Wedge Capital Management L L P NC Trims Holdings in Sysco Co. (NYSE:SYY)

Wedge Capital Management L L P NC lowered its stake in Sysco Co. (NYSE:SYY - Free Report) by 10.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 158,232 shares of the company's stock after selling 18,793 shares during the period. Wedge Capital Management L L P NC's holdings in Sysco were worth $11,572,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of SYY. Trian Fund Management L.P. bought a new position in Sysco in the third quarter valued at about $80,812,000. Invesco Ltd. grew its position in Sysco by 11.0% in the 3rd quarter. Invesco Ltd. now owns 10,859,690 shares of the company's stock valued at $717,283,000 after acquiring an additional 1,076,287 shares during the last quarter. Acadian Asset Management LLC boosted its position in Sysco by 1,591.5% in the 3rd quarter. Acadian Asset Management LLC now owns 764,235 shares of the company's stock valued at $50,462,000 after buying an additional 719,054 shares during the period. Becker Capital Management Inc. grew its stake in Sysco by 3,671.0% in the third quarter. Becker Capital Management Inc. now owns 470,888 shares of the company's stock worth $31,102,000 after purchasing an additional 458,401 shares in the last quarter. Finally, Vaughan David Investments LLC IL bought a new stake in shares of Sysco in the 4th quarter valued at about $32,976,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SYY has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Sysco from $84.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, March 19th. StockNews.com downgraded Sysco from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 1st. BMO Capital Markets raised their price objective on shares of Sysco from $85.00 to $90.00 and gave the company an "outperform" rating in a research note on Wednesday, January 31st. Stephens boosted their price objective on Sysco from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 31st. Finally, Barclays raised their target price on Sysco from $85.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $85.38.

Sysco Stock Down 0.5 %

Shares of SYY stock traded down $0.38 during trading hours on Tuesday, hitting $76.94. 2,129,608 shares of the company were exchanged, compared to its average volume of 2,916,517. The company has a debt-to-equity ratio of 5.00, a quick ratio of 0.80 and a current ratio of 1.37. The business's 50-day simple moving average is $79.29 and its two-hundred day simple moving average is $74.65. Sysco Co. has a one year low of $62.24 and a one year high of $82.89. The stock has a market capitalization of $38.30 billion, a price-to-earnings ratio of 18.81, a P/E/G ratio of 1.56 and a beta of 1.15.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The business had revenue of $19.29 billion during the quarter, compared to analyst estimates of $19.32 billion. During the same period in the previous year, the business posted $0.80 EPS. The company's quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts predict that Sysco Co. will post 4.3 EPS for the current fiscal year.

Sysco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 5th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Thursday, April 4th. Sysco's dividend payout ratio is presently 48.90%.

Insider Buying and Selling

In other news, CAO Neil Russell sold 1,722 shares of the company's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total transaction of $137,760.00. Following the completion of the sale, the chief accounting officer now directly owns 24,082 shares of the company's stock, valued at $1,926,560. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.58% of the stock is currently owned by 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.