Kerusso Capital Management LLC Invests $1.22 Million in Sysco Co. (NYSE:SYY)

Kerusso Capital Management LLC purchased a new stake in shares of Sysco Co. (NYSE:SYY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,095 shares of the company’s stock, valued at approximately $1,220,000.

Several other institutional investors also recently added to or reduced their stakes in SYY. Custom Index Systems LLC bought a new position in shares of Sysco during the 2nd quarter valued at approximately $383,000. MainStreet Investment Advisors LLC bought a new position in Sysco during the second quarter valued at $2,060,000. Asset Dedication LLC increased its position in Sysco by 19.1% in the second quarter. Asset Dedication LLC now owns 1,307 shares of the company’s stock worth $93,000 after buying an additional 210 shares during the last quarter. Isthmus Partners LLC raised its stake in shares of Sysco by 0.9% in the second quarter. Isthmus Partners LLC now owns 147,790 shares of the company’s stock valued at $10,551,000 after buying an additional 1,266 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its position in shares of Sysco by 44.7% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 171,939 shares of the company’s stock valued at $12,275,000 after buying an additional 53,091 shares during the last quarter. Institutional investors own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Sysco from $87.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Bank of America dropped their price target on shares of Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Morgan Stanley reduced their price objective on shares of Sysco from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Truist Financial dropped their target price on Sysco from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Sysco from $90.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.27.

Sysco Price Performance

Sysco stock opened at $78.58 on Friday. The stock has a market cap of $39.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.05 and a beta of 1.20. The company has a quick ratio of 0.69, a current ratio of 1.20 and a debt-to-equity ratio of 6.19. The business has a 50-day simple moving average of $74.61 and a 200 day simple moving average of $75.81. Sysco Co. has a 52 week low of $62.24 and a 52 week high of $82.89.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. The company had revenue of $20.56 billion during the quarter, compared to analyst estimates of $20.51 billion. Sysco had a return on equity of 102.09% and a net margin of 2.48%. Sysco’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.34 earnings per share. On average, research analysts forecast that Sysco Co. will post 4.6 earnings per share for the current fiscal year.

Sysco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, October 4th. Sysco’s dividend payout ratio is currently 49.76%.

About Sysco

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.