Vestcor Inc Cuts Stock Holdings in Sysco Co. (NYSE:SYY)

Vestcor Inc cut its stake in shares of Sysco Co. (NYSE:SYY) by 35.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,961 shares of the company’s stock after selling 14,976 shares during the period. Vestcor Inc’s holdings in Sysco were worth $2,061,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its holdings in Sysco by 11.1% in the third quarter. State Street Corp now owns 27,294,612 shares of the company’s stock valued at $2,130,617,000 after acquiring an additional 2,721,449 shares during the last quarter. Primecap Management Co. CA grew its holdings in shares of Sysco by 9.7% during the 3rd quarter. Primecap Management Co. CA now owns 4,796,439 shares of the company’s stock worth $374,410,000 after purchasing an additional 422,954 shares during the period. Montrusco Bolton Investments Inc. increased its position in Sysco by 8.5% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 4,790,665 shares of the company’s stock worth $366,789,000 after purchasing an additional 375,409 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Sysco by 4.1% in the third quarter. Janus Henderson Group PLC now owns 4,265,723 shares of the company’s stock valued at $332,983,000 after buying an additional 168,163 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Sysco by 17.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,918,365 shares of the company’s stock valued at $305,868,000 after buying an additional 569,058 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Sysco Trading Up 1.0 %

NYSE SYY opened at $73.35 on Friday. The company’s fifty day moving average price is $73.28 and its two-hundred day moving average price is $75.52. The company has a market capitalization of $35.89 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. Sysco Co. has a 12 month low of $69.03 and a 12 month high of $82.33. 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 (NYSE:SYY) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same quarter in the previous year, the business earned $0.89 EPS. As a group, 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. Investors of record on Friday, April 4th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Friday, April 4th. Sysco’s dividend payout ratio is currently 52.44%.

Insider Buying and Selling

In other Sysco news, EVP Greg D. Bertrand sold 48,027 shares of the 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 approximately $4,335,408. This represents a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SYY. 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 report on Wednesday, January 29th. Melius initiated coverage on Sysco in a research note on Wednesday, December 18th. They set a “hold” rating and a $85.00 price objective on the stock. UBS Group decreased their target price on Sysco from $87.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Melius Research upgraded Sysco to a “hold” rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. decreased their price target on Sysco from $86.00 to $82.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Sysco presently has an average rating of “Moderate Buy” and a consensus target price of $84.77.

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.