Alliancebernstein L.P. reduced its stake in SYSCO Co. (NYSE:SYY) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 892,957 shares of the company’s stock after selling 41,654 shares during the quarter. Alliancebernstein L.P. owned about 0.17% of SYSCO worth $54,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in SYY. Miller Howard Investments Inc. NY purchased a new stake in SYSCO in the fourth quarter valued at approximately $60,798,000. American Century Companies Inc. raised its stake in SYSCO by 7.5% in the fourth quarter. American Century Companies Inc. now owns 6,578,176 shares of the company’s stock valued at $399,493,000 after purchasing an additional 457,259 shares in the last quarter. Retirement Systems of Alabama raised its stake in SYSCO by 126.1% in the fourth quarter. Retirement Systems of Alabama now owns 532,810 shares of the company’s stock valued at $32,358,000 after purchasing an additional 297,195 shares in the last quarter. Victory Capital Management Inc. raised its stake in SYSCO by 8.0% in the fourth quarter. Victory Capital Management Inc. now owns 3,735,842 shares of the company’s stock valued at $226,879,000 after purchasing an additional 277,097 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in SYSCO by 4.6% in the third quarter. Janus Henderson Group PLC now owns 5,969,351 shares of the company’s stock valued at $322,047,000 after purchasing an additional 261,748 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors and hedge funds.
SYSCO Co. (SYY) opened at $60.52 on Tuesday. SYSCO Co. has a 52-week low of $48.85 and a 52-week high of $64.27. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.85 and a current ratio of 1.38. The company has a market cap of $31,590.00, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 2.06 and a beta of 0.60.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Friday, April 6th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, April 5th. SYSCO’s dividend payout ratio is 62.61%.
In other news, SVP Greg D. Bertrand sold 81,038 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $60.76, for a total value of $4,923,868.88. Following the transaction, the senior vice president now owns 69,721 shares in the company, valued at $4,236,247.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wayne Shurts sold 7,800 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $58.98, for a total transaction of $460,044.00. Following the completion of the transaction, the executive vice president now owns 55,235 shares in the company, valued at approximately $3,257,760.30. The disclosure for this sale can be found here. Insiders sold 152,229 shares of company stock worth $9,265,992 in the last 90 days. Company insiders own 9.60% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Loop Capital raised their target price on shares of SYSCO from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Pivotal Research raised their target price on shares of SYSCO from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, December 12th. Morgan Stanley upgraded shares of SYSCO from an “underweight” rating to an “equal weight” rating and set a $64.00 price target on the stock in a research report on Tuesday, January 16th. Zacks Investment Research upgraded shares of SYSCO from a “hold” rating to a “strong-buy” rating and set a $71.00 price target on the stock in a research report on Wednesday, January 10th. Finally, BMO Capital Markets set a $66.00 price target on shares of SYSCO and gave the company a “buy” rating in a research report on Friday, December 8th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $65.20.
COPYRIGHT VIOLATION WARNING: “SYSCO Co. (SYY) Stake Lessened by Alliancebernstein L.P.” was originally posted by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was illegally copied and republished in violation of United States and international copyright law. The legal version of this article can be accessed at https://www.americanbankingnews.com/2018/03/13/sysco-co-syy-stake-lessened-by-alliancebernstein-l-p.html.
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.