Eastern Bank Lowers Holdings in Sysco Corporation $SYY

Eastern Bank decreased its stake in Sysco Corporation (NYSE:SYY) by 1.8% during the second quarter, Holdings Channel reports. The institutional investor owned 210,887 shares of the company’s stock after selling 3,807 shares during the quarter. Eastern Bank’s holdings in Sysco were worth $15,973,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Golden State Wealth Management LLC boosted its stake in shares of Sysco by 48.4% in the first quarter. Golden State Wealth Management LLC now owns 429 shares of the company’s stock worth $32,000 after buying an additional 140 shares during the last quarter. Trust Co of the South boosted its stake in shares of Sysco by 3.0% in the second quarter. Trust Co of the South now owns 4,849 shares of the company’s stock worth $367,000 after buying an additional 142 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in shares of Sysco by 1.6% in the first quarter. Chicago Partners Investment Group LLC now owns 8,898 shares of the company’s stock worth $627,000 after buying an additional 143 shares during the last quarter. BSW Wealth Partners boosted its stake in shares of Sysco by 2.3% in the second quarter. BSW Wealth Partners now owns 6,449 shares of the company’s stock worth $488,000 after buying an additional 146 shares during the last quarter. Finally, One Wealth Advisors LLC boosted its stake in shares of Sysco by 3.3% in the first quarter. One Wealth Advisors LLC now owns 4,698 shares of the company’s stock worth $353,000 after buying an additional 151 shares during the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling

In other Sysco news, EVP Greg D. Bertrand sold 40,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $80.00, for a total transaction of $3,200,000.00. Following the completion of the transaction, the executive vice president owned 56,304 shares of the company’s stock, valued at $4,504,320. This represents a 41.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ronald L. Phillips sold 37,606 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $3,046,086.00. Following the completion of the sale, the executive vice president directly owned 30,235 shares of the company’s stock, valued at approximately $2,449,035. This represents a 55.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,338 shares of company stock valued at $7,439,331 in the last three months. Insiders own 0.54% of the company’s stock.

Sysco Price Performance

Shares of Sysco stock opened at $78.44 on Friday. The business has a 50 day simple moving average of $80.81 and a two-hundred day simple moving average of $76.37. Sysco Corporation has a 12 month low of $67.12 and a 12 month high of $83.47. The stock has a market capitalization of $37.53 billion, a P/E ratio of 21.03, a PEG ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 6.75, a current ratio of 1.21 and a quick ratio of 0.70.

Sysco (NYSE:SYY) last announced its earnings results on Tuesday, July 29th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.09. Sysco had a return on equity of 109.52% and a net margin of 2.25%.The business had revenue of $21.14 billion during the quarter, compared to analysts’ expectations of $21.01 billion. During the same quarter in the prior year, the firm earned $1.39 earnings per share. The business’s revenue was up 2.8% compared to the same quarter last year. Sysco has set its FY 2026 guidance at 4.500-4.600 EPS. As a group, analysts predict that Sysco Corporation will post 4.58 EPS for the current fiscal year.

Sysco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.8%. Sysco’s dividend payout ratio is presently 57.91%.

Wall Street Analysts Forecast Growth

SYY has been the topic of a number of recent research reports. Weiss Ratings downgraded Sysco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday. Bank of America upped their price target on Sysco from $81.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, July 18th. Barclays upped their price target on Sysco from $77.00 to $82.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Wall Street Zen raised Sysco from a “hold” rating to a “buy” rating in a report on Saturday. Finally, UBS Group set a $90.00 price target on Sysco in a report on Wednesday, July 30th. Ten analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Sysco currently has an average rating of “Moderate Buy” and a consensus target price of $85.85.

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.