Fifth Third Bancorp Sells 44,641 Shares of Sysco Co. (NYSE:SYY)

Fifth Third Bancorp trimmed its position in Sysco Co. (NYSE:SYY - Free Report) by 16.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,309 shares of the company's stock after selling 44,641 shares during the quarter. Fifth Third Bancorp's holdings in Sysco were worth $16,757,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC increased its position in 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 acquiring an additional 217 shares during the period. Parvin Asset Management LLC bought a new position in shares of Sysco during the fourth quarter worth approximately $29,000. Stonebridge Financial Group LLC bought a new position in shares of Sysco during the fourth quarter worth approximately $31,000. Sherman Asset Management Inc. acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $31,000. Finally, Flagship Wealth Advisors LLC bought a new stake in shares of Sysco in the fourth quarter valued at approximately $31,000. Institutional investors own 83.41% of the company's stock.

Sysco Price Performance

Shares of NYSE SYY traded down $1.15 during mid-day trading on Friday, hitting $74.24. 2,255,195 shares of the stock traded hands, compared to its average volume of 3,330,001. The company has a market cap of $35.99 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 1.88 and a beta of 0.81. Sysco Co. has a twelve month low of $67.12 and a twelve month high of $82.23. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. The firm has a 50 day simple moving average of $71.85 and a two-hundred day simple moving average of $73.70.

Sysco (NYSE:SYY - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 106.30% and a net margin of 2.40%. The business had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm's quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts forecast that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.91%. This is an increase from Sysco's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's dividend payout ratio (DPR) is 55.96%.

Insider Activity at Sysco

In related 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 now owns 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SYY shares. BMO Capital Markets lowered their price objective on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company decreased their price target on Sysco from $87.00 to $80.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Barclays cut their price objective on shares of Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Finally, Citigroup assumed coverage on shares of Sysco in a research report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $83.00.

Sysco 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.