Sysco Corporation $SYY Stock: Fifth Third Bancorp Trims Holdings

Fifth Third Bancorp lessened its stake in shares of Sysco Corporation (NYSE:SYY) by 4.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 295,363 shares of the company’s stock after selling 12,350 shares during the period. Fifth Third Bancorp’s holdings in Sysco were worth $23,026,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in SYY. BlackRock Inc. acquired a new stake in Sysco in the second quarter valued at $3,596,356,000. Bank of America Corp DE bought a new position in Sysco during the second quarter worth about $482,589,000. Dimensional Fund Advisors LP increased its position in Sysco by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,667,412 shares of the company’s stock worth $332,871,000 after buying an additional 59,685 shares during the last quarter. Primecap Management Co. CA acquired a new position in Sysco during the second quarter worth approximately $313,503,000. Finally, Bank of New York Mellon Corp acquired a new position in Sysco during the second quarter worth approximately $273,323,000. 83.41% of the stock is owned by institutional investors.

Insider Transactions at Sysco

In other Sysco news, Director Thomas Gerard Ondrof bought 2,500 shares of the stock in a transaction dated Wednesday, November 4th. The shares were bought at an average cost of $76.62 per share, with a total value of $191,550.00. Following the completion of the acquisition, the director owned 2,500 shares of the company’s stock, valued at $191,550. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Ronald L. Phillips sold 960 shares of Sysco stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $83.00, for a total transaction of $79,680.00. Following the completion of the sale, the executive vice president owned 49,852 shares of the company’s stock, valued at approximately $4,137,716. The trade was a 1.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 8,873 shares of company stock valued at $741,569 in the last three months. Insiders own 0.55% of the company’s stock.

Sysco Stock Performance

Shares of NYSE SYY opened at $77.01 on Friday. Sysco Corporation has a one year low of $68.19 and a one year high of $91.85. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.46 and a quick ratio of 0.95. The firm has a market cap of $37.91 billion, a price-to-earnings ratio of 20.48, a P/E/G ratio of 1.86 and a beta of 0.66. The stock’s fifty day moving average price is $79.45 and its two-hundred day moving average price is $80.48.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, November 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.19. Sysco had a net margin of 2.12% and a return on equity of 79.24%. The company had revenue of $21.74 billion during the quarter, compared to analysts’ expectations of $22.02 billion. During the same quarter in the previous year, the business posted $1.15 earnings per share. Sysco’s quarterly revenue was up 2.8% on a year-over-year basis. On average, equities analysts forecast that Sysco Corporation will post 5.08 EPS for the current year.

Sysco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Friday, October 2nd were paid a $0.55 dividend. The ex-dividend date was Friday, October 2nd. This represents a $2.20 annualized dividend and a yield of 2.9%. Sysco’s payout ratio is 58.51%.

Analyst Ratings Changes

SYY has been the topic of several research analyst reports. Citigroup dropped their price objective on Sysco from $87.00 to $84.00 and set a “neutral” rating on the stock in a research note on Thursday, November 5th. Weiss Ratings lowered Sysco from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Sanford C. Bernstein restated a “market perform” rating on shares of Sysco in a research note on Wednesday, November 4th. Deutsche Bank raised their price target on Sysco from $86.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Finally, Bank of America lifted their price objective on shares of Sysco from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and an average target price of $91.13.

About Sysco

Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries. The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.