Allspring Global Investments Holdings LLC Reduces Position in Sysco Co. (NYSE:SYY)

Allspring Global Investments Holdings LLC lessened its stake in shares of Sysco Co. (NYSE:SYY - Free Report) by 14.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 449,353 shares of the company's stock after selling 74,873 shares during the period. Allspring Global Investments Holdings LLC owned 0.09% of Sysco worth $35,076,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TruNorth Capital Management LLC purchased a new stake in shares of Sysco during the 2nd quarter valued at about $25,000. Armstrong Advisory Group Inc. raised its position in shares of Sysco by 1,240.0% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company's stock valued at $26,000 after buying an additional 310 shares in the last quarter. Fairscale Capital LLC purchased a new stake in shares of Sysco during the 2nd quarter valued at about $38,000. LRI Investments LLC purchased a new stake in shares of Sysco during the 1st quarter valued at about $45,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Sysco during the 1st quarter valued at about $49,000. Institutional investors own 83.41% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Sysco from $85.00 to $88.00 and gave the company an "overweight" rating in a research report on Monday, September 16th. Barclays upped their target price on shares of Sysco from $85.00 to $88.00 and gave the company an "overweight" rating in a research report on Wednesday, July 31st. Jefferies Financial Group increased their price objective on shares of Sysco from $91.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. StockNews.com lowered shares of Sysco from a "strong-buy" rating to a "buy" rating in a research report on Monday. Finally, Bank of America reduced their price objective on shares of Sysco from $91.00 to $87.00 and set a "buy" rating on the stock in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $86.08.

Sysco Stock Performance

SYY traded down $0.37 on Wednesday, reaching $74.40. The stock had a trading volume of 68,177 shares, compared to its average volume of 3,139,082. Sysco Co. has a 12-month low of $64.28 and a 12-month high of $82.89. The company has a current ratio of 1.20, a quick ratio of 0.69 and a debt-to-equity ratio of 6.19. The business's 50-day moving average price is $76.53 and its two-hundred day moving average price is $74.82. The company has a market cap of $36.55 billion, a P/E ratio of 19.23, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20.

Sysco (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.01. The business had revenue of $20.56 billion for the quarter, compared to analyst estimates of $20.51 billion. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 earnings per share. Sell-side analysts forecast that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a $0.51 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.04 annualized dividend and a yield of 2.74%. Sysco's payout ratio is 52.44%.

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.