Summit Global Investments Cuts Stock Position in Sysco Co. (NYSE:SYY)

Summit Global Investments reduced its stake in shares of Sysco Co. (NYSE:SYY - Free Report) by 20.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,471 shares of the company's stock after selling 11,515 shares during the quarter. Summit Global Investments' holdings in Sysco were worth $3,412,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Parvin Asset Management LLC acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $29,000. Stonebridge Financial Group LLC acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $31,000. Sherman Asset Management Inc. acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $31,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Sysco in the fourth quarter valued at approximately $31,000. Finally, SRS Capital Advisors Inc. grew its position in shares of Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock valued at $33,000 after purchasing an additional 149 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Sheila Talton sold 356 shares of the firm's stock in a transaction 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 transaction, the director now owns 12,738 shares of the company's stock, valued at approximately $902,359.92. This trade represents a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.54% of the stock is currently owned by insiders.

Sysco Trading Up 1.3%

NYSE:SYY traded up $0.92 during trading hours on Friday, reaching $72.99. 5,362,878 shares of the company were exchanged, compared to its average volume of 3,334,521. 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 market cap of $35.38 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 1.88 and a beta of 0.80. Sysco Co. has a 52-week low of $67.12 and a 52-week high of $82.23. The stock has a 50 day simple moving average of $71.73 and a 200 day simple moving average of $73.75.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). The company had revenue of $19.60 billion for the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a return on equity of 106.30% and a net margin of 2.40%. The business's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.96 EPS. As a group, analysts predict that Sysco Co. will post 4.58 EPS for the current 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 paid a dividend of $0.54 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a yield of 2.96%. This is an increase from Sysco's previous quarterly dividend of $0.51. Sysco's dividend payout ratio (DPR) is currently 55.96%.

Wall Street Analyst Weigh In

Several analysts have recently commented on SYY shares. Sanford C. Bernstein set a $87.00 price target on shares of Sysco and gave the company an "overweight" rating in a research report on Tuesday, April 22nd. Wells Fargo & Company lowered their price target on shares of Sysco from $87.00 to $80.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Barclays reduced their price objective on shares of Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. UBS Group reduced their price objective on shares of Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. upped 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. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.