Sysco Corporation $SYY Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Sysco stake by 3.2%, selling 38,600 shares and retaining 1.16 million shares worth approximately $90.3 million. Institutional investors collectively own 83.41% of the company.
• Sysco reported quarterly EPS of $1.53 and revenue of $22.12 billion, exceeding analyst estimates, while revenue increased 4.7% year over year.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and a $90.42 price target. Sysco also maintains a quarterly dividend of $0.55 per share, equivalent to a 2.7% yield.

Sumitomo Mitsui Trust Group Inc. trimmed its position in Sysco Corporation (NYSE:SYY - Free Report) by 3.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,158,224 shares of the company's stock after selling 38,600 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Sysco worth $90,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. United Capital Financial Advisors LLC acquired a new stake in Sysco during the 2nd quarter valued at approximately $2,633,000. Rakuten Investment Management Inc. purchased a new stake in shares of Sysco in the 2nd quarter valued at $6,523,000. Empowered Funds LLC acquired a new stake in shares of Sysco in the second quarter worth $9,370,000. Bank of America Corp DE acquired a new stake in shares of Sysco in the second quarter worth $482,589,000. Finally, First Nebraska Trust Co acquired a new stake in shares of Sysco in the second quarter worth $183,604,000. Institutional investors and hedge funds own 83.41% of the company's stock.

Insider Buying and Selling at Sysco

In other news, EVP Ronald Phillips sold 7,350 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $83.61, for a total transaction of $614,533.50. Following the sale, the executive vice president directly owned 38,650 shares of the company's stock, valued at $3,231,526.50. This represents a 15.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,525 shares of company stock valued at $1,299,736 in the last three months. Corporate insiders own 0.55% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SYY. Piper Sandler raised their target price on shares of Sysco from $77.00 to $84.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. Melius Research lowered shares of Sysco from a "hold" rating to a "sell" rating in a report on Tuesday, July 7th. Wall Street Zen downgraded Sysco from a "buy" rating to a "hold" rating in a research report on Saturday, October 24th. Morgan Stanley lifted their price objective on Sysco from $88.00 to $91.00 and gave the company an "equal weight" rating in a research note on Thursday, October 15th. Finally, Citigroup reissued a "neutral" rating on shares of Sysco in a report on Monday, October 26th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $90.42.

Sysco Price Performance

NYSE:SYY opened at $81.76 on Tuesday. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. The company has a 50 day moving average price of $80.49 and a 200-day moving average price of $80.54. Sysco Corporation has a 1-year low of $68.19 and a 1-year high of $91.85. The firm has a market cap of $40.22 billion, a price-to-earnings ratio of 22.34, a price-to-earnings-growth ratio of 2.31 and a beta of 0.64.

Sysco (NYSE:SYY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.51 by $0.02. The firm had revenue of $22.12 billion for the quarter, compared to the consensus estimate of $21.95 billion. Sysco had a net margin of 2.08% and a return on equity of 95.05%. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.48 earnings per share. Equities research analysts forecast that Sysco Corporation will post 5.09 EPS for the current year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd were given a $0.55 dividend. The ex-dividend date was Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.7%. Sysco's dividend payout ratio is 60.11%.

Sysco Company Profile

Sysco Corporation is a global foodservice distribution company headquartered in Houston, Texas. It supplies food and related products to restaurants, healthcare and educational institutions, hotels, government facilities, and other foodservice operators.

The company distributes a broad range of products, including fresh and frozen foods, meat and seafood, produce, dairy products, canned and packaged goods, beverages, and specialty food items. Sysco also provides nonfood products such as kitchen and dining supplies, equipment, and cleaning products, along with services intended to help customers manage menus, procurement, and operations.

Founded in 1969, Sysco serves customers primarily across the United States and Canada, as well as in parts of Europe and other international markets.

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