Sysco Co. (NYSE:SYY) Stake Reduced by Pinebridge Investments L.P.

Pinebridge Investments L.P. lowered its holdings in shares of Sysco Co. (NYSE:SYY - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 429,831 shares of the company's stock after selling 58,036 shares during the period. Pinebridge Investments L.P. owned 0.09% of Sysco worth $32,865,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SYY. Buckley Wealth Management LLC boosted its holdings in shares of Sysco by 0.8% in the fourth quarter. Buckley Wealth Management LLC now owns 18,188 shares of the company's stock valued at $1,391,000 after acquiring an additional 150 shares in the last quarter. WR Wealth Planners LLC boosted its holdings in Sysco by 9.9% in the 4th quarter. WR Wealth Planners LLC now owns 4,270 shares of the company's stock valued at $326,000 after purchasing an additional 386 shares in the last quarter. Clark & Stuart Inc acquired a new position in Sysco during the 4th quarter worth approximately $7,613,000. Boston Trust Walden Corp raised its stake in shares of Sysco by 179.5% during the 4th quarter. Boston Trust Walden Corp now owns 804,345 shares of the company's stock worth $61,500,000 after buying an additional 516,585 shares in the last quarter. Finally, Lmcg Investments LLC acquired a new stake in shares of Sysco in the 4th quarter valued at approximately $3,668,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. UBS Group decreased their price target on Sysco from $87.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. Wells Fargo & Company raised their price target on Sysco from $82.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Barclays lifted their target price on shares of Sysco from $85.00 to $87.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Finally, Truist Financial lowered their price target on shares of Sysco from $85.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $85.07.

Sysco Stock Down 0.7 %

Sysco stock traded down $0.52 during midday trading on Monday, hitting $70.41. 1,339,435 shares of the company were exchanged, compared to its average volume of 3,354,530. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. Sysco Co. has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The company's fifty day moving average price is $72.80 and its 200-day moving average price is $74.44. The company has a market cap of $34.45 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 1.88 and a beta of 0.91.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, meeting analysts' consensus estimates of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same quarter last year, the firm posted $0.89 earnings per share. On average, research analysts predict that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.07%. This is a positive change from Sysco's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. Sysco's payout ratio is presently 55.53%.

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.