Montrusco Bolton Investments Inc. Lowers Stake in Sysco Corporation (NYSE:SYY)

Montrusco Bolton Investments Inc. cut its position in shares of Sysco Corporation (NYSE:SYY) by 61.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 743,273 shares of the company’s stock after selling 1,205,688 shares during the quarter. Sysco makes up 0.7% of Montrusco Bolton Investments Inc.’s investment portfolio, making the stock its 28th largest position. Montrusco Bolton Investments Inc. owned about 0.15% of Sysco worth $55,775,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SYY. Envestnet Portfolio Solutions Inc. boosted its position in shares of Sysco by 13.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 76,013 shares of the company’s stock worth $5,812,000 after acquiring an additional 9,269 shares during the last quarter. Harbour Investments Inc. boosted its stake in Sysco by 5.1% during the 4th quarter. Harbour Investments Inc. now owns 7,801 shares of the company’s stock valued at $596,000 after acquiring an additional 382 shares during the last quarter. Parallel Advisors LLC boosted its stake in Sysco by 12.3% during the 4th quarter. Parallel Advisors LLC now owns 5,640 shares of the company’s stock valued at $431,000 after acquiring an additional 619 shares during the last quarter. Signaturefd LLC boosted its stake in Sysco by 8.0% during the 4th quarter. Signaturefd LLC now owns 6,110 shares of the company’s stock valued at $467,000 after acquiring an additional 452 shares during the last quarter. Finally, Flagship Wealth Advisors LLC bought a new stake in Sysco during the fourth quarter valued at $31,000. 83.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sysco

In related news, Director Sheila Talton sold 356 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $70.84, for a total transaction of $25,219.04. Following the transaction, the director owned 12,738 shares of the company’s stock, valued at approximately $902,359.92. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SYY. Morgan Stanley boosted their target price on shares of Sysco from $72.00 to $77.00 and gave the company an “equal weight” rating in a research note on Monday. UBS Group cut their price target on shares of Sysco from $86.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Citigroup began coverage on shares of Sysco in a report on Thursday, May 22nd. They issued a “neutral” rating and a $78.00 price target for the company. Guggenheim reaffirmed a “buy” rating and set a $82.00 price objective on shares of Sysco in a research note on Tuesday, July 8th. Finally, Wall Street Zen lowered shares of Sysco from a “buy” rating to a “hold” rating in a research report on Sunday. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and an average target price of $82.77.

Sysco Trading Up 1.2%

NYSE:SYY opened at $77.28 on Thursday. The company’s 50 day moving average is $74.30 and its 200-day moving average is $73.29. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 6.37. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $82.23. The firm has a market cap of $37.46 billion, a price-to-earnings ratio of 20.02, a P/E/G ratio of 2.30 and a beta of 0.81.

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

Sysco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.54 per share. 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 2.80%. This is a positive change from Sysco’s previous quarterly dividend of $0.51. Sysco’s payout ratio is 55.96%.

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.