Pinebridge Investments L.P. Sells 58,036 Shares of Sysco Co. (NYSE:SYY)

Pinebridge Investments L.P. cut its holdings in shares of Sysco Co. (NYSE:SYY - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 429,831 shares of the company's stock after selling 58,036 shares during the quarter. Pinebridge Investments L.P. owned about 0.09% of Sysco worth $32,865,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Stifel Financial Corp boosted its holdings in Sysco by 0.6% in the 4th quarter. Stifel Financial Corp now owns 507,150 shares of the company's stock valued at $38,777,000 after purchasing an additional 3,194 shares during the period. OneDigital Investment Advisors LLC lifted its stake in shares of Sysco by 38.7% in the fourth quarter. OneDigital Investment Advisors LLC now owns 29,623 shares of the company's stock valued at $2,265,000 after buying an additional 8,264 shares during the period. State of Tennessee Department of Treasury grew its position in Sysco by 11.7% during the fourth quarter. State of Tennessee Department of Treasury now owns 129,192 shares of the company's stock worth $9,878,000 after buying an additional 13,525 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Sysco by 231.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 37,574 shares of the company's stock valued at $2,873,000 after acquiring an additional 26,229 shares during the period. Finally, Transce3nd LLC acquired a new position in Sysco in the 4th quarter valued at approximately $88,000. 83.41% of the stock is owned by institutional investors.

Sysco Trading Up 2.5 %

SYY stock opened at $73.25 on Wednesday. The business has a fifty day moving average price of $72.72 and a 200 day moving average price of $74.49. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68. Sysco Co. has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The stock has a market capitalization of $35.84 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 1.88 and a beta of 0.91.

Sysco (NYSE:SYY - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same period in the previous year, the business earned $0.89 earnings per share. Analysts expect that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 4th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, April 4th. Sysco's dividend payout ratio is currently 52.44%.

Analyst Ratings Changes

A number of analysts have recently issued reports on SYY shares. Guggenheim restated a "buy" rating and set a $85.00 price objective on shares of Sysco in a research report on Wednesday, January 29th. UBS Group lowered their price target on shares of Sysco from $87.00 to $86.00 and set a "buy" rating on the stock in a report on Wednesday, January 29th. Truist Financial dropped their price objective on shares of Sysco from $85.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, January 29th. Morgan Stanley lowered their target price on shares of Sysco from $79.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. cut their price target 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. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $84.92.

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.

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