Comerica Bank Sells 13,388 Shares of Sysco Co. (NYSE:SYY)

Comerica Bank lessened its holdings in shares of Sysco Co. (NYSE:SYY - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,462 shares of the company's stock after selling 13,388 shares during the period. Comerica Bank's holdings in Sysco were worth $14,333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new stake in Sysco during the fourth quarter worth about $31,000. Sherman Asset Management Inc. bought a new stake in shares of Sysco in the 4th quarter worth approximately $31,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Sysco in the 4th quarter worth approximately $31,000. SRS Capital Advisors Inc. raised its stake in Sysco by 53.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock valued at $33,000 after buying an additional 149 shares during the last quarter. Finally, HHM Wealth Advisors LLC increased its holdings in shares of Sysco by 107.4% during the fourth quarter. HHM Wealth Advisors LLC now owns 620 shares of the company's stock valued at $47,000 after acquiring an additional 321 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com downgraded shares of Sysco from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 20th. Truist Financial decreased their price objective on shares of Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Guggenheim restated a "buy" rating and issued a $85.00 price target on shares of Sysco in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. dropped their price objective on Sysco from $86.00 to $82.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.38.

Sysco Stock Down 1.8 %

NYSE SYY opened at $70.14 on Friday. The stock's 50-day moving average price is $72.66 and its 200-day moving average price is $74.32. The company has a market capitalization of $34.31 billion, a P/E ratio of 18.03, a price-to-earnings-growth ratio of 1.88 and a beta of 0.91. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. Sysco Co. has a 52 week low of $67.12 and a 52 week high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 106.30% and a net margin of 2.40%. The firm had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same period in the prior year, the company posted $0.96 EPS. The company's quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts predict that Sysco Co. will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 3.08%. This is a boost from Sysco's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. Sysco's dividend payout ratio is 55.96%.

Sysco Profile

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.

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