Corebridge Financial Inc. Sells 5,961 Shares of Sysco Co. (NYSE:SYY)

Corebridge Financial Inc. cut its holdings in Sysco Co. (NYSE:SYY - Free Report) by 4.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 119,823 shares of the company's stock after selling 5,961 shares during the period. Corebridge Financial Inc.'s holdings in Sysco were worth $9,162,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SYY. Stonebridge Financial Group LLC acquired a new position in Sysco in the fourth quarter valued at approximately $31,000. Sherman Asset Management Inc. acquired a new position in Sysco during the 4th quarter valued at approximately $31,000. Flagship Wealth Advisors LLC bought a new position in Sysco during the 4th quarter worth $31,000. SRS Capital Advisors Inc. grew its stake in Sysco by 53.0% during the 4th quarter. SRS Capital Advisors Inc. now owns 430 shares of the company's stock worth $33,000 after buying an additional 149 shares during the last quarter. Finally, HHM Wealth Advisors LLC increased its position in Sysco by 107.4% in the fourth quarter. HHM Wealth Advisors LLC now owns 620 shares of the company's stock worth $47,000 after buying an additional 321 shares during the period. Institutional investors own 83.41% of the company's stock.

Insider Activity at Sysco

In other Sysco news, EVP Greg D. Bertrand sold 48,027 shares of the business's stock in a transaction on 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 sale, the executive vice president now directly owns 56,304 shares of the company's stock, valued at $4,335,408. The trade was a 46.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.54% of the stock is owned by insiders.

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Sysco Price Performance

Shares of NYSE SYY traded up $0.42 during trading on Tuesday, hitting $75.46. The company had a trading volume of 2,482,425 shares, compared to its average volume of 3,278,709. Sysco Co. has a 52 week low of $69.03 and a 52 week high of $82.23. The business's 50-day moving average is $73.07 and its 200 day moving average is $75.10. The company has a market cap of $36.91 billion, a P/E ratio of 19.40, a PEG ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 5.66, a quick ratio of 0.68 and a current ratio of 1.20.

Sysco (NYSE:SYY - Get Free Report) last announced its earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Sysco had a return on equity of 106.30% and a net margin of 2.40%. During the same quarter in the prior year, the business earned $0.89 earnings per share. 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 declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 4th will be issued a dividend of $0.51 per share. The ex-dividend date is Friday, April 4th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.70%. Sysco's dividend payout ratio is currently 52.44%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SYY. Wells Fargo & Company increased their price objective on shares of Sysco from $82.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Melius assumed coverage on shares of Sysco in a research note on Wednesday, December 18th. They issued a "hold" rating and a $85.00 price target on the stock. Morgan Stanley reduced their price objective on Sysco from $79.00 to $77.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Jefferies Financial Group raised their target price on Sysco from $91.00 to $95.00 and gave the company a "buy" rating in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. reduced their price target on Sysco from $86.00 to $82.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.77.

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.