Allstate Corp Invests $1.12 Million in Sysco Co. (NYSE:SYY)

Allstate Corp bought a new stake in shares of Sysco Co. (NYSE:SYY) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 14,695 shares of the company’s stock, valued at approximately $1,124,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Sysco by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company’s stock valued at $4,703,775,000 after purchasing an additional 429,711 shares during the last quarter. State Street Corp grew its holdings in Sysco by 11.1% during the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after buying an additional 2,721,449 shares during the last quarter. Boston Partners grew its holdings in Sysco by 143.7% during the 4th quarter. Boston Partners now owns 12,184,114 shares of the company’s stock valued at $930,296,000 after buying an additional 7,184,754 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of Sysco by 7.8% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 7,206,978 shares of the company’s stock worth $551,046,000 after acquiring an additional 521,431 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Sysco in the fourth quarter valued at $450,441,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Truist Financial dropped their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Morgan Stanley lowered their price target on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Melius Research raised shares of Sysco to a “hold” rating in a research note on Wednesday, December 18th. Jefferies Financial Group lifted their target price on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. reduced their price target on Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $84.77.

Insider Activity at Sysco

In other news, EVP Greg D. Bertrand sold 48,027 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total value of $3,698,079.00. Following the completion of the sale, the executive vice president now owns 56,304 shares of the company’s stock, valued at $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.54% of the stock is owned by insiders.

Sysco Price Performance

SYY stock opened at $74.10 on Monday. The stock has a 50-day moving average price of $72.99 and a two-hundred day moving average price of $75.12. The company has a market cap of $36.25 billion, a PE ratio of 19.05, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. 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 Co. has a 12-month low of $69.03 and a 12-month high of $82.23.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, research analysts predict that Sysco Co. will post 4.58 EPS for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.75%. Sysco’s dividend payout ratio (DPR) is 52.44%.

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.