Bank of New York Mellon Corp Sells 47,744 Shares of Sysco Corporation (NYSE:SYY)

Bank of New York Mellon Corp reduced its position in Sysco Corporation (NYSE:SYY - Free Report) by 0.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 approximately 1.06% of Sysco worth $388,633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in SYY. Rialto Wealth Management LLC lifted its position in shares of 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 acquiring an additional 217 shares in the last quarter. Parvin Asset Management LLC purchased a new stake in shares of Sysco in the fourth quarter worth $29,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Sysco in the fourth quarter worth $31,000. Golden State Wealth Management LLC raised its position in shares of Sysco by 48.4% in 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 in the last quarter. Finally, Capital A Wealth Management LLC bought a new position in Sysco in the fourth quarter valued at $34,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Trading Down 0.6%

Shares of NYSE SYY traded down $0.44 during trading hours on Monday, hitting $76.74. The company's stock had a trading volume of 2,760,163 shares, compared to its average volume of 3,237,109. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The stock has a market cap of $37.20 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 2.33 and a beta of 0.81. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The business has a 50-day simple moving average of $73.27 and a 200-day simple moving average of $73.26.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). The company had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business earned $0.96 earnings per share. On average, 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. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.81%. This is a boost from Sysco's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's payout ratio is presently 55.96%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. UBS Group reduced their target price on Sysco from $86.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company reduced their target price on Sysco from $87.00 to $80.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 price objective on Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Citigroup assumed coverage on Sysco in a research note on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price objective on the stock. Finally, Barclays reduced their price objective on Sysco from $87.00 to $77.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $83.00.

Insiders Place Their Bets

In other Sysco news, Director Sheila Talton sold 356 shares of Sysco stock in a transaction that occurred 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 directly owned 12,738 shares of the company's stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.54% of the company's stock.

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.