Allspring Global Investments Holdings LLC Sells 11,456 Shares of Sysco Corporation (NYSE:SYY)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 2.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 407,780 shares of the company's stock after selling 11,456 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.08% of Sysco worth $30,755,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SYY. NorthCrest Asset Manangement LLC boosted its holdings in shares of Sysco by 4.9% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock worth $226,000 after acquiring an additional 139 shares during the period. Golden State Wealth Management LLC grew its stake in Sysco by 48.4% in the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after buying an additional 140 shares in the last quarter. MV Capital Management Inc. increased its stake in Sysco by 0.4% in the fourth quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock valued at $2,625,000 after acquiring an additional 144 shares during the last quarter. Morton Community Bank raised its holdings in shares of Sysco by 0.4% during the 4th quarter. Morton Community Bank now owns 40,585 shares of the company's stock valued at $3,103,000 after buying an additional 145 shares in the last quarter. Finally, Nemes Rush Group LLC raised its stake in shares of Sysco by 5.9% during the fourth quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock worth $201,000 after acquiring an additional 147 shares in the last quarter. Institutional investors own 83.41% of the company's stock.

Insider Activity

In other Sysco news, Director Sheila Talton sold 356 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the transaction, the director owned 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SYY. JPMorgan Chase & Co. increased their target price on Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a report on Tuesday, May 20th. UBS Group reduced their target price on Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. BMO Capital Markets decreased their price target on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Barclays lowered their price objective on Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Finally, Wall Street Zen cut shares of Sysco from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 20th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $83.00.

Sysco Price Performance

Shares of Sysco stock traded up $0.31 during trading hours on Wednesday, hitting $77.67. The company's stock had a trading volume of 2,768,773 shares, compared to its average volume of 3,234,917. The company has a market cap of $37.65 billion, a PE ratio of 20.12, a PEG ratio of 2.33 and a beta of 0.81. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The business has a 50 day moving average price of $72.97 and a two-hundred day moving average price of $73.30. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). The firm had revenue of $19.60 billion for the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The company's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 EPS. Analysts expect that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be issued a $0.54 dividend. This is an increase from Sysco's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.78%. Sysco's dividend payout ratio (DPR) is presently 52.85%.

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.