Sysco Co. (NYSE:SYY) Stake Lowered by M&T Bank Corp

M&T Bank Corp cut its stake in shares of Sysco Co. (NYSE:SYY) by 6.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 271,983 shares of the company’s stock after selling 19,648 shares during the quarter. M&T Bank Corp owned approximately 0.06% of Sysco worth $21,231,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Barclays PLC grew its holdings in Sysco by 43.2% in the 3rd quarter. Barclays PLC now owns 1,715,356 shares of the company’s stock worth $133,902,000 after buying an additional 517,219 shares in the last quarter. Geller Advisors LLC grew its holdings in Sysco by 14.2% in the 3rd quarter. Geller Advisors LLC now owns 8,946 shares of the company’s stock worth $698,000 after buying an additional 1,111 shares in the last quarter. Groupama Asset Managment grew its holdings in Sysco by 0.6% in the 3rd quarter. Groupama Asset Managment now owns 31,949 shares of the company’s stock worth $2,494,000 after buying an additional 197 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Sysco by 8.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 715,378 shares of the company’s stock worth $55,842,000 after purchasing an additional 55,691 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Sysco in the third quarter worth approximately $368,000. 83.41% of the stock is owned by institutional investors.

Sysco Price Performance

Shares of NYSE:SYY opened at $80.82 on Wednesday. The company’s fifty day moving average is $76.12 and its two-hundred day moving average is $74.99. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.89. The company has a market cap of $39.70 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 2.12 and a beta of 1.19.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a net margin of 2.44% and a return on equity of 101.04%. The firm had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.47 billion. During the same period last year, the firm earned $1.07 earnings per share. Sysco’s revenue for the quarter was up 4.4% compared to the same quarter last year. Equities analysts expect that Sysco Co. will post 4.57 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.52%. The ex-dividend date is Friday, January 3rd. Sysco’s dividend payout ratio (DPR) is currently 52.44%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Wells Fargo & Company cut their target price on Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Jefferies Financial Group increased their price objective on Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $85.77.

Insider Buying and Selling at Sysco

In other news, SVP Eve M. Mcfadden sold 4,036 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $75.10, for a total value of $303,103.60. Following the transaction, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at approximately $3,638,670.10. This represents a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sheila Talton sold 2,900 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $74.63, for a total transaction of $216,427.00. Following the completion of the transaction, the director now directly owns 12,955 shares in the company, valued at $966,831.65. This trade represents a 18.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,279 shares of company stock valued at $2,786,971 in the last three months. 0.54% of the stock is currently owned by company insiders.

Sysco 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.