Sysco Corporation $SYY Stock: Sumitomo Mitsui Trust Group Inc. Trims Holdings

Sumitomo Mitsui Trust Group Inc. cut its stake in Sysco Corporation (NYSE:SYY) by 3.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,158,224 shares of the company’s stock after selling 38,600 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Sysco were worth $90,295,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Capital Investment Advisors LLC increased its stake in Sysco by 1.4% during the 3rd quarter. Capital Investment Advisors LLC now owns 9,727 shares of the company’s stock worth $758,000 after buying an additional 133 shares in the last quarter. Kingswood Wealth Advisors LLC raised its holdings in shares of Sysco by 1.3% during the third quarter. Kingswood Wealth Advisors LLC now owns 11,356 shares of the company’s stock valued at $885,000 after acquiring an additional 144 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Sysco by 7.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,241 shares of the company’s stock valued at $187,000 after acquiring an additional 147 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Sysco by 2.1% in the third quarter. Pinnacle Associates Ltd. now owns 7,399 shares of the company’s stock valued at $577,000 after acquiring an additional 150 shares in the last quarter. Finally, Taylor Frigon Capital Management LLC lifted its position in shares of Sysco by 0.7% in the third quarter. Taylor Frigon Capital Management LLC now owns 20,679 shares of the company’s stock valued at $1,612,000 after acquiring an additional 151 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Sysco news, EVP Ronald Phillips sold 7,350 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $83.61, for a total transaction of $614,533.50. Following the transaction, the executive vice president owned 38,650 shares of the company’s stock, valued at approximately $3,231,526.50. The trade was a 15.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,525 shares of company stock worth $1,299,736 over the last quarter. Insiders own 0.55% of the company’s stock.

Sysco Trading Down 1.4%

SYY opened at $81.76 on Tuesday. The company has a debt-to-equity ratio of 4.62, a current ratio of 1.28 and a quick ratio of 0.77. The company’s 50 day simple moving average is $80.49 and its two-hundred day simple moving average is $80.54. Sysco Corporation has a 1-year low of $68.19 and a 1-year high of $91.85. The firm has a market capitalization of $40.22 billion, a price-to-earnings ratio of 22.34, a price-to-earnings-growth ratio of 2.31 and a beta of 0.64.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, August 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.02. The business had revenue of $22.12 billion for the quarter, compared to analysts’ expectations of $21.95 billion. Sysco had a return on equity of 95.05% and a net margin of 2.08%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.48 EPS. Analysts expect that Sysco Corporation will post 5.09 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 2nd were given a dividend of $0.55 per share. The ex-dividend date was Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.7%. Sysco’s dividend payout ratio (DPR) is presently 60.11%.

Wall Street Analyst Weigh In

SYY has been the topic of a number of research analyst reports. Piper Sandler lifted their price target on Sysco from $77.00 to $84.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. reduced their price objective on Sysco from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, September 29th. UBS Group raised their price objective on Sysco from $90.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Citigroup reaffirmed a “neutral” rating on shares of Sysco in a research note on Monday, October 26th. Finally, Wall Street Zen lowered shares of Sysco from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $90.42.

Sysco Company Profile

Sysco Corporation is a global foodservice distribution company headquartered in Houston, Texas. It supplies food and related products to restaurants, healthcare and educational institutions, hotels, government facilities, and other foodservice operators.

The company distributes a broad range of products, including fresh and frozen foods, meat and seafood, produce, dairy products, canned and packaged goods, beverages, and specialty food items. Sysco also provides nonfood products such as kitchen and dining supplies, equipment, and cleaning products, along with services intended to help customers manage menus, procurement, and operations.

Founded in 1969, Sysco serves customers primarily across the United States and Canada, as well as in parts of Europe and other international markets.