Sysco Co. (NYSE:SYY) Shares Sold by Meyer Handelman Co.

Meyer Handelman Co. lessened its position in Sysco Co. (NYSE:SYY - Free Report) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 496,274 shares of the company's stock after selling 7,430 shares during the period. Sysco comprises 1.3% of Meyer Handelman Co.'s portfolio, making the stock its 22nd largest holding. Meyer Handelman Co. owned approximately 0.10% of Sysco worth $37,240,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SYY. Boston Partners increased its position in Sysco by 143.7% during the fourth quarter. Boston Partners now owns 12,184,114 shares of the company's stock worth $930,296,000 after purchasing an additional 7,184,754 shares during the last quarter. Norges Bank acquired a new position in Sysco during the fourth quarter worth approximately $450,441,000. Capital Research Global Investors increased its position in Sysco by 27.3% during the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock worth $687,488,000 after purchasing an additional 1,928,002 shares during the last quarter. Mondrian Investment Partners LTD acquired a new position in Sysco during the fourth quarter worth approximately $123,928,000. Finally, Raymond James Financial Inc. acquired a new position in Sysco during the fourth quarter worth approximately $97,078,000. Institutional investors and hedge funds own 83.41% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SYY shares. Barclays decreased their price objective on shares of Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Citigroup started coverage on shares of Sysco in a research note on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective for the company. Wells Fargo & Company decreased their price objective 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. BMO Capital Markets decreased their price objective on shares of Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Wall Street Zen downgraded shares of Sysco from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Four equities research 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.com, Sysco presently has an average rating of "Moderate Buy" and a consensus target price of $83.00.

Insiders Place Their Bets

In related news, Director Sheila Talton sold 356 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the sale, the director now owns 12,738 shares of the company's stock, valued at $902,359.92. This represents a 2.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.54% of the stock is owned by corporate insiders.

Sysco Stock Up 0.8%

NYSE SYY traded up $0.60 during trading hours on Tuesday, reaching $73.66. 2,655,086 shares of the company traded hands, compared to its average volume of 3,329,730. Sysco Co. has a 12 month low of $67.12 and a 12 month high of $82.23. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. The stock has a market capitalization of $35.71 billion, a PE ratio of 18.94, a PEG ratio of 1.88 and a beta of 0.80. The company has a 50 day moving average of $71.74 and a two-hundred day moving average of $73.72.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.06). Sysco had a net margin of 2.40% and a return on equity of 106.30%. The company had revenue of $19.60 billion for the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter last year, the company earned $0.96 earnings per share. The company's revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts expect that Sysco Co. will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The business also recently disclosed 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.93%. This is an increase from Sysco's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. Sysco's dividend payout ratio is 55.96%.

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.