Kornitzer Capital Management Inc. KS Sells 10,332 Shares of Sysco Corporation (NYSE:SYY)

Kornitzer Capital Management Inc. KS lowered its stake in Sysco Corporation (NYSE:SYY - Free Report) by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 176,174 shares of the company's stock after selling 10,332 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Sysco were worth $13,220,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Sysco by 12.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock valued at $217,000 after acquiring an additional 324 shares during the period. Farther Finance Advisors LLC raised its holdings in Sysco by 18.6% during the 4th quarter. Farther Finance Advisors LLC now owns 4,204 shares of the company's stock worth $321,000 after purchasing an additional 660 shares during the last quarter. Choate Investment Advisors lifted its position in Sysco by 7.8% during the 4th quarter. Choate Investment Advisors now owns 4,947 shares of the company's stock valued at $378,000 after purchasing an additional 358 shares during the period. one8zero8 LLC bought a new position in shares of Sysco in the 4th quarter valued at about $216,000. Finally, Envestnet Portfolio Solutions Inc. grew its position in shares of Sysco by 13.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 76,013 shares of the company's stock worth $5,812,000 after buying an additional 9,269 shares during the period. Institutional investors own 83.41% of the company's stock.

Insider Transactions at Sysco

In other news, Director Sheila Talton sold 356 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the sale, the director directly owned 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.54% of the company's stock.

Sysco Stock Up 1.2%

Shares of NYSE SYY traded up $0.91 during mid-day trading on Wednesday, reaching $77.28. 2,844,648 shares of the company's stock were exchanged, compared to its average volume of 3,243,862. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 6.37. The firm has a market capitalization of $37.46 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 2.30 and a beta of 0.81. The business has a fifty day simple moving average of $74.30 and a 200 day simple moving average of $73.29.

Sysco (NYSE:SYY - Get Free Report) last announced 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). The company had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $0.96 earnings per share. As a group, equities analysts expect that Sysco Corporation 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. Investors of record on Thursday, July 3rd will be given a $0.54 dividend. This is a boost from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's payout ratio is currently 55.96%.

Analysts Set New Price Targets

Several brokerages recently weighed in on SYY. Citigroup began coverage on shares of Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective on the stock. JPMorgan Chase & Co. increased their price target on Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. BMO Capital Markets decreased their price objective on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Morgan Stanley increased their target price on Sysco from $72.00 to $77.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Wall Street Zen cut Sysco from a "buy" rating to a "hold" rating in a report on Sunday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $82.77.

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.