Altavista Wealth Management Inc. cut its stake in shares of Sysco Corporation (NYSE:SYY) by 1.3% during the first quarter, Holdings Channel reports. The institutional investor owned 14,867 shares of the company’s stock after selling 200 shares during the period. Altavista Wealth Management Inc.’s holdings in Sysco Corporation were worth $772,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of 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. Bank of Montreal Can increased its stake in shares of Sysco Corporation by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock valued at $324,360,000 after buying an additional 1,996,198 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Sysco Corporation by 86.7% in the first quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock valued at $125,971,000 after buying an additional 1,126,573 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares in the last quarter. Finally, Hermes Investment Management Ltd. purchased a new stake in shares of Sysco Corporation during the first quarter valued at $41,568,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.
Sysco Corporation (SYY) traded down 0.48% on Tuesday, reaching $52.23. 522,721 shares of the company traded hands. The stock has a market capitalization of $27.95 billion, a price-to-earnings ratio of 27.53 and a beta of 0.52. Sysco Corporation has a 1-year low of $47.15 and a 1-year high of $57.07. The stock has a 50 day moving average of $51.49 and a 200-day moving average of $52.71.
Sysco Corporation (NYSE:SYY) last posted its earnings results on Monday, May 8th. The company reported $0.51 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.51. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.14 billion. During the same quarter in the prior year, the company posted $0.46 earnings per share. Sysco Corporation’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, equities analysts anticipate that Sysco Corporation will post $2.47 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be given a $0.33 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.52%. Sysco Corporation’s payout ratio is currently 69.47%.
Several equities research analysts have recently weighed in on SYY shares. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. BMO Capital Markets reissued a “buy” rating and issued a $60.00 target price on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reissued a “buy” rating and issued a $61.00 target price on shares of Sysco Corporation in a research note on Monday, June 26th. Zacks Investment Research downgraded shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $57.00 target price on shares of Sysco Corporation in a research note on Friday, June 23rd. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $56.02.
In other Sysco Corporation news, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $55.55, for a total value of $1,666,500.00. Following the transaction, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $22,593,573.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Wayne Shurts sold 15,600 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $55.32, for a total transaction of $862,992.00. Following the completion of the transaction, the insider now directly owns 58,776 shares in the company, valued at approximately $3,251,488.32. The disclosure for this sale can be found here. Insiders sold 152,400 shares of company stock worth $8,121,300 in the last ninety days. 8.81% of the stock is currently owned by corporate insiders.
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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