Bridges Investment Management Inc. Reduces Stake in Sysco Corporation (NYSE:SYY)

Bridges Investment Management Inc. cut its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 14.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,448 shares of the company's stock after selling 4,105 shares during the quarter. Bridges Investment Management Inc.'s holdings in Sysco were worth $1,760,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC raised its position in shares of Sysco by 188.7% during the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after purchasing an additional 217 shares during the period. Parvin Asset Management LLC acquired a new position in shares of Sysco during the fourth quarter worth approximately $29,000. Flagship Wealth Advisors LLC acquired a new position in shares of Sysco during the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC raised its position in shares of Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after purchasing an additional 140 shares during the period. Finally, Capital A Wealth Management LLC acquired a new position in shares of Sysco during the fourth quarter worth approximately $34,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Stock Performance

NYSE:SYY traded down $0.66 during trading on Friday, reaching $76.80. The company's stock had a trading volume of 3,049,106 shares, compared to its average volume of 3,237,308. The firm has a market cap of $37.23 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth 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 firm has a 50 day moving average of $73.90 and a 200-day moving average 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 posted its quarterly 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). The firm had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The firm's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS. Research analysts expect that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.54 per share. 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 annualized dividend and a dividend yield of 2.81%. Sysco's dividend payout ratio is presently 55.96%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SYY. BMO Capital Markets lowered their target price on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Guggenheim reissued a "buy" rating and issued a $82.00 price target on shares of Sysco in a research report on Tuesday. JPMorgan Chase & Co. increased their price target on Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Citigroup initiated coverage on Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target for the company. Finally, Wall Street Zen raised Sysco from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $82.77.

Insider Buying and Selling at Sysco

In other news, Director Sheila Talton sold 356 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the transaction, the director owned 12,738 shares in the company, valued at approximately $902,359.92. This represents a 2.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.54% of the company's stock.

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.