The Police & Firemen’s Retirement System of New Jersey has increased its investment in Sysco Corporation, raising its stake by 2.9% during the second quarter of 2023. The retirement system now holds 73,522 shares of Sysco, valued at approximately $5.57 million, following the acquisition of an additional 2,100 shares, according to a recent filing with the Securities and Exchange Commission.
Several other institutional investors have also altered their positions in Sysco, which trades on the New York Stock Exchange under the ticker symbol SYY. Notably, Boyd Watterson Asset Management LLC significantly increased its stake by 106.4% in the first quarter, acquiring 1,622 shares for a total of $236,000. Similarly, Salvus Wealth Management LLC purchased a new stake worth $329,000 in the second quarter.
Market Performance and Dividend Announcement
As of the latest trading session, Sysco’s stock opened at $74.66. The company has experienced fluctuations, with a 12-month low of $67.12 and a high of $83.47. Sysco boasts a market capitalization of $35.75 billion, a P/E ratio of 20.02, and a beta of 0.79. The company also announced a quarterly dividend of $0.54 per share, which will be distributed on January 23, 2024, to shareholders of record as of January 2, 2024. This dividend represents an annualized total of $2.16, yielding 2.9%.
Insider Transactions and Analyst Ratings
In related news, Sysco’s Executive Vice President, Ronald L. Phillips, sold 7,351 shares at an average price of $81.00, totaling approximately $595,431. This transaction reduced his ownership by 14.94%, leaving him with 41,837 shares valued at around $3.39 million.
Analysts have provided various outlooks on Sysco’s stock performance. UBS Group has set a target price of $90.00, while Bank of America raised its target from $81.00 to $93.00 with a “buy” rating. Currently, nine analysts have assigned a “buy” rating to the stock, and six have issued a “hold” rating, leading to an average rating of “Moderate Buy” with a consensus target price of $87.00, according to data from MarketBeat.com.
As Sysco continues to expand its market presence and attract investor interest, the landscape of institutional ownership remains robust, with 83.41% of the stock held by institutional investors and hedge funds.
