Yacktman Asset Management LP Sells 6,460 Shares of Sysco Corporation (NYSE:SYY)

Yacktman Asset Management LP reduced its holdings in Sysco Corporation (NYSE:SYY - Free Report) by 0.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,351,919 shares of the company's stock after selling 6,460 shares during the quarter. Sysco comprises 1.3% of Yacktman Asset Management LP's investment portfolio, making the stock its 29th biggest holding. Yacktman Asset Management LP owned 0.28% of Sysco worth $101,448,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SYY. NorthCrest Asset Manangement LLC lifted its position in shares of Sysco by 4.9% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company's stock valued at $226,000 after acquiring an additional 139 shares during the last quarter. Golden State Wealth Management LLC lifted its position in shares of Sysco by 48.4% during the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company's stock valued at $32,000 after acquiring an additional 140 shares during the last quarter. MV Capital Management Inc. lifted its position in shares of Sysco by 0.4% during the 4th quarter. MV Capital Management Inc. now owns 34,330 shares of the company's stock valued at $2,625,000 after acquiring an additional 144 shares during the last quarter. Nemes Rush Group LLC lifted its position in shares of Sysco by 5.9% during the 4th quarter. Nemes Rush Group LLC now owns 2,631 shares of the company's stock valued at $201,000 after acquiring an additional 147 shares during the last quarter. Finally, FineMark National Bank & Trust lifted its position in shares of Sysco by 1.8% during the 4th quarter. FineMark National Bank & Trust now owns 8,580 shares of the company's stock valued at $656,000 after acquiring an additional 149 shares during the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SYY shares. Guggenheim reiterated a "buy" rating and set a $82.00 price objective on shares of Sysco in a research report on Tuesday. Citigroup initiated 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 reduced their target price on Sysco from $86.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. BMO Capital Markets reduced their target price on Sysco from $82.00 to $77.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Wall Street Zen upgraded Sysco from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $82.77.

Insider Activity

In other news, Director Sheila Talton sold 356 shares of the firm's stock in a transaction dated 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 directly owned 12,738 shares of the company's stock, valued at approximately $902,359.92. This trade represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.54% of the company's stock.

Sysco Stock Up 1.5%

Sysco stock traded up $1.14 during mid-day trading on Thursday, hitting $77.47. 2,435,158 shares of the company's stock were exchanged, compared to its average volume of 3,237,862. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 6.37. The stock has a market cap of $37.55 billion, a P/E ratio of 20.07, a P/E/G ratio of 2.30 and a beta of 0.81. Sysco Corporation has a 1-year low of $67.12 and a 1-year high of $82.23. The stock has a 50 day moving average of $73.77 and a two-hundred day moving average of $73.30.

Sysco (NYSE:SYY - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). The business had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. As a group, analysts anticipate that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be given a $0.54 dividend. This is an increase from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco's dividend payout ratio (DPR) is currently 55.96%.

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.