Plimoth Trust Co. LLC has significantly reduced its holdings in Sysco Corporation (NYSE: SYY) by 34.2% during the third quarter of 2023. According to a report from HoldingsChannel.com, the fund now owns 13,007 shares after selling 6,751 shares during this period. As of its latest filing with the U.S. Securities and Exchange Commission, Plimoth Trust’s stake in Sysco is valued at approximately $1,071,000.
Several other institutional investors have also adjusted their positions in Sysco. Notably, Norges Bank acquired a new stake in the company during the second quarter, valued at around $493,686,000. Vanguard Group Inc. increased its holdings by 2.0% in the same quarter, bringing its total to 62,691,177 shares, worth about $4,748,230,000. Meanwhile, Amundi raised its stake by 36.5% during the first quarter, resulting in 3,725,508 shares valued at $280,941,000.
Other notable transactions include Marshall Wace LLP’s substantial increase of 207.6% in its shares, now totaling 1,164,656 shares valued at $88,211,000. Similarly, Arrowstreet Capital Limited Partnership boosted its position by 143.2%, now holding 1,215,260 shares worth $92,044,000. Currently, institutional investors and hedge funds own 83.41% of Sysco’s stock.
Sysco’s Current Market Position
On the trading front, Sysco’s shares opened at $74.21 on Monday, reflecting a 0.1% decrease in value. The company has a market capitalization of $35.53 billion and a price-to-earnings (P/E) ratio of 19.89. Sysco’s stock has fluctuated between a one-year low of $67.12 and a high of $83.47. Its fifty-day moving average is $75.11, while the two-hundred day moving average stands at $77.79.
The company has also announced a quarterly dividend of $0.54, set to be paid on January 23, 2024. Shareholders on record as of January 2, 2024 will receive this dividend, marking an annualized total of $2.16 and a dividend yield of 2.9%. Sysco’s payout ratio currently sits at 57.91%.
Analyst Ratings and Outlook
Analyst coverage of Sysco offers a mixed perspective. Weiss Ratings reiterated a “hold (C+)” rating on December 22, 2023. Morgan Stanley set a target price of $88.00 on the shares, while Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on October 25, 2023. Sanford C. Bernstein initiated coverage with a “market perform” rating and a target price of $83.00. Most recently, Barclays raised its target price from $82.00 to $86.00, maintaining an “overweight” rating.
Currently, eight research analysts rate Sysco with a Buy rating, while five have assigned a Hold rating. According to MarketBeat, the consensus rating stands at “Moderate Buy,” with an average target price of $85.92.
Sysco Corporation, headquartered in Houston, Texas, is a prominent player in the global foodservice distribution sector. Established in 1969, the company provides a wide range of food and related products to various sectors, including restaurants, healthcare facilities, and educational institutions. Sysco’s operations cover the procurement, warehousing, and distribution of food products, alongside non-food items, making it a comprehensive supplier for foodservice operators of all sizes.
