Allspring Global Investments Holdings LLC Trims Stake in Sysco Co. (NYSE:SYY)

Allspring Global Investments Holdings LLC reduced its stake in shares of Sysco Co. (NYSE:SYY) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 406,331 shares of the company’s stock after selling 10,617 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.08% of Sysco worth $29,715,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Invesco Ltd. increased its position in shares of Sysco by 11.0% in the third quarter. Invesco Ltd. now owns 10,859,690 shares of the company’s stock valued at $717,283,000 after buying an additional 1,076,287 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Sysco by 1.8% in the first quarter. Geode Capital Management LLC now owns 8,909,697 shares of the company’s stock valued at $686,254,000 after buying an additional 161,756 shares in the last quarter. Moneta Group Investment Advisors LLC increased its position in shares of Sysco by 70,686.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,967,508 shares of the company’s stock valued at $532,666,000 after buying an additional 6,957,665 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Sysco by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,819,065 shares of the company’s stock valued at $521,318,000 after buying an additional 310,274 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Sysco by 34.8% in the fourth quarter. Morgan Stanley now owns 6,459,895 shares of the company’s stock valued at $493,859,000 after buying an additional 1,666,008 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Stock Performance

NYSE SYY opened at $75.24 on Friday. The stock’s fifty day moving average is $79.80 and its two-hundred day moving average is $73.97. The firm has a market capitalization of $37.46 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 1.56 and a beta of 1.15. The company has a debt-to-equity ratio of 5.00, a quick ratio of 0.80 and a current ratio of 1.37. Sysco Co. has a fifty-two week low of $62.24 and a fifty-two week high of $82.89.

Sysco (NYSE:SYY) last released its quarterly earnings data on Tuesday, January 30th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. Sysco had a return on equity of 105.22% and a net margin of 2.69%. The company had revenue of $19.29 billion for the quarter, compared to analyst estimates of $19.32 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, research analysts anticipate that Sysco Co. will post 4.3 earnings per share for the current year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Thursday, April 4th. Sysco’s dividend payout ratio (DPR) is presently 48.90%.

Analysts Set New Price Targets

A number of analysts have recently commented on SYY shares. Barclays boosted their price objective on Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Stephens boosted their price target on Sysco from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. boosted their price target on Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. Finally, BMO Capital Markets boosted their price target on Sysco from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.38.

Insider Activity

In other news, CAO Neil Russell sold 1,722 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $80.00, for a total value of $137,760.00. Following the transaction, the chief accounting officer now owns 24,082 shares of the company’s stock, valued at approximately $1,926,560. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.58% of the company’s stock.

Sysco 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.