Connect with us

Hi, what are you looking for?

Business

City Holding Co. Reduces Stake in Sysco Corporation by 1.5%

City Holding Co. has reduced its stake in Sysco Corporation (NYSE:SYY) by 1.5%, selling 285 shares in the second quarter of 2023. The institutional investor now holds 18,455 shares valued at approximately $1.4 million following this transaction, as detailed in its recent Form 13F filing with the United States Securities and Exchange Commission.

Several institutional investors have also adjusted their positions in Sysco. Notably, Rialto Wealth Management LLC increased its holdings by an impressive 188.7% in the first quarter, acquiring an additional 217 shares to reach a total of 332 shares worth $25,000. Similarly, Golden State Wealth Management LLC raised its stake by 48.4%, owning 429 shares valued at $32,000 after purchasing 140 shares. Other firms that have made new investments in Sysco include N.E.W. Advisory Services LLC, which bought a position worth $33,000, and Cheviot Value Management LLC, which invested $34,000.

Currently, institutional investors collectively own 83.41% of Sysco’s stock, indicating strong institutional interest in the company.

Analyst Ratings and Stock Performance

Recent analyst assessments have provided insights into Sysco’s market position. UBS Group established a price target of $90.00 for Sysco shares, while Truist Financial raised its target from $81.00 to $90.00 and recommended a “buy” rating. Bank of America similarly increased its price objective from $81.00 to $93.00 with a “buy” rating. In contrast, Wall Street Zen downgraded Sysco from “buy” to “hold” status.

As it stands, ten analysts have rated Sysco with a “buy” rating and four have classified it as a “hold.” According to data from MarketBeat.com, Sysco currently enjoys a consensus rating of “Moderate Buy” with an average target price of $85.69.

On October 1, 2023, Sysco’s shares opened at $81.92. The company has recorded a debt-to-equity ratio of 6.75, a current ratio of 1.21, and a quick ratio of 0.70. Over the past year, the stock has fluctuated between a low of $67.12 and a high of $83.24.

Financial Results and Dividend Announcement

On July 29, 2023, Sysco announced its latest earnings report, revealing an earnings per share (EPS) of $1.48. This figure surpassed analysts’ expectations of $1.39 by $0.09. The company reported revenue of $21.14 billion, exceeding the anticipated $21.01 billion and reflecting a year-over-year revenue increase of 2.8%.

Looking ahead, Sysco has provided guidance for fiscal year 2026, projecting an EPS of between $4.500 and $4.600. Analysts collectively forecast an EPS of $4.58 for the current fiscal year.

In addition to its financial performance, Sysco announced a quarterly dividend to be paid on October 24, 2023. Shareholders of record by October 3, 2023 will receive a dividend of $0.54 per share, resulting in an annualized dividend of $2.16 and a yield of 2.6%.

Insider trading activity has also been notable. On July 22, 2023, Executive Vice President Greg D. Bertrand sold 40,000 shares for $3.2 million, decreasing his holdings by 41.54%. Additionally, EVP Ronald L. Phillips sold 37,606 shares for approximately $3.05 million, which represented a 55.43% reduction in his ownership.

Sysco Corporation operates as a leading distributor of food and related products to the foodservice industry across the United States, Canada, the United Kingdom, France, and beyond. Its business segments include U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and other divisions, further solidifying its presence in the global market.

For investors looking to track hedge fund activity related to Sysco, detailed filings and insider trades are available through platforms like HoldingsChannel.com.

You May Also Like

Technology

Tesla (TSLA) recently reported a year-over-year drop in second-quarter deliveries, yet the market responded with optimism, pushing the stock up by 5%. This unexpected...

Health

The All England Lawn Tennis Club in London experienced its hottest-ever opening day on Monday, as the prestigious Wimbledon tournament kicked off under unprecedented...

Technology

In a bold reimagining of the DC Universe, director James Gunn has introduced a significant narrative element in his latest film, which reveals that...

Science

Look out, daters: a new toxic relationship trend is sweeping through the romantic world, leaving many baffled and heartbroken. Known as “Banksying,” this phenomenon...

Technology

Former Speaker of the House Nancy Pelosi has recently made headlines with her latest investment in the tech sector. According to official filings, she...

Entertainment

Netflix’s eagerly anticipated talent competition Building the Band is set to premiere on July 9, promising an emotional journey for viewers. This series, centered...

Entertainment

A new documentary series titled “Animals on Drugs” is set to premiere on the Discovery Channel on July 28, 2023. The three-part series follows...

Technology

The answer to today’s NYT Wordle, dated August 8, 2025, is the verb IMBUE. This word, which means “to fill or saturate,” features three...

World

The first dose of the hepatitis B vaccine is recommended at birth, a practice that has come under scrutiny following recent comments by Health...

Sports

ZAGREB, Croatia — A concert by Marko Perkovic, a right-wing Croatian singer known for his controversial views, attracted tens of thousands of fans to...

Technology

The Evo 2025 tournament is set to take place from August 1 to August 3, 2025, showcasing some of the most popular fighting games...

Sports

As the summer of 2025 unfolds, the video game industry is set to deliver a diverse array of new releases that promise to captivate...

Politics

Billionaire hedge fund manager Bill Ackman faced significant backlash following his professional tennis debut at the Hall of Fame Open in Newport, Rhode Island,...

Lifestyle

The upcoming TRNSMT 2025 festival is set to take place from July 7 to July 9, 2025, at Glasgow Green, and organizers have released...

Business

Erin Dana Lichy, a prominent cast member of “Real Housewives of New York,” has officially settled into her dream home, a grand townhouse located...

Entertainment

While the echoes of Summer Game Fest 2025 and the Xbox Games Showcase still resonate, Xbox has already set its sights on the next...

Copyright © All rights reserved. This website provides general news and educational content for informational purposes only. While we strive for accuracy, we do not guarantee the completeness or reliability of the information presented. The content should not be considered professional advice of any kind. Readers are encouraged to verify facts and consult appropriate experts when needed. We are not responsible for any loss or inconvenience resulting from the use of information on this site.