Cullen Frost Bankers Inc. has increased its investment in Sysco Corporation (NYSE:SYY) by 14.3% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission, the institutional investor now holds a total of 10,091 shares of Sysco stock after acquiring an additional 1,260 shares. This investment is valued at approximately $764,000.
Several other institutional investors have also adjusted their holdings in Sysco recently. Chung Wu Investment Group LLC entered a new position valued at about $30,000, while Golden State Wealth Management LLC expanded its stake by 48.4% during the first quarter, now owning 429 shares worth $32,000. Additional new positions were taken by N.E.W. Advisory Services LLC, 1248 Management LLC, and Cheviot Value Management LLC, with investments ranging from $33,000 to $35,000. Notably, hedge funds and other institutional investors collectively own 83.41% of Sysco’s stock.
Sysco’s stock experienced a decline of 1.2% on the trading day, opening at $77.30. The company has a 50-day simple moving average of $80.53 and a two-hundred day moving average of $76.78. Sysco’s market capitalization stands at $36.99 billion, with a price-to-earnings (P/E) ratio of 20.72 and a beta value of 0.82. Over the past year, the stock has fluctuated between a low of $67.12 and a high of $83.47.
Dividend Announcement and Insider Activity
In a recent development, Sysco declared a quarterly dividend of $0.54 per share, which was disbursed on October 24, 2023, to shareholders recorded on October 3. This dividend translates to an annualized total of $2.16 and represents a yield of 2.8%. Sysco’s current payout ratio is 57.91%.
In related news, EVP Ronald L. Phillips sold 961 shares of Sysco stock on September 11, 2023, at an average price of $81.00, totaling $77,841.00. Following this transaction, Phillips holds 41,501 shares, valued at approximately $3,361,581. Insiders have collectively sold 14,732 shares worth $1,193,245 over the past ninety days, with insiders owning 0.56% of Sysco’s stock.
Analyst Ratings and Future Outlook
Sysco has garnered attention from multiple financial analysts recently. Wells Fargo & Company set a price target of $88.00 for the stock, assigning an “overweight” rating. Bank of America revised its target from $81.00 to $93.00, also rating it as a “buy.” Morgan Stanley and Barclays have set similar targets of $88.00 and $82.00, respectively. In contrast, Wall Street Zen downgraded Sysco from a “buy” to a “hold” rating.
Currently, ten research analysts have rated Sysco as a “buy,” while five have given it a “hold” rating. According to data from MarketBeat.com, the stock holds a consensus rating of “Moderate Buy” with an average price target of $87.00.
Sysco Corporation, through its subsidiaries, is involved in the marketing and distribution of various food and related products to the foodservice industry across the United States, Canada, the United Kingdom, France, and other international markets. The company operates through segments including U.S. Foodservice Operations and International Foodservice Operations, among others.
