M&T Bank Corp Sells 23,516 Shares of SYSCO Co. (NYSE:SYY)

M&T Bank Corp trimmed its stake in SYSCO Co. (NYSE:SYY) by 6.1% during the second quarter, HoldingsChannel.com reports. The fund owned 362,805 shares of the company’s stock after selling 23,516 shares during the quarter. M&T Bank Corp’s holdings in SYSCO were worth $19,832,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. TFG Advisers LLC acquired a new stake in shares of SYSCO in the fourth quarter valued at approximately $34,000. Financial Management Professionals Inc. acquired a new stake in shares of SYSCO in the second quarter valued at approximately $32,000. Westside Investment Management Inc. acquired a new stake in shares of SYSCO in the first quarter valued at approximately $29,000. Balentine LLC acquired a new stake in shares of SYSCO in the first quarter valued at approximately $31,000. Finally, Key Financial Inc acquired a new stake in shares of SYSCO in the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 79.35% of the company’s stock.

Several research firms recently weighed in on SYY. BMO Capital Markets cut SYSCO from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $88.00 to $51.00 in a report on Thursday, April 23rd. Credit Suisse Group dropped their price target on SYSCO from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on SYSCO from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Jefferies Financial Group dropped their price target on SYSCO from $66.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Wells Fargo & Co raised SYSCO from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $50.00 to $70.00 in a report on Friday, June 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. SYSCO currently has an average rating of “Hold” and an average target price of $69.36.

In other news, Director Trian Fund Management, L.P. acquired 703,700 shares of SYSCO stock in a transaction that occurred on Monday, May 18th. The shares were acquired at an average price of $51.38 per share, for a total transaction of $36,156,106.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joshua D. Frank acquired 600,000 shares of SYSCO stock in a transaction that occurred on Friday, May 15th. The shares were purchased at an average price of $47.42 per share, for a total transaction of $28,452,000.00. The disclosure for this purchase can be found here. Company insiders own 5.24% of the company’s stock.

Shares of NYSE SYY opened at $52.85 on Friday. The stock has a market capitalization of $26.83 billion, a PE ratio of 20.10, a P/E/G ratio of 2.14 and a beta of 1.12. The company has a debt-to-equity ratio of 5.21, a current ratio of 1.49 and a quick ratio of 0.93. The business has a fifty day moving average price of $54.03 and a two-hundred day moving average price of $58.98. SYSCO Co. has a fifty-two week low of $26.00 and a fifty-two week high of $85.98.

SYSCO (NYSE:SYY) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.08). SYSCO had a net margin of 2.30% and a return on equity of 73.70%. The business had revenue of $13.70 billion during the quarter, compared to the consensus estimate of $14.04 billion. During the same quarter in the previous year, the business posted $0.79 EPS. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. On average, equities analysts expect that SYSCO Co. will post 1.97 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 2nd were paid a $0.45 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 3.41%. SYSCO’s payout ratio is 50.70%.

About SYSCO

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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