Lowe Brockenbrough & Co. Inc. Lowers Stake in SYSCO Co. (SYY)

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Lowe Brockenbrough & Co. Inc. cut its holdings in shares of SYSCO Co. (NYSE:SYY) by 9.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,691 shares of the company’s stock after selling 6,658 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in SYSCO were worth $4,446,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SYY. Bank of America Corp DE lifted its holdings in shares of SYSCO by 64.6% during the second quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock worth $1,206,188,000 after purchasing an additional 6,929,805 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of SYSCO by 1.2% during the second quarter. Janus Henderson Group PLC now owns 5,903,214 shares of the company’s stock worth $403,131,000 after purchasing an additional 68,148 shares during the period. Morgan Stanley lifted its holdings in shares of SYSCO by 83.0% during the second quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock worth $266,109,000 after purchasing an additional 1,767,298 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of SYSCO by 342.2% during the third quarter. Renaissance Technologies LLC now owns 1,977,518 shares of the company’s stock worth $144,853,000 after purchasing an additional 1,530,318 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of SYSCO by 2.7% during the second quarter. Swiss National Bank now owns 1,974,940 shares of the company’s stock worth $134,869,000 after purchasing an additional 51,700 shares during the period. Institutional investors and hedge funds own 78.96% of the company’s stock.

Several equities research analysts recently weighed in on the company. Loop Capital set a $75.00 price target on SYSCO and gave the stock a “buy” rating in a report on Friday. Zacks Investment Research raised SYSCO from a “sell” rating to a “hold” rating in a report on Friday, December 7th. Citigroup decreased their price target on SYSCO from $78.00 to $74.00 and set a “neutral” rating for the company in a report on Tuesday, November 13th. ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a report on Monday, November 12th. Finally, Royal Bank of Canada decreased their price target on SYSCO from $67.00 to $65.00 and set a “sector perform” rating for the company in a report on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. SYSCO has an average rating of “Hold” and a consensus target price of $73.54.

SYSCO stock opened at $65.45 on Friday. SYSCO Co. has a one year low of $56.01 and a one year high of $75.98. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.30 and a quick ratio of 0.80. The firm has a market capitalization of $34.02 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.85 and a beta of 0.54.

SYSCO (NYSE:SYY) last released its earnings results on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.01). SYSCO had a net margin of 2.52% and a return on equity of 68.81%. The business had revenue of $15.22 billion during the quarter, compared to analyst estimates of $15.39 billion. During the same period last year, the business posted $0.74 EPS. SYSCO’s revenue was up 3.9% compared to the same quarter last year. On average, analysts predict that SYSCO Co. will post 3.4 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Shareholders of record on Friday, January 4th will be issued a $0.39 dividend. The ex-dividend date is Thursday, January 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.38%. This is an increase from SYSCO’s previous quarterly dividend of $0.36. SYSCO’s dividend payout ratio (DPR) is 45.86%.

In other news, Director Trian Fund Management, L.P. sold 1,524,475 shares of SYSCO stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $66.50, for a total transaction of $101,377,587.50. Following the completion of the transaction, the director now owns 7,055 shares of the company’s stock, valued at approximately $469,157.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard G. Tilghman sold 5,000 shares of SYSCO stock in a transaction on Monday, September 17th. The stock was sold at an average price of $73.71, for a total value of $368,550.00. Following the transaction, the director now directly owns 61,137 shares of the company’s stock, valued at approximately $4,506,408.27. The disclosure for this sale can be found here. In the last three months, insiders sold 3,755,007 shares of company stock valued at $249,642,189. 7.88% of the stock is owned by corporate insiders.

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SYSCO Profile

Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

Further Reading: Why is Cost of Capital Important?

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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