Kayne Anderson Rudnick Investment Management LLC Cuts Stock Position in Sysco Corporation $SYY

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its holdings in Sysco Corporation by 22.1%, selling nearly 10,000 shares during the first quarter.
• Other institutional investors, such as Boston Partners and Canoe Financial LP, significantly increased their stakes in Sysco, with the latter raising its holdings by over 29,610%.
• Sysco recently announced a quarterly dividend of $0.54, contributing to an annualized yield of 2.7%, with a planned payment date of October 24th.

Kayne Anderson Rudnick Investment Management LLC reduced its position in Sysco Corporation (NYSE:SYY - Free Report) by 22.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,812 shares of the company's stock after selling 9,902 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Sysco were worth $2,612,000 at the end of the most recent quarter.

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

Insider Activity

In other news, EVP Greg D. Bertrand sold 40,000 shares of Sysco 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 completion of the transaction, the executive vice president directly owned 56,304 shares of the company's stock, valued at approximately $4,504,320. The trade was a 41.54% decrease in their position. The transaction was disclosed in a 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 shares were sold at an average price of $81.00, for a total transaction of $3,046,086.00. Following the completion of the transaction, the executive vice president directly owned 30,235 shares of the company's stock, valued at $2,449,035. This trade represents a 55.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,026 shares of company stock valued at $6,766,059 over the last ninety days. Company insiders own 0.54% of the company's stock.

Sysco Trading Down 1.2%

NYSE SYY opened at $79.3370 on Tuesday. Sysco Corporation has a one year low of $67.12 and a one year high of $82.64. The company has a 50-day simple moving average of $78.23 and a 200-day simple moving average of $74.49. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. The firm has a market capitalization of $38.46 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83.

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

Sysco Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SYY. UBS Group set a $90.00 price target on Sysco in a report on Wednesday, July 30th. Truist Financial raised their price objective on shares of Sysco from $81.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Barclays raised their price objective on shares of Sysco from $77.00 to $82.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Bank of America raised their price objective on shares of Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company set a $88.00 price objective on shares of Sysco and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $85.69.

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.