Allspring Global Investments Holdings LLC Decreases Stock Holdings in Sysco Co. (NYSE:SYY)

Allspring Global Investments Holdings LLC reduced its holdings in Sysco Co. (NYSE:SYY) by 14.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 449,353 shares of the company’s stock after selling 74,873 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Sysco worth $35,076,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SYY. Capital Research Global Investors increased its stake in Sysco by 112.8% during the first quarter. Capital Research Global Investors now owns 6,612,092 shares of the company’s stock worth $536,770,000 after acquiring an additional 3,504,740 shares during the last quarter. ProShare Advisors LLC increased its position in shares of 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 purchasing an additional 2,408,226 shares during the last quarter. Swedbank AB purchased a new stake in Sysco during the 1st quarter valued at $178,824,000. Diamond Hill Capital Management Inc. lifted its position in Sysco by 49.8% in the second quarter. Diamond Hill Capital Management Inc. now owns 6,012,607 shares of the company’s stock worth $429,240,000 after buying an additional 1,997,895 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Sysco by 26.1% during the second quarter. Ameriprise Financial Inc. now owns 8,623,178 shares of the company’s stock worth $615,076,000 after buying an additional 1,782,180 shares during the period. 83.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SYY has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Sysco from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Barclays boosted their target price on Sysco from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Bank of America reduced their price target on Sysco from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. StockNews.com cut Sysco from a “strong-buy” rating to a “buy” rating in a report on Monday. Finally, Jefferies Financial Group lifted their target price on Sysco from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.08.

Sysco Stock Performance

Shares of SYY stock opened at $74.80 on Wednesday. The business has a fifty day moving average of $76.53 and a 200 day moving average of $74.82. Sysco Co. has a 1 year low of $64.28 and a 1 year high of $82.89. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.20 and a quick ratio of 0.69. The firm has a market capitalization of $36.74 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. Sysco had a net margin of 2.48% and a return on equity of 102.09%. The company had revenue of $20.56 billion for the quarter, compared to the consensus estimate of $20.51 billion. During the same quarter in the prior year, the company earned $1.34 EPS. Sysco’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, research analysts expect that Sysco Co. will post 4.6 earnings per share for the current year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $2.04 dividend on an annualized basis and a yield of 2.73%. Sysco’s dividend payout ratio is presently 52.44%.

Sysco 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.