Sysco Corporation $SYY Shares Sold by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. reduced its stake in Sysco Corporation by 64.3% during the first quarter, now holding approximately 2.36 million shares valued at about $176.9 million.
• Analysts are optimistic about Sysco's stock performance, with reports showing ten analysts rating it as a Buy and an average price target of $85.69.
• Sysco recently announced a quarterly dividend of $0.54 per share, yielding 2.7%, to be paid on October 24th.

Ameriprise Financial Inc. reduced its position in shares of Sysco Corporation (NYSE:SYY - Free Report) by 64.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,356,225 shares of the company's stock after selling 4,251,790 shares during the period. Ameriprise Financial Inc. owned about 0.49% of Sysco worth $176,946,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SYY. Boston Partners lifted its position in shares of Sysco by 24.8% during the first quarter. Boston Partners now owns 15,199,828 shares of the company's stock worth $1,139,798,000 after purchasing an additional 3,015,714 shares in the last quarter. Canoe Financial LP raised its holdings in Sysco by 29,610.4% in the first 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. Nuveen LLC acquired a new stake in Sysco in the first quarter valued at $85,341,000. Burgundy Asset Management Ltd. raised its holdings in Sysco by 251.6% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,452,073 shares of the company's stock valued at $111,026,000 after acquiring an additional 1,039,088 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Sysco by 9,792.2% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 980,616 shares of the company's stock valued at $74,978,000 after acquiring an additional 970,703 shares in the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SYY shares. Citigroup started coverage on shares of Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 price target on the stock. Truist Financial upped their price target on shares of Sysco from $81.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company set a $88.00 price target on shares of Sysco and gave the company an "overweight" rating in a report on Tuesday, July 29th. Bank of America upped their price target on shares of Sysco from $81.00 to $93.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, UBS Group set a $90.00 target price on shares of Sysco in a research note on Wednesday, July 30th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Sysco currently has an average rating of "Moderate Buy" and an average price target of $85.69.

Sysco Stock Up 0.6%

Sysco stock opened at $80.2010 on Friday. The company has a 50-day simple moving average of $78.14 and a 200-day simple moving average of $74.41. The firm has a market capitalization of $38.88 billion, a P/E ratio of 21.50, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.70 and a current ratio of 1.21. Sysco Corporation has a one year low of $67.12 and a one year high of $82.64.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.39 by $0.09. The business had revenue of $21.14 billion during the quarter, compared to analyst estimates of $21.01 billion. Sysco had a net margin of 2.25% and a return on equity of 109.52%. The company's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. As a group, equities analysts expect that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Friday, October 3rd will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, October 3rd. Sysco's dividend payout ratio is currently 57.91%.

Insider Transactions at Sysco

In related news, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the transaction, the executive vice president owned 30,235 shares in the company, valued at $2,449,035. This represents a 55.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the completion of the transaction, the executive vice president owned 56,304 shares of the company's stock, valued at $4,504,320. This represents a 41.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,026 shares of company stock valued at $6,766,059 in the last quarter. 0.54% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.