Sysco Co. (NYSE:SYY) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in shares of Sysco Co. (NYSE:SYY) by 2.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 514,316 shares of the company’s stock after selling 10,349 shares during the quarter. PNC Financial Services Group Inc. owned 0.11% of Sysco worth $39,325,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Sysco by 11.1% during the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after buying an additional 2,721,449 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in Sysco in the third quarter valued at approximately $137,900,000. Raymond James Financial Inc. purchased a new stake in shares of Sysco during the fourth quarter valued at approximately $97,078,000. Nordea Investment Management AB lifted its position in shares of Sysco by 52.3% during the fourth quarter. Nordea Investment Management AB now owns 2,719,478 shares of the company’s stock worth $208,666,000 after purchasing an additional 933,327 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in shares of Sysco by 11.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company’s stock valued at $521,874,000 after purchasing an additional 672,940 shares during the period. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SYY shares. Guggenheim restated a “buy” rating and set a $85.00 price objective on shares of Sysco in a report on Wednesday, January 29th. Barclays decreased their price target on shares of Sysco from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Morgan Stanley cut their price target on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. StockNews.com upgraded Sysco from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, Truist Financial cut their price objective on Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.77.

Insider Transactions at Sysco

In other news, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the sale, the executive vice president now owns 56,304 shares in the company, valued at approximately $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.54% of the company’s stock.

Sysco Stock Up 1.9 %

NYSE SYY opened at $76.53 on Monday. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.33. The stock has a market cap of $37.44 billion, a PE ratio of 19.67, a PEG ratio of 1.88 and a beta of 1.11. The firm has a 50-day simple moving average of $73.47 and a 200 day simple moving average of $75.60. The company has a debt-to-equity ratio of 5.66, a quick ratio of 0.68 and a current ratio of 1.20.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same period last year, the firm posted $0.89 EPS. On average, research analysts forecast that Sysco Co. will post 4.58 EPS for the current year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 4th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, April 4th. This represents a $2.04 annualized dividend and a yield of 2.67%. Sysco’s dividend payout ratio is 52.44%.

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.