Vest Financial LLC Sells 59,030 Shares of Sysco Corporation $SYY

Key Points

• Vest Financial LLC trimmed its Sysco stake by 8.6% in Q4, selling 59,030 shares and ending the period with 627,575 shares (about 0.13% ownership) valued at roughly $46.25 million, while institutional investors own about 83.41% of the stock.
• Analysts hold a consensus rating of "Moderate Buy" with a consensus target of $87.85 (nine Buys, six Holds), after mixed revisions including Piper Sandler cutting its target to $77 and Jefferies and Barclays raising theirs to $95 and $92 respectively.
• Sysco raised its quarterly dividend to $0.55 (annualized $2.20, yield ~2.9%) and recently reported Q results of $0.99 EPS (beat by $0.01) on $20.76 billion revenue (slightly below estimates), with a market cap near $36.05 billion and a P/E of ~20.2.

Vest Financial LLC reduced its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 627,575 shares of the company's stock after selling 59,030 shares during the period. Vest Financial LLC owned 0.13% of Sysco worth $46,246,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Cadence Bank raised its position in shares of Sysco by 1.7% in the 4th quarter. Cadence Bank now owns 69,798 shares of the company's stock worth $5,143,000 after acquiring an additional 1,168 shares in the last quarter. United Community Bank raised its position in shares of Sysco by 11.4% in the 4th quarter. United Community Bank now owns 1,224 shares of the company's stock worth $90,000 after acquiring an additional 125 shares in the last quarter. Oakworth Capital Inc. raised its position in shares of Sysco by 15.0% in the 4th quarter. Oakworth Capital Inc. now owns 6,234 shares of the company's stock worth $459,000 after acquiring an additional 814 shares in the last quarter. Torren Management LLC bought a new position in shares of Sysco in the 4th quarter worth about $27,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Sysco by 1.8% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 239,122 shares of the company's stock worth $17,622,000 after acquiring an additional 4,250 shares in the last quarter. 83.41% of the stock is owned by institutional investors.

Insider Transactions at Sysco

In other Sysco news, Director Sheila Talton sold 2,801 shares of Sysco stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $82.99, for a total transaction of $232,454.99. Following the completion of the transaction, the director owned 12,868 shares in the company, valued at approximately $1,067,915.32. The trade was a 17.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SYY shares. Piper Sandler lowered their price objective on Sysco from $83.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Barclays raised their target price on Sysco from $88.00 to $92.00 and gave the company an "overweight" rating in a research note on Wednesday, January 28th. Sanford C. Bernstein set a $90.00 target price on Sysco and gave the company a "market perform" rating in a research note on Wednesday, January 28th. Jefferies Financial Group raised their target price on Sysco from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, January 28th. Finally, Wall Street Zen upgraded Sysco from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $87.85.

Sysco Stock Performance

Shares of SYY opened at $75.26 on Tuesday. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.30 and a quick ratio of 0.75. The stock has a 50-day moving average of $80.88 and a 200-day moving average of $78.51. The company has a market cap of $36.05 billion, a PE ratio of 20.23, a P/E/G ratio of 2.76 and a beta of 0.69. Sysco Corporation has a one year low of $68.00 and a one year high of $91.85.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings results on Tuesday, January 27th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.01. The business had revenue of $20.76 billion during the quarter, compared to the consensus estimate of $20.80 billion. Sysco had a return on equity of 109.21% and a net margin of 2.17%.The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 EPS. On average, equities research analysts predict that Sysco Corporation will post 4.59 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Thursday, July 2nd will be paid a dividend of $0.55 per share. This is an increase from Sysco's previous quarterly dividend of $0.54. The ex-dividend date is Thursday, July 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.9%. Sysco's dividend payout ratio (DPR) is presently 59.14%.

About Sysco

Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.

Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.

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