Sysco Co. (NYSE:SYY) Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC boosted its position in Sysco Co. (NYSE:SYY - Free Report) by 16.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,990 shares of the company's stock after purchasing an additional 5,785 shares during the quarter. Fred Alger Management LLC's holdings in Sysco were worth $3,058,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Sysco by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company's stock valued at $4,703,775,000 after acquiring an additional 429,711 shares during the last quarter. Invesco Ltd. increased its position in shares of Sysco by 5.3% during the fourth quarter. Invesco Ltd. now owns 16,907,541 shares of the company's stock worth $1,292,751,000 after purchasing an additional 851,441 shares in the last quarter. Boston Partners lifted its holdings in shares of Sysco by 143.7% during the 4th quarter. Boston Partners now owns 12,184,114 shares of the company's stock valued at $930,296,000 after purchasing an additional 7,184,754 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Sysco by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company's stock worth $905,120,000 after purchasing an additional 233,885 shares in the last quarter. Finally, Capital Research Global Investors grew its stake in Sysco by 27.3% during the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company's stock worth $687,488,000 after buying an additional 1,928,002 shares during the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Performance

Shares of SYY traded down $1.11 during mid-day trading on Tuesday, reaching $70.82. The company had a trading volume of 3,162,647 shares, compared to its average volume of 3,364,035. The stock has a market capitalization of $34.33 billion, a P/E ratio of 18.21, a PEG ratio of 1.88 and a beta of 0.80. Sysco Co. has a 52-week low of $67.12 and a 52-week high of $82.23. The stock has a 50 day moving average of $72.11 and a two-hundred day moving average of $74.12. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66.

Sysco (NYSE:SYY - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a net margin of 2.40% and a return on equity of 106.30%. The firm had revenue of $19.60 billion for the quarter, compared to analysts' expectations of $20.11 billion. During the same period last year, the firm earned $0.96 earnings per share. Sysco's revenue for the quarter was up 1.1% compared to the same quarter last year. On average, analysts expect that Sysco Co. will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Thursday, July 3rd. This is a boost from Sysco's previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.05%. Sysco's payout ratio is 55.96%.

Analyst Upgrades and Downgrades

SYY has been the subject of a number of research analyst reports. Barclays decreased their price target on Sysco from $87.00 to $77.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Morgan Stanley lowered their target price on shares of Sysco from $79.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. StockNews.com lowered shares of Sysco from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Wells Fargo & Company lowered their price objective on shares of Sysco from $87.00 to $80.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. cut their target price on Sysco from $86.00 to $82.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $83.38.

Insider Transactions at Sysco

In related news, Director Sheila Talton sold 356 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the completion of the sale, the director now owns 12,738 shares of the company's stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate 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.