Callahan Advisors LLC boosted its holdings in shares of Sysco Corporation (NYSE:SYY) by 17.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,486 shares of the company’s stock after purchasing an additional 6,231 shares during the period. Callahan Advisors LLC’s holdings in Sysco Corporation were worth $2,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of SYY. BlackRock Inc. increased its holdings in Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock valued at $1,672,219,000 after buying an additional 30,735,711 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Sysco Corporation by 86.7% during the first quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock worth $125,971,000 after purchasing an additional 1,126,573 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Sysco Corporation by 2.9% during the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock worth $1,968,336,000 after purchasing an additional 1,064,162 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Sysco Corporation by 18.3% during the first quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock worth $246,405,000 after purchasing an additional 733,433 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Sysco Corporation by 21.1% during the first quarter. American Century Companies Inc. now owns 3,424,940 shares of the company’s stock worth $177,823,000 after purchasing an additional 596,224 shares in the last quarter. Institutional investors own 79.97% of the company’s stock.
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Sysco Corporation (SYY) traded up 1.86% during midday trading on Friday, reaching $53.66. 5,034,058 shares of the company’s stock were exchanged. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The stock’s 50 day moving average is $52.22 and its 200 day moving average is $52.56. The firm has a market capitalization of $28.33 billion, a P/E ratio of 25.80 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last announced its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating 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 firm had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. During the same period in the previous year, the company posted $0.64 earnings per share. Sysco Corporation’s 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 fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.46%. Sysco Corporation’s payout ratio is currently 63.16%.
In related news, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $53.16, for a total value of $1,594,800.00. Following the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $21,621,501. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wayne Shurts sold 15,600 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $53.27, for a total transaction of $831,012.00. Following the completion of the sale, the insider now directly owns 58,776 shares in the company, valued at $3,130,997.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 524,714 shares of company stock worth $27,628,142. Corporate insiders own 8.81% of the company’s stock.
A number of research firms have recently commented on SYY. BidaskClub cut shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $51.00 price objective on shares of Sysco Corporation in a research note on Friday, August 4th. BMO Capital Markets set a $60.00 price objective on shares of Sysco Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Finally, Pivotal Research set a $53.00 price objective on shares of Sysco Corporation and gave the company a “hold” rating in a research note on Sunday, August 13th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Sysco Corporation presently has an average rating of “Hold” and a consensus price target of $56.17.
About Sysco Corporation
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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