SeaBridge Investment Advisors LLC Sells 979 Shares of Sysco Corporation (NYSE:SYY)

SeaBridge Investment Advisors LLC decreased its holdings in Sysco Corporation (NYSE:SYY) by 15.4% in the 1st quarter, HoldingsChannel reports. The firm owned 5,370 shares of the company’s stock after selling 979 shares during the quarter. SeaBridge Investment Advisors LLC’s holdings in Sysco were worth $403,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SYY. NorthCrest Asset Manangement LLC lifted its stake in shares of Sysco by 4.9% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,956 shares of the company’s stock valued at $226,000 after purchasing an additional 139 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of Sysco by 48.4% in the 1st quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares during the period. MV Capital Management Inc. lifted its stake in shares of Sysco by 0.4% in the 4th quarter. MV Capital Management Inc. now owns 34,330 shares of the company’s stock valued at $2,625,000 after purchasing an additional 144 shares during the period. Nemes Rush Group LLC lifted its stake in shares of Sysco by 5.9% in the 4th quarter. Nemes Rush Group LLC now owns 2,631 shares of the company’s stock valued at $201,000 after purchasing an additional 147 shares during the period. Finally, FineMark National Bank & Trust lifted its stake in shares of Sysco by 1.8% in the 4th quarter. FineMark National Bank & Trust now owns 8,580 shares of the company’s stock valued at $656,000 after purchasing an additional 149 shares during the period. Institutional investors own 83.41% of the company’s stock.

Insider Activity

In related news, Director Sheila Talton sold 356 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 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 Securities & Exchange Commission, which is accessible through this link. 0.54% of the stock is currently owned by corporate insiders.

Sysco Stock Performance

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

Sysco (NYSE:SYY) last released its earnings results 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 business had revenue of $19.60 billion during the quarter, compared to the consensus estimate of $20.11 billion. Sysco had a net margin of 2.36% and a return on equity of 107.96%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 earnings per share. As a group, sell-side analysts expect that Sysco Corporation will post 4.58 earnings per share for the current year.

Sysco Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Thursday, July 3rd will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This is a positive change from Sysco’s previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 2.80%. Sysco’s dividend payout ratio is currently 55.96%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SYY. Barclays dropped their price objective on Sysco from $87.00 to $77.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Wall Street Zen lowered Sysco from a “buy” rating to a “hold” rating in a research report on Sunday. BMO Capital Markets decreased their target price on Sysco from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Citigroup initiated coverage on Sysco in a research report on Thursday, May 22nd. They issued a “neutral” rating and a $78.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their target price on Sysco from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Tuesday, May 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.77.

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.