Sysco Corporation (NYSE:SYY) Position Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 0.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,179,007 shares of the company's stock after selling 47,744 shares during the period. Bank of New York Mellon Corp owned approximately 1.06% of Sysco worth $388,633,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SYY. NorthCrest Asset Manangement LLC grew its holdings in shares of Sysco by 4.9% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock worth $226,000 after acquiring an additional 139 shares during the period. Golden State Wealth Management LLC grew its holdings in Sysco by 48.4% during the 1st 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. MV Capital Management Inc. grew its holdings in Sysco by 0.4% during the 4th quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock valued at $2,625,000 after buying an additional 144 shares during the last quarter. Morton Community Bank lifted its stake in shares of Sysco by 0.4% during the 4th quarter. Morton Community Bank now owns 40,585 shares of the company's stock worth $3,103,000 after purchasing an additional 145 shares during the period. Finally, Nemes Rush Group LLC lifted its stake in shares of Sysco by 5.9% during the 4th quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock worth $201,000 after purchasing an additional 147 shares during the period. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Stock Down 0.2%

Shares of Sysco stock traded down $0.14 during trading hours on Wednesday, hitting $76.39. 1,671,680 shares of the company's stock traded hands, compared to its average volume of 3,237,379. The stock has a 50 day simple moving average of $73.63 and a 200-day simple moving average of $73.30. 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 company has a market cap of $37.03 billion, a PE ratio of 19.79, a PEG ratio of 2.31 and a beta of 0.81. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23.

Sysco (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.06). The business had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The firm's revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 earnings per share. Equities research analysts anticipate that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be issued a $0.54 dividend. This is a positive change from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a yield of 2.83%. The ex-dividend date is Thursday, July 3rd. Sysco's payout ratio is currently 55.96%.

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 stock was sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the sale, the director directly owned 12,738 shares of the company's stock, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SYY has been the topic of several research reports. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Barclays cut their target price on Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. BMO Capital Markets cut their target price 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. Finally, Guggenheim reaffirmed a "buy" rating and issued a $82.00 target price on shares of Sysco in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.