Meyer Handelman Co. Cuts Stake in Sysco Co. (NYSE:SYY)

Meyer Handelman Co. cut its holdings in shares of Sysco Co. (NYSE:SYY) by 2.8% during the 4th quarter, HoldingsChannel reports. The fund owned 503,704 shares of the company’s stock after selling 14,523 shares during the quarter. Sysco makes up 1.3% of Meyer Handelman Co.’s investment portfolio, making the stock its 19th biggest position. Meyer Handelman Co.’s holdings in Sysco were worth $38,513,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp increased its stake in Sysco by 11.1% in the 3rd quarter. State Street Corp now owns 27,294,612 shares of the company’s stock worth $2,130,617,000 after purchasing an additional 2,721,449 shares during the period. ProShare Advisors LLC raised its holdings in Sysco by 103.0% during the 2nd quarter. ProShare Advisors LLC now owns 4,746,176 shares of the company’s stock valued at $338,830,000 after buying an additional 2,408,226 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Sysco by 26.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock valued at $615,076,000 after buying an additional 1,782,180 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Sysco in the 3rd quarter worth $137,900,000. Finally, Primecap Management Co. CA increased its position in shares of Sysco by 37.5% in the second quarter. Primecap Management Co. CA now owns 4,373,485 shares of the company’s stock valued at $312,223,000 after acquiring an additional 1,192,650 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SYY has been the subject of a number of analyst reports. Melius Research upgraded shares of Sysco to a “hold” rating in a report on Wednesday, December 18th. StockNews.com raised Sysco from a “buy” rating to a “strong-buy” rating in a research note on Monday. Jefferies Financial Group raised their price target on Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Melius began coverage on shares of Sysco in a research report on Wednesday, December 18th. They set a “hold” rating and a $85.00 price objective on the stock. Finally, Wells Fargo & Company dropped their target price on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $85.93.

Sysco Stock Up 0.4 %

NYSE:SYY opened at $73.98 on Wednesday. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.73 and a current ratio of 1.26. The firm has a market cap of $36.34 billion, a P/E ratio of 19.02, a P/E/G ratio of 2.10 and a beta of 1.18. Sysco Co. has a fifty-two week low of $69.03 and a fifty-two week high of $82.89. The firm has a 50-day simple moving average of $76.94 and a two-hundred day simple moving average of $75.78.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). The firm had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.47 billion. Sysco had a net margin of 2.44% and a return on equity of 101.04%. Sysco’s revenue was up 4.4% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. Analysts predict that Sysco Co. will post 4.57 earnings per share for the current fiscal year.

Sysco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Friday, January 3rd. Sysco’s payout ratio is currently 52.44%.

Insider Activity at Sysco

In other news, EVP Greg D. Bertrand sold 48,027 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $77.00, for a total transaction of $3,698,079.00. Following the sale, the executive vice president now owns 56,304 shares of the company’s stock, valued at $4,335,408. This trade represents a 46.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Eve M. Mcfadden sold 4,036 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $75.10, for a total transaction of $303,103.60. Following the transaction, the senior vice president now directly owns 48,451 shares of the company’s stock, valued at $3,638,670.10. The trade was a 7.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 83,306 shares of company stock valued at $6,485,050 over the last ninety days. Insiders own 0.54% of the company’s stock.

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.