M&T Bank Corp Has $21.23 Million Stock Holdings in Sysco Co. (NYSE:SYY)

M&T Bank Corp trimmed its holdings in Sysco Co. (NYSE:SYY - Free Report) by 6.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 271,983 shares of the company's stock after selling 19,648 shares during the period. M&T Bank Corp owned 0.06% of Sysco worth $21,231,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SYY. State Street Corp boosted its stake in Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company's stock worth $2,130,617,000 after buying an additional 2,721,449 shares during the last quarter. ProShare Advisors LLC boosted its stake in Sysco by 103.0% in the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company's stock worth $338,830,000 after buying an additional 2,408,226 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in Sysco by 49.8% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company's stock worth $429,240,000 after buying an additional 1,997,895 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Sysco by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company's stock worth $615,076,000 after purchasing an additional 1,782,180 shares during the period. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Sysco in the 3rd quarter worth about $137,900,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Sysco Stock Down 0.6 %

Shares of NYSE:SYY traded down $0.47 during mid-day trading on Wednesday, hitting $80.35. 2,101,119 shares of the company traded hands, compared to its average volume of 3,162,392. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.73 and a current ratio of 1.26. Sysco Co. has a 52-week low of $69.03 and a 52-week high of $82.89. The firm's 50 day simple moving average is $76.18 and its 200 day simple moving average is $75.05. The firm has a market cap of $39.47 billion, a P/E ratio of 20.81, a PEG ratio of 2.12 and a beta of 1.19.

Sysco (NYSE:SYY - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.04). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The business had revenue of $20.48 billion for the quarter, compared to analysts' expectations of $20.47 billion. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Sysco's revenue for the quarter was up 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Sysco Co. will post 4.57 EPS for the current year.

Sysco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.04 annualized dividend and a dividend yield of 2.54%. Sysco's payout ratio is 52.44%.

Analysts Set New Price Targets

A number of research firms have recently commented on SYY. StockNews.com upgraded Sysco from a "buy" rating to a "strong-buy" rating in a report on Tuesday. Jefferies Financial Group raised their price objective on Sysco from $91.00 to $92.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Wells Fargo & Company cut their price objective on Sysco from $87.00 to $82.00 and set an "overweight" rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on Sysco from $85.00 to $88.00 and gave the stock an "overweight" rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Sysco has an average rating of "Moderate Buy" and an average price target of $85.77.

Insider Transactions at Sysco

In related news, SVP Eve M. Mcfadden sold 4,036 shares of the business'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 completion of the transaction, the senior vice president now owns 48,451 shares in the company, valued at $3,638,670.10. The trade was a 7.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sheila Talton sold 2,900 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total value of $216,427.00. Following the transaction, the director now owns 12,955 shares of the company's stock, valued at $966,831.65. This represents a 18.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,279 shares of company stock worth $2,786,971. 0.54% of the stock is currently owned by corporate insiders.

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.