Sysco Corporation (NYSE:SYY) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. decreased its holdings in shares of Sysco Corporation (NYSE:SYY) by 15.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 18,162 shares of the company’s stock after selling 3,244 shares during the quarter. QRG Capital Management Inc.’s holdings in Sysco were worth $1,363,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC grew its holdings in shares of Sysco by 188.7% during the 1st quarter. Rialto Wealth Management LLC now owns 332 shares of the company’s stock worth $25,000 after purchasing an additional 217 shares during the period. Parvin Asset Management LLC acquired a new position in Sysco in the fourth quarter valued at about $29,000. Sherman Asset Management Inc. acquired a new position in Sysco in the fourth quarter valued at about $31,000. Flagship Wealth Advisors LLC acquired a new position in Sysco in the fourth quarter valued at about $31,000. Finally, SRS Capital Advisors Inc. lifted its position in Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock valued at $33,000 after buying an additional 149 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SYY. Wall Street Zen cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Citigroup began coverage on shares of Sysco in a research report on Thursday, May 22nd. They issued a “neutral” rating and a $78.00 target price on the stock. BMO Capital Markets decreased their target price on shares of Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Sanford C. Bernstein set a $87.00 target price on shares of Sysco and gave the company an “overweight” rating in a research report on Tuesday, April 22nd. Finally, Barclays decreased their target price on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.00.

Insider Activity at Sysco

In related news, Director Sheila Talton sold 356 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total value of $25,219.04. Following the sale, the director now owns 12,738 shares of the company’s stock, valued at $902,359.92. This trade represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.54% of the stock is owned by corporate insiders.

Sysco Stock Up 1.0%

Shares of SYY opened at $74.71 on Friday. The stock has a market capitalization of $36.21 billion, a PE ratio of 19.35, a P/E/G ratio of 2.39 and a beta of 0.81. Sysco Corporation has a 1 year low of $67.12 and a 1 year high of $82.23. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The company’s 50-day simple moving average is $72.41 and its 200-day simple moving average is $73.59.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). The business had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 EPS. Analysts forecast that Sysco Corporation will post 4.58 earnings per share for the current fiscal year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be issued a $0.54 dividend. This is a boost from Sysco’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 annualized dividend and a yield of 2.89%. Sysco’s dividend payout ratio (DPR) is 52.85%.

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.