WASHINGTON TRUST Co Lowers Holdings in Sysco Corporation (NYSE:SYY)

WASHINGTON TRUST Co lessened its stake in Sysco Corporation (NYSE:SYY - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 183,042 shares of the company's stock after selling 10,479 shares during the quarter. WASHINGTON TRUST Co's holdings in Sysco were worth $13,735,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in SYY. Canandaigua National Bank & Trust Co. boosted its stake in shares of Sysco by 12.3% in the first quarter. Canandaigua National Bank & Trust Co. now owns 12,244 shares of the company's stock worth $919,000 after acquiring an additional 1,338 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in Sysco by 2.6% in the 1st quarter. Valley National Advisers Inc. now owns 24,510 shares of the company's stock valued at $1,838,000 after purchasing an additional 630 shares in the last quarter. Amalgamated Bank boosted its stake in Sysco by 2.1% during the 1st quarter. Amalgamated Bank now owns 101,121 shares of the company's stock worth $7,588,000 after purchasing an additional 2,099 shares during the last quarter. BankPlus Wealth Management LLC grew its holdings in shares of Sysco by 11.1% during the first quarter. BankPlus Wealth Management LLC now owns 4,301 shares of the company's stock worth $323,000 after buying an additional 431 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Sysco by 1.9% in the first quarter. KBC Group NV now owns 88,783 shares of the company's stock valued at $6,662,000 after buying an additional 1,639 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Trading Up 1.1%

Shares of Sysco stock traded up $0.79 during trading hours on Monday, hitting $75.80. The company's stock had a trading volume of 4,262,427 shares, compared to its average volume of 3,231,160. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 19.64, a P/E/G ratio of 2.43 and a beta of 0.81. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. Sysco Corporation has a twelve month low of $67.12 and a twelve month high of $82.23. The firm has a fifty day moving average of $72.80 and a 200-day moving average of $73.30.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $19.60 billion during the quarter, compared to analysts' expectations of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The firm's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.96 earnings per share. Research analysts forecast that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Increases Dividend

The business 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 $0.54 dividend. This is a positive change from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's dividend payout ratio is currently 52.85%.

Analysts Set New Price Targets

A number of research firms recently weighed in on SYY. Sanford C. Bernstein set a $87.00 price target on shares of Sysco and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Citigroup began coverage on shares of Sysco in a research note on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 target price on the stock. 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. Barclays cut their price target on Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Finally, Wells Fargo & Company lowered their price objective on Sysco from $87.00 to $80.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $83.00.

Insider Buying and Selling at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the business's stock in a transaction that occurred 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 sale, the director owned 12,738 shares of the company's stock, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.54% of the company's stock.

Sysco Company Profile

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.