Equitable Holdings Inc. Acquires Shares of 7,405 Sysco Corporation $SYY

Equitable Holdings Inc. bought a new stake in Sysco Corporation (NYSE:SYY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,405 shares of the company’s stock, valued at approximately $619,000.

Several other institutional investors have also recently made changes to their positions in SYY. BlackRock Inc. purchased a new position in shares of Sysco during the 2nd quarter worth about $3,596,356,000. State Street Corp raised its position in Sysco by 0.9% in the 3rd quarter. State Street Corp now owns 26,669,576 shares of the company’s stock worth $2,195,973,000 after purchasing an additional 246,542 shares during the period. Geode Capital Management LLC lifted its stake in Sysco by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 12,728,692 shares of the company’s stock worth $934,391,000 after purchasing an additional 131,659 shares during the last quarter. Norges Bank bought a new stake in Sysco in the fourth quarter worth about $542,780,000. Finally, Morgan Stanley boosted its position in shares of Sysco by 9.0% during the fourth quarter. Morgan Stanley now owns 6,058,405 shares of the company’s stock valued at $446,444,000 after buying an additional 500,881 shares during the period. Institutional investors own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SYY shares. UBS Group upped their target price on Sysco from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Citigroup boosted their price objective on Sysco from $82.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Piper Sandler upped their price objective on Sysco from $77.00 to $84.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded Sysco from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Melius Research downgraded Sysco from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Sysco currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

Sysco Stock Performance

Shares of NYSE:SYY opened at $81.95 on Friday. The firm has a market cap of $39.26 billion, a PE ratio of 22.39, a price-to-earnings-growth ratio of 2.80 and a beta of 0.64. The firm’s 50 day simple moving average is $83.05 and its 200-day simple moving average is $80.59. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85. The company has a debt-to-equity ratio of 4.62, a quick ratio of 0.77 and a current ratio of 1.28.

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

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, October 2nd. Sysco’s dividend payout ratio is presently 60.11%.

Insider Buying and Selling

In other news, EVP Ronald L. Phillips sold 7,350 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $83.61, for a total value of $614,533.50. Following the completion of the sale, the executive vice president owned 38,650 shares in the company, valued at approximately $3,231,526.50. The trade was a 15.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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. Over the last quarter, insiders have sold 14,508 shares of company stock worth $1,215,250. Company insiders own 0.56% of the company’s stock.

Sysco Profile

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.