Palisade Asset Management LLC Sells 60,814 Shares of Sysco Co. (NYSE:SYY)

Palisade Asset Management LLC lowered its position in Sysco Co. (NYSE:SYY) by 49.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,381 shares of the company’s stock after selling 60,814 shares during the quarter. Palisade Asset Management LLC’s holdings in Sysco were worth $4,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. AdvisorNet Financial Inc raised its stake in shares of Sysco by 74.0% during the fourth quarter. AdvisorNet Financial Inc now owns 374 shares of the company’s stock valued at $27,000 after acquiring an additional 159 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Sysco in the 4th quarter valued at about $34,000. BluePath Capital Management LLC acquired a new stake in shares of Sysco in the third quarter valued at about $38,000. BKM Wealth Management LLC bought a new position in shares of Sysco during the fourth quarter worth about $42,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Sysco in the third quarter worth approximately $40,000. Institutional investors own 83.41% of the company’s stock.

Sysco Stock Down 1.6 %

Shares of Sysco stock traded down $1.19 during trading hours on Wednesday, reaching $74.62. The company’s stock had a trading volume of 2,929,490 shares, compared to its average volume of 2,962,257. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.77 and a current ratio of 1.34. The stock’s fifty day simple moving average is $78.44 and its two-hundred day simple moving average is $75.45. The company has a market capitalization of $37.16 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.92 and a beta of 1.16. Sysco Co. has a one year low of $62.24 and a one year high of $82.89.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Sysco had a return on equity of 99.88% and a net margin of 2.66%. The business had revenue of $19.38 billion during the quarter, compared to the consensus estimate of $19.74 billion. During the same quarter in the previous year, the business earned $0.90 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, research analysts forecast that Sysco Co. will post 4.31 earnings per share for the current year.

Sysco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.73%. This is an increase from Sysco’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, July 5th. Sysco’s payout ratio is currently 49.76%.

Analysts Set New Price Targets

Several research firms have issued reports on SYY. Barclays raised their price target on shares of Sysco from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. upped their price target on shares of Sysco from $84.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. StockNews.com lowered Sysco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 1st. UBS Group cut their target price on Sysco from $92.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Finally, BMO Capital Markets boosted their price target on Sysco from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Sysco currently has a consensus rating of “Moderate Buy” and an average price target of $84.56.

Insider Transactions at Sysco

In related news, CAO Neil Russell sold 1,722 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $80.00, for a total transaction of $137,760.00. Following the transaction, the chief accounting officer now directly owns 24,082 shares of the company’s stock, valued at $1,926,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.58% of the company’s stock.

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.