M&T Bank Corp Sells 19,648 Shares of Sysco Co. (NYSE:SYY)

M&T Bank Corp lessened its holdings in shares of Sysco Co. (NYSE:SYY) by 6.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 271,983 shares of the company’s stock after selling 19,648 shares during the quarter. M&T Bank Corp’s holdings in Sysco were worth $21,231,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SYY. Armstrong Advisory Group Inc. raised its holdings in Sysco by 1,240.0% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 335 shares of the company’s stock worth $26,000 after purchasing an additional 310 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Sysco during the third quarter valued at about $26,000. Valley Wealth Managers Inc. bought a new position in Sysco in the third quarter worth about $31,000. Focused Wealth Management Inc purchased a new stake in Sysco in the third quarter worth about $37,000. Finally, Canoe Financial LP bought a new stake in Sysco during the 3rd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SYY shares. Melius Research raised Sysco to a “hold” rating in a research report on Wednesday. Melius initiated coverage on Sysco in a research report on Wednesday. They set a “hold” rating and a $85.00 price objective for the company. Jefferies Financial Group upped their target price on shares of Sysco from $91.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Wells Fargo & Company lowered their price target 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. Finally, StockNews.com cut shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sysco presently has a consensus rating of “Moderate Buy” and an average target price of $85.93.

Sysco Price Performance

Shares of NYSE SYY opened at $76.97 on Friday. The firm has a market cap of $37.81 billion, a P/E ratio of 19.79, a PEG ratio of 2.10 and a beta of 1.19. Sysco Co. has a twelve month low of $69.03 and a twelve month high of $82.89. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 5.38. The company has a 50 day moving average of $76.70 and a 200 day moving average of $75.37.

Sysco (NYSE:SYY) last posted 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). Sysco had a return on equity of 101.04% and a net margin of 2.44%. The business 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 firm earned $1.07 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, research analysts expect that Sysco Co. will post 4.57 EPS for the current fiscal year.

Sysco Announces Dividend

The business 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 2.65%. The ex-dividend date of this dividend is Friday, January 3rd. Sysco’s payout ratio is presently 52.44%.

Insider Transactions at Sysco

In related news, EVP Greg D. Bertrand sold 21,844 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $80.00, for a total transaction of $1,747,520.00. Following the completion of the sale, the executive vice president now directly owns 60,581 shares in the company, valued at approximately $4,846,480. The trade was a 26.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Eve M. Mcfadden sold 4,036 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $75.10, for a total transaction of $303,103.60. Following the completion of the transaction, the senior vice president now owns 48,451 shares in the company, 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 sold 35,279 shares of company stock worth $2,786,971 over the last three months. 0.54% of the stock is currently owned by company insiders.

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.