Sysco Corporation (NYSE:SYY) Shares Sold by Arrow Financial Corp

Arrow Financial Corp lowered its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 37.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,302 shares of the company's stock after selling 7,425 shares during the quarter. Arrow Financial Corp's holdings in Sysco were worth $923,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SYY. Vanguard Group Inc. boosted its stake in shares of Sysco by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company's stock valued at $4,703,775,000 after purchasing an additional 429,711 shares in the last quarter. Invesco Ltd. increased its stake in shares of Sysco by 5.3% in the 4th quarter. Invesco Ltd. now owns 16,907,541 shares of the company's stock valued at $1,292,751,000 after acquiring an additional 851,441 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Sysco by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company's stock valued at $905,120,000 after acquiring an additional 233,885 shares during the last quarter. Capital Research Global Investors increased 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 worth $687,488,000 after purchasing an additional 1,928,002 shares in the last quarter. Finally, FMR LLC increased its stake in Sysco by 0.8% during the 4th quarter. FMR LLC now owns 7,590,141 shares of the company's stock worth $580,342,000 after purchasing an additional 60,059 shares in the last quarter. Institutional investors own 83.41% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SYY shares. Guggenheim reaffirmed a "buy" rating and set a $82.00 price target on shares of Sysco in a research report on Tuesday, July 8th. Wells Fargo & Company dropped their target price on Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Citigroup assumed coverage on Sysco in a research report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target on the stock. Bank of America raised their price target on Sysco from $81.00 to $93.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Wall Street Zen lowered Sysco from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $83.23.

Sysco Price Performance

Shares of NYSE:SYY traded up $0.31 during mid-day trading on Monday, reaching $78.72. The stock had a trading volume of 2,305,868 shares, compared to its average volume of 3,247,449. Sysco Corporation has a 1 year low of $67.12 and a 1 year 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 business's 50 day moving average price is $74.58 and its 200 day moving average price is $73.28. The company has a market cap of $38.16 billion, a P/E ratio of 17.94, a price-to-earnings-growth ratio of 2.36 and a beta of 0.81.

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

Sysco Increases Dividend

The firm also recently disclosed 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. This represents a $2.16 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Thursday, July 3rd. This is a positive change from Sysco's previous quarterly dividend of $0.51. Sysco's dividend payout ratio is currently 55.96%.

Insider Activity at Sysco

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 value of $25,219.04. Following the completion of the transaction, the director owned 12,738 shares in the company, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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.