Sysco Corporation $SYY Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP significantly reduced its stake in Sysco Corporation, selling 3.7 million shares and now holding only 109,399 shares valued at approximately $8.21 million.
• Sysco recently announced a quarterly dividend of $0.54, payable on October 24th, representing an annualized yield of 2.7% and a payout ratio of 57.91%.
• Analysts are optimistic about Sysco's stock, with multiple firms setting target prices ranging from $78.00 to $88.00 and an average rating of "Moderate Buy."

Wellington Management Group LLP cut its holdings in shares of Sysco Corporation (NYSE:SYY - Free Report) by 97.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 109,399 shares of the company's stock after selling 3,741,001 shares during the period. Wellington Management Group LLP's holdings in Sysco were worth $8,209,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SYY. Aptus Capital Advisors LLC lifted its holdings in shares of Sysco by 24.9% during the first quarter. Aptus Capital Advisors LLC now owns 17,207 shares of the company's stock worth $1,291,000 after purchasing an additional 3,429 shares during the period. Northern Trust Corp lifted its holdings in shares of Sysco by 2.6% during the first quarter. Northern Trust Corp now owns 5,828,930 shares of the company's stock worth $437,403,000 after purchasing an additional 145,477 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Sysco by 90.8% during the first quarter. Brooklyn Investment Group now owns 2,690 shares of the company's stock worth $202,000 after purchasing an additional 1,280 shares during the period. Versor Investments LP lifted its holdings in shares of Sysco by 339.6% during the first quarter. Versor Investments LP now owns 14,066 shares of the company's stock worth $1,056,000 after purchasing an additional 10,866 shares during the period. Finally, Freestone Capital Holdings LLC lifted its holdings in shares of Sysco by 35.1% during the first quarter. Freestone Capital Holdings LLC now owns 15,323 shares of the company's stock worth $1,150,000 after purchasing an additional 3,979 shares during the period. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Price Performance

Sysco stock traded up $0.39 during midday trading on Wednesday, reaching $80.94. 3,969,713 shares of the company were exchanged, compared to its average volume of 2,910,471. The company has a market capitalization of $39.23 billion, a price-to-earnings ratio of 21.70, a P/E/G ratio of 2.49 and a beta of 0.80. The firm's 50-day simple moving average is $78.99 and its 200-day simple moving average is $74.89. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $82.64. 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 (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.09. The firm had revenue of $21.14 billion during the quarter, compared to analysts' expectations of $21.01 billion. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The firm's quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 EPS. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. On average, analysts anticipate that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be issued a $0.54 dividend. The ex-dividend date is Friday, October 3rd. This represents a $2.16 annualized dividend and a yield of 2.7%. Sysco's payout ratio is 57.91%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SYY shares. JPMorgan Chase & Co. increased their price target on Sysco from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, May 20th. Citigroup started coverage on Sysco in a report on Thursday, May 22nd. They issued a "neutral" rating and a $78.00 target price for the company. UBS Group set a $90.00 target price on Sysco in a report on Wednesday, July 30th. Guggenheim raised their target price on Sysco from $85.00 to $87.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, Wall Street Zen raised Sysco from a "hold" rating to a "buy" rating in a report on Saturday. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $85.69.

Insider Activity

In other Sysco news, EVP Greg D. Bertrand sold 40,000 shares of Sysco stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total value of $3,200,000.00. Following the completion of the sale, the executive vice president owned 56,304 shares in the company, valued at $4,504,320. The trade was a 41.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ronald L. Phillips sold 6,286 shares of Sysco stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $81.00, for a total value of $509,166.00. Following the completion of the sale, the executive vice president owned 34,404 shares of the company's stock, valued at $2,786,724. This trade represents a 15.45% 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 90 days. 0.54% of the stock is owned by company 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.