M&T Bank Corp Has $27.45 Million Stock Position in Sysco Co. (NYSE:SYY)

M&T Bank Corp decreased its holdings in shares of Sysco Co. (NYSE:SYY) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 375,299 shares of the company’s stock after selling 10,585 shares during the quarter. M&T Bank Corp owned approximately 0.07% of Sysco worth $27,446,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wealthfront Advisers LLC increased its stake in shares of Sysco by 263.4% during the 3rd quarter. Wealthfront Advisers LLC now owns 34,007 shares of the company’s stock worth $2,246,000 after purchasing an additional 24,650 shares during the last quarter. Professional Advisory Services Inc. acquired a new position in Sysco in the 4th quarter valued at $20,057,000. Harbour Trust & Investment Management Co acquired a new position in Sysco in the 4th quarter valued at $4,623,000. Pacer Advisors Inc. grew its stake in Sysco by 40.1% in the 4th quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after buying an additional 23,558 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Sysco by 16.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock valued at $21,865,000 after buying an additional 41,618 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Price Performance

Shares of NYSE:SYY traded up $1.11 during midday trading on Friday, reaching $75.36. 2,709,679 shares of the company’s stock were exchanged, compared to its average volume of 2,778,819. The company’s 50 day simple moving average is $78.65 and its two-hundred day simple moving average is $75.16. The firm has a market capitalization of $37.53 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.89 and a beta of 1.16. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.80 and a current ratio of 1.34.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. Sysco had a net margin of 2.66% and a return on equity of 99.88%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $0.90 EPS. Equities research analysts expect that Sysco Co. will post 4.31 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 5th will be issued a dividend of $0.51 per share. This is an increase from Sysco’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 2.71%. The ex-dividend date is Friday, July 5th. Sysco’s dividend payout ratio (DPR) is currently 48.78%.

Analyst Ratings Changes

A number of research firms recently issued reports on SYY. Piper Sandler lowered their target price on shares of Sysco from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday. Barclays raised their target price on shares of Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. BMO Capital Markets raised their target price 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. JPMorgan Chase & Co. raised their price target on shares of Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Finally, UBS Group decreased their price target on shares of Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.56.

Insider Activity at Sysco

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