Yacktman Asset Management LP Sells 5,317 Shares of Sysco Co. (NYSE:SYY)

Yacktman Asset Management LP reduced its holdings in shares of Sysco Co. (NYSE:SYY) by 0.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,515,425 shares of the company’s stock after selling 5,317 shares during the quarter. Yacktman Asset Management LP’s holdings in Sysco were worth $110,823,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SYY. Wealthfront Advisers LLC lifted its position in shares of Sysco by 263.4% during the third quarter. Wealthfront Advisers LLC now owns 34,007 shares of the company’s stock worth $2,246,000 after acquiring an additional 24,650 shares in the last quarter. Professional Advisory Services Inc. bought a new stake in shares of Sysco during the fourth quarter valued at about $20,057,000. Harbour Trust & Investment Management Co purchased a new stake in shares of Sysco in the fourth quarter worth about $4,623,000. Pacer Advisors Inc. boosted its position in shares of Sysco by 40.1% in the fourth quarter. Pacer Advisors Inc. now owns 82,239 shares of the company’s stock valued at $6,014,000 after acquiring an additional 23,558 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Sysco by 16.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 298,982 shares of the company’s stock worth $21,865,000 after acquiring an additional 41,618 shares during the period. 83.41% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Neil Russell sold 1,722 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total value of $137,760.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SYY. StockNews.com downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 1st. Stephens boosted their target price on Sysco from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Barclays raised their price target on Sysco from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. boosted their price objective on Sysco from $84.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Finally, BMO Capital Markets raised their target price on shares of Sysco from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.38.

Sysco Price Performance

NYSE SYY traded down $0.04 on Friday, reaching $77.03. 1,168,627 shares of the company’s stock traded hands, compared to its average volume of 2,872,747. The stock has a market cap of $38.35 billion, a PE ratio of 18.84, a P/E/G ratio of 1.58 and a beta of 1.15. The company has a debt-to-equity ratio of 5.00, a current ratio of 1.37 and a quick ratio of 0.80. Sysco Co. has a 12 month low of $62.24 and a 12 month high of $82.89. The stock has a 50-day simple moving average of $79.21 and a 200 day simple moving average of $74.68.

Sysco (NYSE:SYY) last issued its earnings results on Tuesday, January 30th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. Sysco had a net margin of 2.69% and a return on equity of 105.22%. The company had revenue of $19.29 billion for the quarter, compared to analysts’ expectations of $19.32 billion. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. As a group, research analysts predict that Sysco Co. will post 4.3 earnings per share for the current year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 5th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $2.00 annualized dividend and a dividend yield of 2.60%. Sysco’s dividend payout ratio is 48.90%.

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.