Sysco Co. (NYSE:SYY) Sees Large Decline in Short Interest


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Sysco Co. (NYSE:SYY) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 4,770,000 shares, a drop of 19.3% from the March 31st total of 5,910,000 shares. Based on an average trading volume of 2,200,000 shares, the short-interest ratio is presently 2.2 days. Currently, 0.9% of the company’s stock are short sold.

NYSE SYY traded down $0.86 on Tuesday, reaching $83.18. The stock had a trading volume of 3,142,680 shares, compared to its average volume of 2,265,460. The company has a quick ratio of 1.30, a current ratio of 1.73 and a debt-to-equity ratio of 9.56. The stock has a fifty day moving average price of $80.83 and a two-hundred day moving average price of $74.96. Sysco has a 12-month low of $44.17 and a 12-month high of $85.15. The firm has a market capitalization of $42.46 billion, a price-to-earnings ratio of -1,188.12, a P/E/G ratio of 3.79 and a beta of 1.38.

Sysco (NYSE:SYY) last posted its quarterly earnings data on Tuesday, May 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The firm had revenue of $11.82 billion for the quarter, compared to the consensus estimate of $12.02 billion. Sysco had a positive return on equity of 39.64% and a negative net margin of 0.04%. The company’s quarterly revenue was down 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. Sell-side analysts forecast that Sysco will post 1.83 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 23rd. Shareholders of record on Thursday, April 1st were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, March 31st. This represents a $1.80 annualized dividend and a yield of 2.16%. Sysco’s dividend payout ratio (DPR) is 89.55%.

Several research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Sysco from $76.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Monday, April 19th. Piper Sandler increased their price objective on Sysco from $82.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, March 18th. Wells Fargo & Company lifted their target price on Sysco from $89.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday. Zacks Investment Research cut shares of Sysco from a “hold” rating to a “sell” rating and set a $77.00 price objective for the company. in a research note on Wednesday, February 3rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Sysco from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, April 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $80.22.

A number of hedge funds have recently bought and sold shares of SYY. JPMorgan Chase & Co. raised its holdings in shares of Sysco by 31.3% in the 4th quarter. JPMorgan Chase & Co. now owns 13,829,373 shares of the company’s stock valued at $1,026,969,000 after purchasing an additional 3,299,518 shares in the last quarter. Norges Bank acquired a new position in Sysco in the fourth quarter valued at approximately $351,055,000. Victory Capital Management Inc. increased its stake in Sysco by 2.4% in the first quarter. Victory Capital Management Inc. now owns 4,608,936 shares of the company’s stock valued at $362,907,000 after purchasing an additional 106,167 shares during the last quarter. Lazard Asset Management LLC lifted its position in Sysco by 41,835.4% in the fourth quarter. Lazard Asset Management LLC now owns 3,984,284 shares of the company’s stock valued at $295,872,000 after acquiring an additional 3,974,783 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Sysco by 53.7% in the fourth quarter. Morgan Stanley now owns 3,082,937 shares of the company’s stock valued at $228,939,000 after acquiring an additional 1,076,821 shares in the last quarter. 81.02% of the stock is currently owned by institutional investors.

About Sysco

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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