Grove Bank & Trust Sells 2,505 Shares of Sysco Corporation (NYSE:SYY)

Grove Bank & Trust lessened its holdings in Sysco Corporation (NYSE:SYY) by 22.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,838 shares of the company’s stock after selling 2,505 shares during the quarter. Grove Bank & Trust’s holdings in Sysco were worth $663,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SYY. Boston Partners grew its holdings in Sysco by 143.7% in the fourth quarter. Boston Partners now owns 12,184,114 shares of the company’s stock worth $930,296,000 after purchasing an additional 7,184,754 shares during the period. Norges Bank bought a new position in Sysco during the fourth quarter valued at approximately $450,441,000. Capital Research Global Investors boosted its position in Sysco by 27.3% in the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company’s stock worth $687,488,000 after purchasing an additional 1,928,002 shares during the last quarter. Mondrian Investment Partners LTD purchased a new position in shares of Sysco during the 4th quarter worth $123,928,000. Finally, Raymond James Financial Inc. purchased a new stake in Sysco in the fourth quarter worth about $97,078,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the sale, the director now owns 12,738 shares of the company’s stock, valued at approximately $902,359.92. This trade represents a 2.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

SYY has been the subject of several research analyst reports. BMO Capital Markets cut their target price on Sysco from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their target price on shares of Sysco from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, May 20th. Sanford C. Bernstein set a $87.00 price target on shares of Sysco and gave the company an “overweight” rating in a report on Tuesday, April 22nd. Wells Fargo & Company reduced their target price on Sysco from $87.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. Finally, Barclays cut their price target on Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

Sysco Trading Down 0.7%

SYY opened at $74.25 on Wednesday. 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 stock’s 50 day moving average price is $72.18 and its 200-day moving average price is $73.63. Sysco Corporation has a one year low of $67.12 and a one year high of $82.23. The stock has a market cap of $35.99 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 2.42 and a beta of 0.81.

Sysco (NYSE:SYY) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.06). The business had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The business’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.96 EPS. On average, equities analysts forecast that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.91%. This is a boost from Sysco’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, July 3rd. Sysco’s dividend payout ratio is currently 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.