 2.9%. The company’s current dividend payout ratio stands at 57.91%.
In other news, executive vice president Ronald L. Phillips sold 7,351 shares at an average price of $81.00 on September 2. The sale resulted in a total transaction value of $595,431. Following this transaction, Phillips retains 41,837 shares of Sysco, valued at approximately $3.39 million. This transaction reflects a 14.94% decrease in his ownership of the stock, which has been disclosed in filings with the Securities and Exchange Commission.
Analyst Ratings and Future Outlook
Several financial institutions have recently provided their assessments of Sysco’s stock. UBS Group has set a price target of $90.00, while Guggenheim raised its target from $87.00 to $89.00, maintaining a “buy” rating. Barclays also increased its target from $82.00 to $86.00 and rated the stock as “overweight.”
Bank of America upped its price objective from $81.00 to $93.00, reinforcing a “buy” rating. Currently, nine analysts recommend buying Sysco stock, while six suggest holding it. According to data from MarketBeat.com, the average rating for Sysco is “Moderate Buy,” with a consensus target price of $87.00.
Sysco Corporation, through its subsidiaries, specializes in marketing and distributing various food and related products primarily to the foodservice industry across the United States, Canada, the United Kingdom, France, and other international markets. The company operates through segments including U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and others.
For those interested in monitoring further developments, details on hedge fund activities and insider trades concerning Sysco can be accessed through specialized financial news platforms.
