Washington Trust Bank Decreases Stock Holdings in Sysco Co. (NYSE:SYY)

Washington Trust Bank trimmed its position in Sysco Co. (NYSE:SYY) by 4.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,769 shares of the company’s stock after selling 221 shares during the quarter. Washington Trust Bank’s holdings in Sysco were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new position in shares of Sysco in the fourth quarter worth $31,000. Flagship Wealth Advisors LLC purchased a new position in shares of Sysco in the fourth quarter worth $31,000. Sherman Asset Management Inc. purchased a new position in shares of Sysco in the fourth quarter worth $31,000. SRS Capital Advisors Inc. increased its stake in shares of Sysco by 53.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after buying an additional 149 shares during the period. Finally, HHM Wealth Advisors LLC increased its stake in shares of Sysco by 107.4% in the fourth quarter. HHM Wealth Advisors LLC now owns 620 shares of the company’s stock worth $47,000 after buying an additional 321 shares during the period. 83.41% of the stock is owned by hedge funds and other institutional investors.

Sysco Stock Performance

Shares of Sysco stock opened at $71.12 on Friday. The stock has a market cap of $34.79 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 1.88 and a beta of 1.11. The firm’s 50-day moving average is $73.10 and its 200 day moving average is $75.36. Sysco Co. has a 1 year low of $69.03 and a 1 year high of $82.33. The company has a debt-to-equity ratio of 5.66, a current ratio of 1.20 and a quick ratio of 0.68.

Sysco (NYSE:SYY) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Sysco had a net margin of 2.40% and a return on equity of 106.30%. During the same period in the previous year, the business posted $0.89 EPS. Sell-side analysts anticipate that Sysco Co. will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 4th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.87%. The ex-dividend date is Friday, April 4th. Sysco’s dividend payout ratio is currently 52.44%.

Analyst Upgrades and Downgrades

SYY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Melius initiated 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. UBS Group reduced their price objective on shares of Sysco from $87.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Wells Fargo & Company boosted their price objective on shares of Sysco from $82.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Finally, Truist Financial dropped their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Sysco has an average rating of “Moderate Buy” and an average target price of $84.77.

Insider Buying and Selling at Sysco

In other Sysco news, EVP Greg D. Bertrand sold 48,027 shares of the company’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 transaction, the executive vice president now owns 56,304 shares in the company, valued at approximately $4,335,408. This represents a 46.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.