Manning & Napier Advisors LLC Decreases Stake in Sysco Co. (NYSE:SYY)

Manning & Napier Advisors LLC reduced its stake in Sysco Co. (NYSE:SYY - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 161,840 shares of the company's stock after selling 8,335 shares during the period. Manning & Napier Advisors LLC's holdings in Sysco were worth $12,374,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SYY. Sumitomo Life Insurance Co. boosted its stake in shares of Sysco by 24.6% in the 4th quarter. Sumitomo Life Insurance Co. now owns 93,297 shares of the company's stock worth $7,133,000 after buying an additional 18,435 shares during the last quarter. Stonegate Investment Group LLC raised its holdings in Sysco by 67.2% during the fourth quarter. Stonegate Investment Group LLC now owns 4,723 shares of the company's stock valued at $361,000 after acquiring an additional 1,899 shares during the period. Perigon Wealth Management LLC lifted its holdings in Sysco by 10.1% in the 4th quarter. Perigon Wealth Management LLC now owns 7,320 shares of the company's stock worth $536,000 after purchasing an additional 672 shares in the last quarter. BankPlus Wealth Management LLC purchased a new position in shares of Sysco in the fourth quarter worth $296,000. Finally, Nilsine Partners LLC boosted its holdings in shares of Sysco by 10.0% during the 4th quarter. Nilsine Partners LLC now owns 7,452 shares of the company's stock valued at $570,000 after purchasing an additional 680 shares during the last quarter. 83.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Greg D. Bertrand sold 48,027 shares of the business's 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 owns 56,304 shares of the company's stock, valued at approximately $4,335,408. The trade was a 46.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Eve M. Mcfadden sold 4,036 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $75.10, for a total transaction of $303,103.60. Following the sale, the senior vice president now owns 48,451 shares of the company's stock, valued at $3,638,670.10. This represents a 7.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,306 shares of company stock worth $6,485,050. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent research reports. UBS Group decreased their price target on shares of Sysco from $87.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday. Wells Fargo & Company cut their target price on Sysco from $87.00 to $82.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 30th. Guggenheim reaffirmed a "buy" rating and set a $85.00 price objective on shares of Sysco in a research note on Wednesday. StockNews.com downgraded shares of Sysco from a "strong-buy" rating to a "buy" rating in a research note on Monday. Finally, Truist Financial cut their price target on shares of Sysco from $85.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $85.21.

Sysco Price Performance

Shares of Sysco stock traded up $0.88 during trading hours on Thursday, reaching $72.80. The stock had a trading volume of 1,721,125 shares, compared to its average volume of 3,331,314. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.89. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 5.38. The firm has a market capitalization of $35.76 billion, a PE ratio of 18.67, a PEG ratio of 2.04 and a beta of 1.18. The stock's 50 day moving average is $76.40 and its 200 day moving average is $76.00.

Sysco (NYSE:SYY - Get Free Report) last announced its 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 101.04% and a net margin of 2.44%. During the same quarter last year, the business posted $0.89 EPS. Equities analysts expect that Sysco Co. will post 4.57 earnings per share for the current fiscal year.

Sysco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 24th. Investors of record on Friday, January 3rd were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Friday, January 3rd. Sysco's dividend payout ratio is presently 52.44%.

Sysco Company 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.