MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Lowers Stake in Sysco Co. (NYSE:SYY)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its holdings in shares of Sysco Co. (NYSE:SYY) by 10.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 53,524 shares of the company’s stock after selling 6,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Sysco were worth $4,092,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of SYY. Boston Partners grew its position in Sysco by 143.7% during the 4th 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 last quarter. Norges Bank purchased a new stake in shares of Sysco in the fourth quarter valued at about $450,441,000. Capital Research Global Investors boosted its holdings in shares of Sysco by 27.3% in the fourth quarter. Capital Research Global Investors now owns 8,991,476 shares of the company’s stock valued at $687,488,000 after acquiring an additional 1,928,002 shares in the last quarter. Mondrian Investment Partners LTD purchased a new stake in shares of Sysco in the fourth quarter valued at about $123,928,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Sysco in the fourth quarter valued at about $97,078,000. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. BMO Capital Markets lowered their target price on shares of Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. lowered their target price on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. UBS Group lowered their target price on shares of Sysco from $86.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Morgan Stanley lowered their target price on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Barclays reduced their price objective on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.38.

Insider Transactions at Sysco

In other news, Director Sheila Talton sold 356 shares of Sysco stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the sale, the director now directly owns 12,738 shares in the company, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.54% of the company’s stock.

Sysco Stock Performance

Shares of SYY opened at $72.95 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 5.66. The stock has a market cap of $35.36 billion, a P/E ratio of 18.75, a PEG ratio of 1.88 and a beta of 0.80. The company has a 50-day moving average of $71.76 and a two-hundred day moving average of $74.02. Sysco Co. has a 12-month low of $67.12 and a 12-month high of $82.23.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 106.30% and a net margin of 2.40%. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.96 EPS. As a group, research analysts predict that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This is an increase from Sysco’s previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.96%. Sysco’s payout ratio is 55.96%.

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.