Nuveen Asset Management LLC Cuts Stock Position in Sysco Co. (NYSE:SYY)

Nuveen Asset Management LLC cut its holdings in Sysco Co. (NYSE:SYY) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,069,389 shares of the company’s stock after selling 77,408 shares during the quarter. Nuveen Asset Management LLC’s holdings in Sysco were worth $81,765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SYY. MV Capital Management Inc. boosted its stake in shares of Sysco by 0.4% in the fourth quarter. MV Capital Management Inc. now owns 34,330 shares of the company’s stock worth $2,625,000 after acquiring an additional 144 shares during the last quarter. Morton Community Bank boosted its stake in shares of Sysco by 0.4% in the fourth quarter. Morton Community Bank now owns 40,585 shares of the company’s stock worth $3,103,000 after acquiring an additional 145 shares during the last quarter. Nemes Rush Group LLC boosted its stake in shares of Sysco by 5.9% in the fourth quarter. Nemes Rush Group LLC now owns 2,631 shares of the company’s stock worth $201,000 after acquiring an additional 147 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after acquiring an additional 149 shares during the last quarter. Finally, FineMark National Bank & Trust boosted its stake in shares of Sysco by 1.8% in the fourth quarter. FineMark National Bank & Trust now owns 8,580 shares of the company’s stock worth $656,000 after acquiring an additional 149 shares during the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Sysco Price Performance

NYSE:SYY opened at $72.34 on Friday. Sysco Co. has a 52 week low of $67.12 and a 52 week high of $82.23. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 5.66. The company has a market capitalization of $35.07 billion, a P/E ratio of 18.60, a P/E/G ratio of 1.88 and a beta of 0.80. The stock’s fifty day moving average is $71.78 and its two-hundred day moving average is $74.04.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, April 29th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.06). Sysco had a net margin of 2.40% and a return on equity of 106.30%. The business had revenue of $19.60 billion during the quarter, compared to analysts’ expectations of $20.11 billion. During the same quarter in the prior year, the firm earned $0.96 EPS. Sysco’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities analysts expect that Sysco Co. will post 4.58 EPS for the current year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a yield of 2.99%. This is an increase from Sysco’s previous quarterly dividend of $0.51. Sysco’s payout ratio is currently 55.96%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SYY. Morgan Stanley lowered their price target on Sysco from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Barclays lowered their price target on Sysco from $87.00 to $77.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. BMO Capital Markets lowered their price target on Sysco from $82.00 to $77.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company lowered their price target on Sysco from $87.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Finally, StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Sysco has a consensus rating of “Moderate Buy” and a consensus price target of $83.38.

Insider Buying and Selling at Sysco

In other Sysco news, Director Sheila Talton sold 356 shares of Sysco stock in a transaction on Thursday, May 1st. The stock was 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 in the company, valued at $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.54% of the company’s stock.

About Sysco

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.