Pinnacle Financial Partners Inc. grew its stake in shares of Sysco Corporation (NYSE:SYY) by 80.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,888 shares of the company’s stock after buying an additional 7,988 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Sysco Corporation were worth $900,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Kistler Tiffany Companies LLC boosted its holdings in Sysco Corporation by 0.4% during the second 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 last quarter. Buckingham Asset Management LLC raised its position in shares of Sysco Corporation by 0.3% during the first quarter. Buckingham Asset Management LLC now owns 5,904 shares of the company’s stock worth $307,000 after purchasing an additional 16 shares during the period. Schnieders Capital Management LLC raised its position in shares of Sysco Corporation by 0.4% during the second quarter. Schnieders Capital Management LLC now owns 4,070 shares of the company’s stock worth $205,000 after purchasing an additional 18 shares during the period. Blue Chip Partners Inc. raised its position in shares of Sysco Corporation by 0.6% during the first quarter. Blue Chip Partners Inc. now owns 2,949 shares of the company’s stock worth $153,000 after purchasing an additional 19 shares during the period. Finally, Sequoia Financial Advisors LLC raised its position in shares of Sysco Corporation by 1.2% during the first quarter. Sequoia Financial Advisors LLC now owns 4,198 shares of the company’s stock worth $218,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 79.97% of the company’s stock.
In related news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at approximately $20,303,712. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction dated Wednesday, September 13th. The stock was 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. In the last ninety days, insiders sold 494,714 shares of company stock valued at $26,033,342. 8.81% of the stock is owned by insiders.
Sysco Corporation (NYSE SYY) opened at 52.67 on Friday. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07. The stock’s 50 day moving average price is $52.19 and its 200-day moving average price is $52.55. The firm has a market cap of $27.80 billion, a PE ratio of 25.32 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 EPS for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to the consensus estimate of $14.35 billion. During the same quarter last year, the firm earned $0.64 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts anticipate that Sysco Corporation will post $2.76 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s payout ratio is 63.16%.
A number of equities research analysts recently issued reports on the company. BidaskClub lowered Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 target price on shares of Sysco Corporation in a research report on Friday, August 4th. BMO Capital Markets set a $60.00 price target on 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 target on 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 company. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.17.
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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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