FIL Ltd purchased a new stake in Sysco Corporation (NYSE:SYY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 323,881 shares of the company’s stock, valued at approximately $16,301,000. FIL Ltd owned about 0.06% of Sysco Corporation at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SYY. TrimTabs Asset Management LLC lifted its stake in shares of Sysco Corporation by 88.7% in the 1st quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock valued at $112,000 after purchasing an additional 1,016 shares during the period. Arcadia Investment Management Corp MI lifted its stake in shares of Sysco Corporation by 10.7% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after purchasing an additional 225 shares during the period. Acrospire Investment Management LLC lifted its stake in shares of Sysco Corporation by 84.6% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after purchasing an additional 1,100 shares during the period. Manchester Capital Management LLC lifted its stake in shares of Sysco Corporation by 13.4% in the 2nd quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after purchasing an additional 300 shares during the period. Finally, Kistler Tiffany Companies LLC raised its stake in Sysco Corporation by 0.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock worth $147,000 after buying an additional 12 shares during the period. Hedge funds and other institutional investors own 80.65% of the company’s stock.
In related news, CEO William J. Delaney III sold 400,000 shares of Sysco Corporation stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $53.91, for a total value of $21,564,000.00. Following the completion of the transaction, the chief executive officer now owns 576,725 shares in the company, valued at $31,091,244.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $51.31, for a total transaction of $1,539,300.00. Following the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at approximately $20,869,059.75. The disclosure for this sale can be found here. Insiders sold a total of 2,111,381 shares of company stock worth $113,332,388 over the last three months. Insiders own 9.60% of the company’s stock.
A number of research analysts recently weighed in on the company. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Tuesday, October 10th. BidaskClub downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. BMO Capital Markets reissued an “outperform” rating on shares of Sysco Corporation in a research note on Tuesday, September 12th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $57.00 price objective on shares of Sysco Corporation in a research note on Friday, June 23rd. Finally, Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Sysco Corporation presently has a consensus rating of “Hold” and a consensus price target of $56.42.
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Shares of Sysco Corporation (SYY) opened at 54.75 on Tuesday. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The stock has a market cap of $28.90 billion, a P/E ratio of 26.32 and a beta of 0.52. The firm’s 50 day moving average price is $53.57 and its 200 day moving average price is $52.80.
Sysco Corporation (NYSE:SYY) last issued its earnings results on Monday, August 14th. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The company had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. During the same period in the previous year, the firm earned $0.64 earnings per share. Sysco Corporation’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, analysts expect that Sysco Corporation will post $2.76 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is 63.16%.
Sysco Corporation Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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