Allspring Global Investments Holdings LLC Sells 30,117 Shares of Sysco Co. (NYSE:SYY)

Allspring Global Investments Holdings LLC lowered its stake in Sysco Co. (NYSE:SYY) by 6.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 419,236 shares of the company’s stock after selling 30,117 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Sysco were worth $31,740,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in Sysco during the 3rd quarter valued at $26,000. Stonebridge Financial Group LLC bought a new stake in Sysco during the 4th quarter valued at $31,000. Valley Wealth Managers Inc. bought a new stake in Sysco during the 3rd quarter valued at $31,000. Focused Wealth Management Inc bought a new stake in Sysco during the 3rd quarter valued at $37,000. Finally, Canoe Financial LP bought a new stake in Sysco during the 3rd quarter valued at $38,000. Institutional investors own 83.41% of the company’s stock.

Insider Buying and Selling at Sysco

In other Sysco news, Director Sheila Talton sold 2,900 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $74.63, for a total transaction of $216,427.00. Following the sale, the director now directly owns 12,955 shares of the company’s stock, valued at $966,831.65. This represents a 18.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Greg D. Bertrand sold 48,027 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 56,304 shares in the company, valued at approximately $4,335,408. This trade represents a 46.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,270 shares of company stock valued at $6,181,946 over the last three months. 0.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on SYY shares. Wells Fargo & Company decreased their price target on shares of Sysco from $87.00 to $82.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their target price on shares of Sysco from $86.00 to $82.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Melius Research upgraded shares of Sysco to a “hold” rating in a research note on Wednesday, December 18th. Morgan Stanley reduced their target price on shares of Sysco from $79.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, Truist Financial reduced their target price on shares of Sysco from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Sysco has a consensus rating of “Moderate Buy” and an average target price of $84.38.

Sysco Price Performance

Shares of NYSE:SYY opened at $71.10 on Friday. The company’s 50-day moving average is $75.07 and its 200 day moving average is $75.86. The company has a debt-to-equity ratio of 5.66, a quick ratio of 0.68 and a current ratio of 1.20. The company has a market capitalization of $34.78 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. Sysco Co. has a fifty-two week low of $69.03 and a fifty-two week high of $82.33.

Sysco (NYSE:SYY) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.93 earnings per share for the quarter, hitting 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 company posted $0.89 EPS. On average, equities research analysts forecast that Sysco Co. will post 4.58 earnings per share for the current year.

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.