M&T Bank Corp Reduces Holdings in Sysco Corporation (NYSE:SYY)

M&T Bank Corp lowered its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 22.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,871 shares of the company's stock after selling 57,028 shares during the quarter. M&T Bank Corp's holdings in Sysco were worth $15,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC boosted its position in Sysco by 188.7% during the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock valued at $25,000 after purchasing an additional 217 shares in the last quarter. Parvin Asset Management LLC bought a new stake in Sysco during the fourth quarter valued at about $29,000. Flagship Wealth Advisors LLC purchased a new stake in Sysco in the fourth quarter valued at about $31,000. Golden State Wealth Management LLC raised its stake in Sysco by 48.4% in the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock valued at $32,000 after buying an additional 140 shares during the last quarter. Finally, Capital A Wealth Management LLC purchased a new stake in Sysco in the fourth quarter valued at about $34,000. Institutional investors own 83.41% of the company's stock.

Insider Transactions at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director directly owned 12,738 shares of the company's stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SYY. Wells Fargo & Company decreased their price target on Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. BMO Capital Markets decreased their price target on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. UBS Group decreased their price target on Sysco from $86.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Guggenheim reiterated a "buy" rating and issued a $82.00 price target on shares of Sysco in a research note on Tuesday. Finally, Citigroup assumed coverage on Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Sysco has a consensus rating of "Moderate Buy" and a consensus price target of $82.77.

Sysco Stock Performance

SYY stock traded down $0.66 during trading on Friday, hitting $76.80. 3,049,106 shares of the company traded hands, compared to its average volume of 3,237,308. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $82.23. The company has a market cap of $37.23 billion, a PE ratio of 19.90, a P/E/G ratio of 2.33 and a beta of 0.81. The stock's 50-day simple moving average is $73.90 and its 200 day simple moving average is $73.30. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.26 and a quick ratio of 0.76.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). Sysco had a net margin of 2.36% and a return on equity of 107.96%. The company had revenue of $19.60 billion during the quarter, compared to analyst estimates of $20.11 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The company's revenue was up 1.1% compared to the same quarter last year. On average, equities analysts expect that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This is an increase from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a yield of 2.81%. Sysco's payout ratio is presently 55.96%.

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.