Westpac Banking Corp Sells 14,325 Shares of Sysco Corporation $SYY

Key Points

• Westpac Banking Corp reduced its Sysco stake by 28.5% in the fourth quarter, selling 14,325 shares and ending with 35,929 shares valued at about $2.65 million.
• Other institutional investors remain heavily invested in Sysco, with firms like Vanguard and State Street increasing positions; overall, institutions own 83.41% of the company.
• Sysco’s latest quarterly results slightly missed earnings and revenue estimates, while the company also raised its quarterly dividend to $0.55 per share from $0.54.

Westpac Banking Corp lowered its stake in shares of Sysco Corporation (NYSE:SYY - Free Report) by 28.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,929 shares of the company's stock after selling 14,325 shares during the period. Westpac Banking Corp's holdings in Sysco were worth $2,648,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Sysco by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 62,305,343 shares of the company's stock worth $4,591,281,000 after purchasing an additional 814,270 shares in the last quarter. State Street Corp raised its stake in shares of Sysco by 0.9% during the 3rd quarter. State Street Corp now owns 26,669,576 shares of the company's stock worth $2,195,973,000 after purchasing an additional 246,542 shares in the last quarter. Capital Research Global Investors raised its stake in Sysco by 0.3% in the 3rd quarter. Capital Research Global Investors now owns 18,360,707 shares of the company's stock valued at $1,511,821,000 after acquiring an additional 46,040 shares during the period. Geode Capital Management LLC raised its stake in Sysco by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 12,728,692 shares of the company's stock valued at $934,391,000 after acquiring an additional 131,659 shares during the period. Finally, Norges Bank bought a new stake in Sysco in the 4th quarter valued at $542,780,000. Institutional investors own 83.41% of the company's stock.

Analyst Upgrades and Downgrades

SYY has been the topic of a number of research analyst reports. Sanford C. Bernstein dropped their price target on Sysco from $90.00 to $85.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 29th. Guggenheim dropped their price target on Sysco from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 2nd. Barclays dropped their price target on Sysco from $92.00 to $86.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 29th. Piper Sandler dropped their price target on Sysco from $83.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Finally, UBS Group dropped their price target on Sysco from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Thursday, April 2nd. Nine research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.15.

Insider Activity

In related news, Director John M. Hinshaw bought 13,304 shares of Sysco stock in a transaction dated Tuesday, May 26th. The shares were bought at an average cost of $75.17 per share, with a total value of $1,000,061.68. Following the acquisition, the director owned 40,200 shares in the company, valued at $3,021,834. This trade represents a 49.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.56% of the company's stock.

Sysco Stock Performance

Shares of NYSE SYY opened at $75.19 on Thursday. The company has a debt-to-equity ratio of 5.58, a current ratio of 1.33 and a quick ratio of 0.80. The stock's fifty day moving average price is $74.74 and its two-hundred day moving average price is $78.11. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85. The firm has a market cap of $35.95 billion, a price-to-earnings ratio of 20.83, a P/E/G ratio of 3.03 and a beta of 0.65.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.01). Sysco had a net margin of 2.08% and a return on equity of 103.57%. The firm had revenue of $20.52 billion during the quarter, compared to analyst estimates of $20.56 billion. During the same period in the prior year, the company earned $0.96 earnings per share. The business's quarterly revenue was up 4.7% compared to the same quarter last year. Sysco has set its Q4 2026 guidance at 1.510-1.510 EPS. On average, equities analysts forecast that Sysco Corporation will post 4.59 EPS for the current year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.55 per share. This is an increase from Sysco's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.9%. Sysco's payout ratio is currently 59.83%.

Sysco Profile

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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