Tyche Wealth Partners LLC Sells 242 Shares of Sysco Corporation (NYSE:SYY)

Tyche Wealth Partners LLC cut its position in Sysco Corporation (NYSE:SYY) by 5.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,862 shares of the company’s stock after selling 242 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Sysco were worth $290,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new position in shares of Sysco in the 1st quarter worth approximately $222,000. Pinnacle Bancorp Inc. boosted its stake in Sysco by 17.1% in the first quarter. Pinnacle Bancorp Inc. now owns 3,204 shares of the company’s stock worth $240,000 after purchasing an additional 469 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of Sysco by 48.4% during the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Sysco in the first quarter valued at $3,461,000. Finally, Econ Financial Services Corp increased its stake in shares of Sysco by 89.0% in the first quarter. Econ Financial Services Corp now owns 29,143 shares of the company’s stock valued at $2,187,000 after buying an additional 13,723 shares in the last quarter. 83.41% of the stock is owned by institutional investors.

Insider Transactions at Sysco

In related news, Director Sheila Talton sold 356 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the sale, the director now directly owns 12,738 shares in the company, valued at $902,359.92. This trade represents a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.54% of the company’s stock.

Sysco Price Performance

SYY opened at $75.13 on Thursday. The company has a fifty day moving average price of $72.67 and a two-hundred day moving average price of $73.48. The firm has a market capitalization of $36.42 billion, a PE ratio of 19.46, a P/E/G ratio of 2.46 and a beta of 0.81. Sysco Corporation has a 52 week low of $67.12 and a 52 week high of $82.23. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26.

Sysco (NYSE:SYY) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts anticipate that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a yield of 2.88%. This is a boost from Sysco’s previous quarterly dividend of $0.51. Sysco’s dividend payout ratio (DPR) is 52.85%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SYY. BMO Capital Markets decreased their price objective on shares of Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. UBS Group reduced their target price on shares of Sysco from $86.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Wells Fargo & Company decreased their price target on shares of Sysco from $87.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Barclays dropped their price objective on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Finally, Wall Street Zen lowered Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Sysco has an average rating of “Moderate Buy” and a consensus target price of $83.00.

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.