PNC Financial Services Group Inc. Cuts Stock Position in Sysco Co. (NYSE:SYY)

PNC Financial Services Group Inc. decreased its holdings in shares of Sysco Co. (NYSE:SYY) by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 524,665 shares of the company’s stock after selling 3,013 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sysco were worth $40,955,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. TruNorth Capital Management LLC purchased a new stake in shares of Sysco during the 2nd quarter valued at about $25,000. Armstrong Advisory Group Inc. increased its stake in Sysco by 1,240.0% during the third quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after acquiring an additional 310 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Sysco during the third quarter valued at approximately $26,000. Valley Wealth Managers Inc. bought a new stake in shares of Sysco in the 3rd quarter valued at approximately $31,000. Finally, Focused Wealth Management Inc bought a new position in shares of Sysco during the 3rd quarter valued at approximately $37,000. Institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on SYY shares. Barclays raised their price target on Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com lowered shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday, October 21st. Jefferies Financial Group upped their price target on shares of Sysco from $91.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wells Fargo & Company reduced their price objective on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.77.

Insider Activity

In other Sysco news, SVP Eve M. Mcfadden sold 4,036 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $75.10, for a total value of $303,103.60. Following the completion of the transaction, the senior vice president now directly owns 48,451 shares in the company, valued at approximately $3,638,670.10. The trade was a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sheila Talton sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total transaction of $216,427.00. Following the completion of the sale, the director now owns 12,955 shares in the company, valued at $966,831.65. This represents a 18.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

Sysco Stock Performance

Sysco stock opened at $73.63 on Thursday. Sysco Co. has a fifty-two week low of $69.03 and a fifty-two week high of $82.89. The company has a market capitalization of $36.17 billion, a PE ratio of 18.93, a P/E/G ratio of 1.97 and a beta of 1.20. The company has a 50 day moving average price of $75.74 and a 200-day moving average price of $74.74. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.73 and a current ratio of 1.26.

Sysco (NYSE:SYY) last issued its 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). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The firm had revenue of $20.48 billion during the quarter, compared to analysts’ expectations of $20.47 billion. During the same quarter in the prior year, the company posted $1.07 earnings per share. Sysco’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, equities analysts forecast that Sysco Co. will post 4.57 earnings per share for the current year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 3rd will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Friday, January 3rd. Sysco’s dividend payout ratio (DPR) is 52.44%.

Sysco Company 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.