Sysco Corporation $SYY Stock: Fifth Third Bancorp Cuts Holdings

Fifth Third Bancorp decreased its holdings in shares of Sysco Corporation (NYSE:SYY) by 4.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 295,363 shares of the company’s stock after selling 12,350 shares during the quarter. Fifth Third Bancorp owned about 0.06% of Sysco worth $23,026,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. United Capital Financial Advisors LLC bought a new stake in shares of Sysco during the 2nd quarter valued at about $2,633,000. Rakuten Investment Management Inc. bought a new position in Sysco in the 2nd quarter valued at about $6,523,000. Empowered Funds LLC bought a new position in shares of Sysco in the second quarter valued at approximately $9,370,000. Bank of America Corp DE acquired a new position in shares of Sysco during the 2nd quarter valued at $482,589,000. Finally, First Nebraska Trust Co bought a new stake in Sysco in the second quarter worth about $183,604,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Stock Performance

Sysco stock opened at $77.01 on Friday. Sysco Corporation has a 12-month low of $68.19 and a 12-month high of $91.85. The stock has a 50-day simple moving average of $79.45 and a 200 day simple moving average of $80.48. The stock has a market capitalization 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 company has a quick ratio of 0.95, a current ratio of 1.46 and a debt-to-equity ratio of 3.18.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $1.19 EPS for the quarter, meeting the consensus estimate of $1.19. The business had revenue of $21.74 billion for the quarter, compared to analysts’ expectations of $22.02 billion. Sysco had a net margin of 2.12% and a return on equity of 79.24%. Sysco’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.15 earnings per share. On average, research analysts anticipate that Sysco Corporation will post 5.08 earnings per share for the current fiscal year.

Sysco Dividend Announcement

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

Insider Transactions at Sysco

In other news, Director Thomas Gerard Ondrof bought 2,500 shares of the business’s stock in a transaction on Wednesday, November 4th. The shares were bought at an average cost of $76.62 per share, for a total transaction of $191,550.00. Following the completion of the acquisition, the director owned 2,500 shares in the company, valued at approximately $191,550. This trade represents a ? increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ronald L. Phillips sold 960 shares of Sysco stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $83.00, for a total value of $79,680.00. Following the transaction, the executive vice president owned 49,852 shares in the company, valued at approximately $4,137,716. This represents 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 8,873 shares of company stock valued at $741,569 in the last quarter. 0.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Guggenheim reissued a “buy” rating and issued a $90.00 price target on shares of Sysco in a research note on Wednesday, September 16th. Weiss Ratings lowered Sysco from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. UBS Group increased their target price on Sysco from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Morgan Stanley lifted their target price on Sysco from $88.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. Finally, Deutsche Bank increased their price objective on shares of Sysco from $86.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.13.

Sysco Company Profile

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.