Victory Capital Management Inc. Grows Stake in Sysco Corporation (NYSE:SYY)

Victory Capital Management Inc. lifted its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 48.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,218,278 shares of the company's stock after purchasing an additional 396,565 shares during the period. Victory Capital Management Inc. owned about 0.25% of Sysco worth $91,420,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC boosted its stake in Sysco by 188.7% in the first quarter. Rialto Wealth Management LLC now owns 332 shares of the company's stock worth $25,000 after buying an additional 217 shares in the last quarter. Parvin Asset Management LLC purchased a new stake in shares of Sysco during the fourth quarter valued at $29,000. Golden State Wealth Management LLC boosted its position in shares of Sysco by 48.4% during the first 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. Capital A Wealth Management LLC bought a new position in Sysco in the fourth quarter valued at about $34,000. Finally, Ameriflex Group Inc. bought a new position in shares of Sysco in the fourth quarter worth about $35,000. 83.41% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Sheila Talton sold 356 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were 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 in the company, valued at approximately $902,359.92. This trade represents a 2.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SYY has been the subject of a number of research reports. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Guggenheim reaffirmed a "buy" rating and set a $82.00 target price on shares of Sysco in a research note on Tuesday, July 8th. Sanford C. Bernstein set a $87.00 target price on Sysco and gave the stock an "overweight" rating in a research note on Tuesday, April 22nd. Citigroup initiated coverage on Sysco in a research report on Thursday, May 22nd. They set a "neutral" rating and a $78.00 price target for the company. Finally, BMO Capital Markets dropped their price target on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $83.23.

Sysco Trading Up 0.6%

SYY stock traded up $0.47 during trading on Friday, hitting $78.38. The company had a trading volume of 2,333,164 shares, compared to its average volume of 3,246,459. 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 firm has a 50-day moving average price of $74.58 and a 200-day moving average price of $73.32. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The stock has a market cap of $37.99 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 2.35 and a beta of 0.81.

Sysco (NYSE:SYY - Get Free Report) last announced 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). The firm had revenue of $19.60 billion during 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%. Sysco's quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $0.96 EPS. As a group, analysts predict that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.76%. 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. Sysco's dividend payout ratio is presently 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.