Boyar Asset Management Inc. Cuts Stock Position in Sysco Corporation (NYSE:SYY)

Boyar Asset Management Inc. cut its stake in shares of Sysco Corporation (NYSE:SYY) by 10.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,028 shares of the company’s stock after selling 2,466 shares during the quarter. Sysco accounts for approximately 1.2% of Boyar Asset Management Inc.’s holdings, making the stock its 20th biggest position. Boyar Asset Management Inc.’s holdings in Sysco were worth $1,653,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Sysco by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 61,519,424 shares of the company’s stock worth $4,703,775,000 after acquiring an additional 429,711 shares during the period. Invesco Ltd. raised its holdings in Sysco by 5.3% during the fourth quarter. Invesco Ltd. now owns 16,907,541 shares of the company’s stock worth $1,292,751,000 after purchasing an additional 851,441 shares in the last quarter. Boston Partners lifted its position in Sysco by 143.7% in the fourth quarter. Boston Partners now owns 12,184,114 shares of the company’s stock valued at $930,296,000 after purchasing an additional 7,184,754 shares during the period. Geode Capital Management LLC lifted its position in Sysco by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 11,868,965 shares of the company’s stock valued at $905,120,000 after purchasing an additional 233,885 shares during the period. Finally, Capital Research Global Investors boosted its holdings in Sysco by 27.3% in the 4th quarter. Capital Research Global Investors now owns 8,991,476 shares of the company’s stock valued at $687,488,000 after purchasing an additional 1,928,002 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Sheila Talton sold 356 shares of the company’s 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 completion of the transaction, the director now directly owns 12,738 shares in the company, valued at approximately $902,359.92. This represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.54% of the stock is currently owned by company insiders.

Sysco Stock Performance

Shares of SYY opened at $75.13 on Thursday. Sysco Corporation has a 12-month low of $67.12 and a 12-month high of $82.23. The stock has a market cap of $36.42 billion, a P/E ratio of 19.46, a PEG ratio of 2.46 and a beta of 0.81. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 6.37. The company has a 50-day moving average of $72.67 and a two-hundred day moving average of $73.48.

Sysco (NYSE:SYY) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.06). The company had revenue of $19.60 billion for the quarter, compared to analyst estimates of $20.11 billion. Sysco had a return on equity of 107.96% and a net margin of 2.36%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. As a group, research analysts predict that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.88%. This is a positive change from Sysco’s previous quarterly dividend of $0.51. Sysco’s dividend payout ratio (DPR) is presently 52.85%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. BMO Capital Markets cut their target price on Sysco from $82.00 to $77.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. increased their price objective on Sysco from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 20th. Wells Fargo & Company decreased their target price on shares of Sysco from $87.00 to $80.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. UBS Group lowered their price target on shares of Sysco from $86.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Finally, Sanford C. Bernstein set a $87.00 price objective on shares of Sysco and gave the company an “overweight” rating in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

Sysco 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.