Corebridge Financial Inc. Reduces Stake in Sysco Corporation $SYY

Key Points

• Corebridge Financial Inc. reduced its stake in Sysco Corporation by **3.4%**, bringing its total holdings to **115,789 shares** worth approximately **$8.69 million**.
• Sysco has received multiple price target upgrades from analysts, with Bank of America raising its target from **$81.00 to $93.00**, while maintaining a "buy" rating.
• The company recently announced a quarterly dividend of **$0.54 per share**, with a **dividend yield of 2.7%** based on a **57.91%** payout ratio.

Corebridge Financial Inc. trimmed its stake in Sysco Corporation (NYSE:SYY - Free Report) by 3.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,789 shares of the company's stock after selling 4,034 shares during the period. Corebridge Financial Inc.'s holdings in Sysco were worth $8,689,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of Sysco by 1.0% in the 1st quarter. Invesco Ltd. now owns 17,070,502 shares of the company's stock worth $1,280,970,000 after purchasing an additional 162,961 shares in the last quarter. Boston Partners increased its stake in shares of Sysco by 24.8% in the 1st quarter. Boston Partners now owns 15,199,828 shares of the company's stock worth $1,139,798,000 after purchasing an additional 3,015,714 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Sysco by 2.0% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 7,353,551 shares of the company's stock worth $551,810,000 after purchasing an additional 146,573 shares in the last quarter. Northern Trust Corp increased its stake in shares of Sysco by 2.6% in the 1st quarter. Northern Trust Corp now owns 5,828,930 shares of the company's stock worth $437,403,000 after purchasing an additional 145,477 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Sysco by 19.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,695,636 shares of the company's stock worth $359,028,000 after purchasing an additional 777,271 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SYY has been the subject of a number of analyst reports. UBS Group set a $90.00 price target on Sysco in a research note on Wednesday, July 30th. Morgan Stanley increased their price target on Sysco from $72.00 to $77.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Wells Fargo & Company set a $88.00 price target on Sysco and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Truist Financial increased their price target on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, Guggenheim increased their price target on Sysco from $85.00 to $87.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.69.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of Sysco stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president owned 30,235 shares of the company's stock, valued at approximately $2,449,035. This represents a 55.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,026 shares of company stock valued at $6,766,059. Company insiders own 0.54% of the company's stock.

Sysco Price Performance

Shares of Sysco stock traded up $0.92 during trading on Friday, reaching $80.51. 2,139,636 shares of the stock traded hands, compared to its average volume of 3,015,121. The company has a market capitalization of $39.03 billion, a price-to-earnings ratio of 21.58, a P/E/G ratio of 2.49 and a beta of 0.80. The business has a fifty day simple moving average of $78.69 and a two-hundred day simple moving average of $74.73. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.70. Sysco Corporation has a 52-week low of $67.12 and a 52-week high of $82.64.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $21.14 billion during the quarter, compared to analyst estimates of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The business's quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. Sell-side analysts expect that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Friday, October 3rd will be given a dividend of $0.54 per share. The ex-dividend date is Friday, October 3rd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.7%. Sysco's dividend payout ratio (DPR) is presently 57.91%.

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.