M&T Bank Corp Has $15.15 Million Stock Holdings in Sysco Corporation (NYSE:SYY)

M&T Bank Corp trimmed its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 22.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,871 shares of the company's stock after selling 57,028 shares during the period. 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.

Several other hedge funds and other institutional investors have also modified their holdings of SYY. 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 buying an additional 217 shares during the last quarter. Parvin Asset Management LLC acquired a new position in Sysco during the fourth quarter worth $29,000. Flagship Wealth Advisors LLC acquired a new position in Sysco during the fourth quarter worth $31,000. Golden State Wealth Management LLC increased its position in Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock worth $32,000 after buying an additional 140 shares during the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in Sysco during the fourth quarter worth $34,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Price Performance

SYY traded down $0.66 during midday trading on Friday, reaching $76.80. 3,049,106 shares of the company's stock were exchanged, compared to its average volume of 3,242,861. Sysco Corporation has a one year low of $67.12 and a one year high of $82.23. The business has a 50-day simple moving average of $73.90 and a two-hundred day simple moving average of $73.27. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 6.37. The firm has a market capitalization of $37.23 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 2.32 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last posted its 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 firm had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter last year, the firm posted $0.96 EPS. The business's revenue was up 1.1% on a year-over-year basis. As a group, research analysts predict that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Increases Dividend

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

Insider Activity

In related news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the transaction, the director owned 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 document filed with the SEC, which is available at the SEC website. Company insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SYY. UBS Group lowered their price target on Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. BMO Capital Markets lowered their price target on Sysco from $82.00 to $77.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen raised Sysco from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Citigroup started coverage on Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Sysco has a consensus rating of "Moderate Buy" and a consensus 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.