Cullen Frost Bankers Inc. has increased its investment in Sysco Corporation (NYSE: SYY) by 14.3%, acquiring an additional 1,260 shares during the second quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC), Cullen Frost now holds 10,091 shares of Sysco, valued at approximately $764,000.
This move reflects a broader trend among institutional investors, many of whom have recently adjusted their positions in Sysco. Notably, Chung Wu Investment Group LLC entered a new position in the company, investing around $30,000 during the same quarter. Other firms, including Golden State Wealth Management LLC and N.E.W. Advisory Services LLC, have also increased their investments, showcasing the growing interest in Sysco’s stock.
Sysco’s Market Performance and Dividend Announcement
Sysco’s stock saw a slight decrease of 1.2% on Friday, opening at $77.30. The company has experienced a volatile year, with shares fluctuating between a one-year low of $67.12 and a one-year high of $83.47. Sysco currently boasts a market capitalization of $36.99 billion, a price-to-earnings (P/E) ratio of 20.72, and a price-to-earnings-growth (PEG) ratio of 2.41.
Recently, Sysco announced a quarterly dividend of $0.54 per share, which was paid on October 24, 2023. This dividend represents an annualized total of $2.16 and a yield of 2.8%. The company’s payout ratio stands at 57.91%, signaling a consistent commitment to returning value to shareholders.
Insider Trading and Analyst Ratings
In related news, Sysco’s Executive Vice President, Ronald L. Phillips, sold 961 shares on September 11, 2023, at an average price of $81.00, generating a total of $77,841.00. Following this transaction, Phillips retained 41,501 shares of Sysco, valued at approximately $3.36 million. Over the past ninety days, insiders have sold a total of 14,732 shares worth $1.19 million, with insiders now holding 0.56% of the company’s stock.
Sysco’s stock has also drawn attention from analysts, with numerous research reports recently released. Wells Fargo & Company set a price target of $88.00 and rated the stock as “overweight,” while Bank of America raised their target from $81.00 to $93.00 and assigned a “buy” rating. Currently, Sysco holds a consensus rating of “Moderate Buy” among analysts, with a price target averaging $87.00.
As Sysco continues to evolve in the competitive food distribution sector, its strategic moves and market performance will be closely monitored by both investors and analysts alike. The company operates internationally, providing a diverse range of food products and services to the foodservice industry across multiple countries.
