Eastern Bank Sells 3,807 Shares of Sysco Corporation $SYY

Key Points

• Eastern Bank reduced its stake in Sysco Corporation by 1.8%, selling 3,807 shares, and now holds 210,887 shares valued at approximately $15.97 million.
• Sysco reported a quarterly earnings per share (EPS) of $1.48, surpassing estimates, and guided for an EPS of $4.500-4.600 for FY 2026.
• The company declared a quarterly dividend of $0.54 per share, representing a 2.8% yield, with the payment date set for October 24th.

Eastern Bank cut its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 210,887 shares of the company's stock after selling 3,807 shares during the period. Eastern Bank's holdings in Sysco were worth $15,973,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Chung Wu Investment Group LLC bought a new stake in Sysco during the 2nd quarter valued at $30,000. Golden State Wealth Management LLC raised its position in Sysco by 48.4% during the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock valued at $32,000 after purchasing an additional 140 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in Sysco during the 1st quarter valued at $33,000. 1248 Management LLC bought a new position in shares of Sysco in the 1st quarter worth $35,000. Finally, Cheviot Value Management LLC bought a new position in shares of Sysco in the 1st quarter worth $34,000. 83.41% of the stock is owned by institutional investors.

Sysco Trading Up 0.5%

Shares of NYSE:SYY opened at $78.44 on Friday. The business's 50-day moving average is $80.81 and its 200 day moving average is $76.37. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $83.47. The firm has a market capitalization of $37.53 billion, a P/E ratio of 21.03, a P/E/G ratio of 2.42 and a beta of 0.82. 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 (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The company had revenue of $21.14 billion for the quarter, compared to analyst estimates of $21.01 billion. During the same period in the prior year, the company posted $1.39 EPS. The firm's quarterly 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. On average, research analysts predict that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, October 3rd. Sysco's payout ratio is presently 57.91%.

Wall Street Analyst Weigh In

Several research firms have recently commented on SYY. Wall Street Zen raised Sysco from a "hold" rating to a "buy" rating in a research report on Saturday. Truist Financial boosted their price target on Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Weiss Ratings lowered Sysco from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. Bank of America boosted their price target on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Finally, Wells Fargo & Company set a $88.00 price target on Sysco and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $85.85.

Insider Activity

In other Sysco news, EVP Ronald L. Phillips sold 961 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $81.00, for a total transaction of $77,841.00. Following the sale, the executive vice president owned 41,501 shares in the company, valued at approximately $3,361,581. The trade was a 2.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg D. Bertrand sold 40,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total value 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. The trade was a 41.54% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 92,338 shares of company stock worth $7,439,331. Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.