Corebridge Financial Inc. Sells 5,961 Shares of Sysco Co. (NYSE:SYY)

Corebridge Financial Inc. reduced its holdings in Sysco Co. (NYSE:SYY) by 4.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 119,823 shares of the company’s stock after selling 5,961 shares during the quarter. Corebridge Financial Inc.’s holdings in Sysco were worth $9,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Advisors Asset Management Inc. purchased a new stake in Sysco in the third quarter valued at approximately $464,000. Larson Financial Group LLC raised its position in shares of Sysco by 84.5% during the 3rd quarter. Larson Financial Group LLC now owns 2,234 shares of the company’s stock valued at $174,000 after buying an additional 1,023 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Sysco during the 3rd quarter worth $98,000. Transamerica Financial Advisors Inc. grew its position in Sysco by 19.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 2,346 shares of the company’s stock worth $184,000 after acquiring an additional 383 shares in the last quarter. Finally, Townsquare Capital LLC increased its stake in Sysco by 10.0% in the third quarter. Townsquare Capital LLC now owns 18,758 shares of the company’s stock valued at $1,464,000 after acquiring an additional 1,706 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Sysco Stock Performance

NYSE:SYY opened at $73.99 on Friday. The company has a market cap of $36.20 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 1.88 and a beta of 1.11. Sysco Co. has a 1 year low of $69.03 and a 1 year high of $82.23. The stock’s 50 day simple moving average is $72.97 and its two-hundred day simple moving average is $75.18. 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 EPS for the quarter, meeting 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 prior year, the business posted $0.89 earnings per share. As a group, equities analysts anticipate that Sysco Co. will post 4.58 earnings per share for the current fiscal year.

Sysco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 4th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $2.04 annualized dividend and a dividend yield of 2.76%. Sysco’s dividend payout ratio (DPR) is presently 52.44%.

Insider Activity

In other news, EVP Greg D. Bertrand sold 48,027 shares of the business’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 56,304 shares of the company’s stock, valued at approximately $4,335,408. The trade was a 46.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

SYY has been the subject of a number of recent research reports. Melius Research upgraded Sysco to a “hold” rating in a research report on Wednesday, December 18th. Wells Fargo & Company boosted their price objective on shares of Sysco from $82.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and set a $85.00 target price on shares of Sysco in a report on Wednesday, January 29th. Truist Financial decreased their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Finally, Morgan Stanley cut their price target on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.77.

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.