Comerica Bank Lowers Stake in Sysco Corporation $SYY

Key Points

• Comerica Bank reduced its stake in Sysco Corporation by 12.0%, selling 22,567 shares, bringing its total holdings to 164,895 shares worth approximately $12.37 million.
• Sysco's stock received multiple target price adjustments from analysts, with BMO Capital Markets lowering it from $82.00 to $77.00, while Barclays and Guggenheim increased theirs to $82.00 and $87.00 respectively.
• The company recently announced a quarterly dividend of $0.54 per share, with the ex-dividend date set for October 3rd, representing an annualized yield of 2.7%.

Comerica Bank trimmed its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,895 shares of the company's stock after selling 22,567 shares during the period. Comerica Bank's holdings in Sysco were worth $12,374,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SYY. Boston Partners increased its stake in Sysco by 24.8% in the first quarter. Boston Partners now owns 15,199,828 shares of the company's stock valued at $1,139,798,000 after acquiring an additional 3,015,714 shares during the last quarter. Canoe Financial LP grew its stake in shares of Sysco by 29,610.4% during the first quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock worth $107,393,000 after buying an additional 1,426,332 shares during the last quarter. Nuveen LLC bought a new stake in shares of Sysco during the first quarter worth $85,341,000. Burgundy Asset Management Ltd. grew its stake in shares of Sysco by 251.6% during the fourth quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock worth $111,026,000 after buying an additional 1,039,088 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Sysco by 9,792.2% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock worth $74,978,000 after buying an additional 970,703 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Stock Up 1.2%

SYY stock traded up $0.92 during trading on Friday, reaching $80.51. The stock had a trading volume of 2,139,636 shares, compared to its average volume of 3,013,204. Sysco Corporation has a one year low of $67.12 and a one year high of $82.64. The company's 50 day moving average is $78.69 and its two-hundred day moving average is $74.70. The company has a market capitalization of $39.03 billion, a price-to-earnings ratio of 21.58, a P/E/G ratio of 2.47 and a beta of 0.83. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 6.75.

Sysco (NYSE:SYY - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.09. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The firm had revenue of $21.14 billion during the quarter, compared to the consensus estimate of $21.01 billion. During the same period in the prior year, the firm earned $1.39 EPS. The company's revenue was up 2.8% compared to the same quarter last year. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. Equities research analysts forecast that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be paid a $0.54 dividend. The ex-dividend date is Friday, October 3rd. This represents a $2.16 annualized dividend and a yield of 2.7%. Sysco's dividend payout ratio is currently 57.91%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Sysco from a "hold" rating to a "buy" rating in a research note on Saturday. Guggenheim boosted their price objective on shares of Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Truist Financial boosted their price objective on shares of Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. UBS Group set a $90.00 price objective on shares of Sysco in a research note on Wednesday, July 30th. Finally, Citigroup assumed coverage on shares of Sysco in a report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective on the stock. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Sysco has a consensus rating of "Moderate Buy" and a consensus price target of $85.69.

Insider Activity at Sysco

In other news, EVP Greg D. Bertrand sold 40,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the sale, the executive vice president owned 56,304 shares in the company, valued at approximately $4,504,320. This trade represents a 41.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Ronald L. Phillips sold 6,286 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $81.00, for a total transaction of $509,166.00. Following the sale, the executive vice president owned 34,404 shares in the company, valued at approximately $2,786,724. This trade represents a 15.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,026 shares of company stock worth $6,766,059 over the last quarter. Corporate insiders own 0.54% of the company's stock.

Sysco Company 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.