Sysco Corporation (NYSE:SYY) Position Trimmed by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,245 shares of the company's stock after selling 4,732 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Sysco were worth $7,222,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SYY. Boston Partners grew its stake in Sysco by 143.7% during the 4th quarter. Boston Partners now owns 12,184,114 shares of the company's stock valued at $930,296,000 after acquiring an additional 7,184,754 shares in the last quarter. Norges Bank purchased a new position in Sysco during the 4th quarter valued at about $450,441,000. Capital Research Global Investors grew its stake in Sysco by 27.3% during the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock valued at $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Mondrian Investment Partners LTD purchased a new position in Sysco during the 4th quarter valued at about $123,928,000. Finally, Canoe Financial LP grew its stake in Sysco by 29,610.4% during the 1st quarter. Canoe Financial LP now owns 1,431,149 shares of the company's stock valued at $107,393,000 after acquiring an additional 1,426,332 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company's stock.

Insider Transactions at Sysco

In other news, Director Sheila Talton sold 356 shares of the company's 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 completion of the transaction, the director now directly owns 12,738 shares in the company, 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 can be accessed through the SEC website. Corporate insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Sysco from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Barclays lowered their price target on Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. 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 research note on Wednesday, April 30th. Citigroup assumed coverage on Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target for the company. Finally, Sanford C. Bernstein set a $87.00 price target on Sysco and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $83.00.

Sysco Stock Down 0.0%

SYY opened at $75.90 on Wednesday. The business has a 50 day moving average price of $72.58 and a 200 day moving average price of $73.47. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23. 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 firm has a market cap of $36.79 billion, a P/E ratio of 19.66, a price-to-earnings-growth ratio of 2.46 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last posted 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). 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 analyst estimates of $20.11 billion. During the same quarter last year, the firm posted $0.96 earnings per share. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts forecast that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This is a positive change from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.85%. Sysco's payout ratio is 52.85%.

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.

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