Sysco Co. (NYSE:SYY) Position Cut by abrdn plc

abrdn plc trimmed its position in shares of Sysco Co. (NYSE:SYY - Free Report) by 5.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 209,784 shares of the company's stock after selling 11,651 shares during the period. abrdn plc's holdings in Sysco were worth $16,008,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its position in shares of Sysco by 11.1% during the third 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. Diamond Hill Capital Management Inc. grew its holdings in Sysco by 11.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,685,547 shares of the company's stock worth $521,874,000 after purchasing an additional 672,940 shares during the period. Primecap Management Co. CA grew its holdings in shares of Sysco by 9.7% during the third quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company's stock valued at $374,410,000 after buying an additional 422,954 shares during the last quarter. Montrusco Bolton Investments Inc. lifted its position in Sysco by 8.5% during the third quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company's stock valued at $366,789,000 after purchasing an additional 375,409 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Sysco by 4.1% during the third quarter. Janus Henderson Group PLC now owns 4,265,723 shares of the company's stock valued at $332,983,000 after purchasing an additional 168,163 shares during the period. Hedge funds and other institutional investors own 83.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SYY. JPMorgan Chase & Co. dropped their price objective on shares of Sysco from $86.00 to $82.00 and set an "overweight" rating for the company in a research note on Tuesday, February 4th. Melius Research upgraded shares of Sysco to a "hold" rating in a report on Wednesday, December 18th. UBS Group reduced their price target on shares of Sysco from $87.00 to $86.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Barclays cut their price objective on shares of Sysco from $93.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 29th. Finally, Guggenheim reissued a "buy" rating and set a $85.00 target price on shares of Sysco in a research report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Sysco currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.38.

Insider Transactions at Sysco

In other news, EVP Greg D. Bertrand sold 48,027 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the transaction, the executive vice president now directly owns 56,304 shares in the company, valued at $4,335,408. This represents a 46.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Eve M. Mcfadden sold 6,499 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $519,920.00. Following the transaction, the senior vice president now owns 48,451 shares in the company, valued at approximately $3,876,080. The trade was a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,270 shares of company stock valued at $6,181,946 in the last ninety days. 0.54% of the stock is currently owned by company insiders.

Sysco Trading Down 1.6 %

SYY stock traded down $1.14 during mid-day trading on Monday, hitting $69.99. 2,039,913 shares of the company were exchanged, compared to its average volume of 3,558,076. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. The firm has a market capitalization of $34.24 billion, a P/E ratio of 18.00, a PEG ratio of 1.88 and a beta of 1.17. The business has a fifty day simple moving average of $75.78 and a 200-day simple moving average of $75.96. Sysco Co. has a 12-month low of $69.03 and a 12-month high of $82.33.

Sysco (NYSE:SYY - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting 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 quarter in the previous year, the firm earned $0.89 EPS. On average, equities research analysts predict that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 24th. Shareholders of record on Friday, January 3rd were paid a $0.51 dividend. The ex-dividend date of this dividend was Friday, January 3rd. This represents a $2.04 annualized dividend and a yield of 2.91%. Sysco's dividend payout ratio is currently 52.44%.

About Sysco

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.