Bank of New York Mellon Corp Has $388.63 Million Holdings in Sysco Corporation (NYSE:SYY)

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

Several other hedge funds have also modified their holdings of the company. VELA Investment Management LLC increased its holdings in shares of Sysco by 39.5% during the 1st quarter. VELA Investment Management LLC now owns 84,641 shares of the company's stock valued at $6,351,000 after purchasing an additional 23,971 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in shares of Sysco by 11.6% during the 1st quarter. IFM Investors Pty Ltd now owns 98,361 shares of the company's stock worth $7,678,000 after acquiring an additional 10,234 shares during the period. OneDigital Investment Advisors LLC raised its holdings in Sysco by 0.9% in the 1st quarter. OneDigital Investment Advisors LLC now owns 29,901 shares of the company's stock valued at $2,244,000 after buying an additional 278 shares during the period. Calamos Advisors LLC raised its holdings in Sysco by 1.1% in the 1st quarter. Calamos Advisors LLC now owns 161,669 shares of the company's stock valued at $12,132,000 after buying an additional 1,801 shares during the period. Finally, Checchi Capital Advisers LLC increased its stake in Sysco by 3.0% during the first quarter. Checchi Capital Advisers LLC now owns 6,361 shares of the company's stock worth $477,000 after purchasing an additional 186 shares during the period. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Sheila Talton sold 356 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the sale, the director owned 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 filing with the SEC, which can be accessed through this link. Insiders own 0.54% of the company's stock.

Sysco Trading Up 1.5%

Shares of NYSE:SYY traded up $1.14 during midday trading on Thursday, hitting $77.47. The company had a trading volume of 2,435,047 shares, compared to its average volume of 3,234,184. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 6.37. The stock has a market cap of $37.55 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 2.31 and a beta of 0.81. The firm has a fifty day simple moving average of $73.63 and a 200 day simple moving average of $73.30.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts predict that Sysco Corporation 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. Stockholders of record on Thursday, July 3rd will be given 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 dividend yield of 2.79%. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's dividend payout ratio (DPR) is currently 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.