Lowe Brockenbrough & Co. Inc. decreased its position in SYSCO Co. (NYSE:SYY) by 3.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,349 shares of the company’s stock after selling 2,525 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in SYSCO were worth $4,599,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in SYY. Point72 Asset Management L.P. bought a new position in SYSCO during the first quarter worth $50,934,000. Unigestion Holding SA bought a new position in SYSCO during the second quarter worth $55,998,000. Allen Investment Management LLC increased its position in SYSCO by 166.6% during the first quarter. Allen Investment Management LLC now owns 1,032,414 shares of the company’s stock worth $61,904,000 after acquiring an additional 645,151 shares during the period. Bank of Montreal Can increased its position in SYSCO by 14.9% during the second quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock worth $310,878,000 after acquiring an additional 590,410 shares during the period. Finally, Sabal Trust CO bought a new position in SYSCO during the second quarter worth $24,275,000. 80.00% of the stock is currently owned by institutional investors.
In other news, SVP Brian R. Todd sold 9,147 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total value of $675,231.54. Following the sale, the senior vice president now owns 11,747 shares in the company, valued at approximately $867,163.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Trian Fund Management, L.P. sold 2,278,939 shares of the business’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $66.14, for a total transaction of $150,729,025.46. Following the completion of the sale, the director now owns 4,657 shares in the company, valued at approximately $308,013.98. The disclosure for this sale can be found here. Insiders have sold 3,118,448 shares of company stock worth $206,431,891 in the last quarter. Corporate insiders own 9.60% of the company’s stock.
SYY opened at $74.07 on Thursday. SYSCO Co. has a fifty-two week low of $51.98 and a fifty-two week high of $75.98. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. The firm has a market cap of $38.83 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 2.03 and a beta of 0.56.
SYSCO (NYSE:SYY) last posted its quarterly earnings results on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. SYSCO had a net margin of 2.44% and a return on equity of 68.15%. The firm had revenue of $15.32 billion for the quarter, compared to the consensus estimate of $15.30 billion. During the same quarter in the previous year, the company earned $0.72 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. sell-side analysts anticipate that SYSCO Co. will post 3.47 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 5th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.44 dividend on an annualized basis and a yield of 1.94%. SYSCO’s dividend payout ratio is currently 45.86%.
A number of equities analysts recently issued reports on SYY shares. Pivotal Research dropped their target price on shares of SYSCO from $61.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, May 2nd. Credit Suisse Group set a $68.00 target price on shares of SYSCO and gave the stock a “hold” rating in a research report on Saturday, May 5th. Morgan Stanley reaffirmed a “hold” rating and set a $61.00 target price (down previously from $64.00) on shares of SYSCO in a research report on Tuesday, May 8th. Zacks Investment Research raised shares of SYSCO from a “sell” rating to a “hold” rating in a research report on Wednesday, May 9th. Finally, Citigroup boosted their target price on shares of SYSCO from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. SYSCO currently has an average rating of “Hold” and a consensus price target of $72.42.
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 in the United States, Canada, Bahamas, Mexico, Costa Rica, Panama, the United Kingdom, France, Sweden, Ireland, Belgium, Spain, and Luxembourg.
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