Seven Eight Capital LP Invests $13.25 Million in SYSCO Co. (SYY) Stock

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Seven Eight Capital LP purchased a new stake in shares of SYSCO Co. (NYSE:SYY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 180,913 shares of the company’s stock, valued at approximately $13,252,000. SYSCO comprises about 0.8% of Seven Eight Capital LP’s investment portfolio, making the stock its 22nd largest position.

A number of other hedge funds have also recently made changes to their positions in the stock. Sumitomo Life Insurance Co. lifted its holdings in SYSCO by 4.1% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 19,123 shares of the company’s stock valued at $1,306,000 after purchasing an additional 758 shares during the last quarter. Eastern Bank increased its position in SYSCO by 0.4% in the 2nd quarter. Eastern Bank now owns 212,281 shares of the company’s stock valued at $14,497,000 after acquiring an additional 773 shares in the last quarter. World Asset Management Inc increased its position in SYSCO by 2.1% in the 2nd quarter. World Asset Management Inc now owns 38,744 shares of the company’s stock valued at $2,646,000 after acquiring an additional 800 shares in the last quarter. Wendell David Associates Inc. increased its position in SYSCO by 0.9% in the 3rd quarter. Wendell David Associates Inc. now owns 89,235 shares of the company’s stock valued at $6,536,000 after acquiring an additional 800 shares in the last quarter. Finally, CIBC World Markets Inc. increased its position in SYSCO by 19.7% in the 2nd quarter. CIBC World Markets Inc. now owns 4,876 shares of the company’s stock valued at $333,000 after acquiring an additional 803 shares in the last quarter. 80.22% of the stock is owned by hedge funds and other institutional investors.

In other news, SVP Brian R. Todd sold 9,147 shares of SYSCO stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total transaction of $675,231.54. Following the completion of 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 SEC, which can be accessed through this link. Also, Director Richard G. Tilghman sold 5,000 shares of SYSCO stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total transaction of $369,100.00. Following the sale, the director now owns 66,137 shares of the company’s stock, valued at approximately $4,882,233.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,969,811 shares of company stock valued at $297,370,093. 9.60% of the stock is owned by corporate insiders.

Several equities research analysts have weighed in on the stock. Pivotal Research raised their price objective on shares of SYSCO from $58.00 to $62.00 and gave the company a “sell” rating in a research report on Saturday, August 18th. Argus raised their price objective on shares of SYSCO from $67.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Loop Capital raised their price objective on shares of SYSCO to $80.00 and gave the company a “buy” rating in a research report on Tuesday, August 14th. BMO Capital Markets raised their price objective on shares of SYSCO from $74.00 to $81.00 and gave the company an “outperform” rating in a research report on Tuesday, August 14th. Finally, Morgan Stanley raised their price objective on shares of SYSCO from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $72.42.

Shares of NYSE:SYY traded down $0.07 during trading on Thursday, hitting $70.31. 50,214 shares of the company’s stock were exchanged, compared to its average volume of 2,682,615. SYSCO Co. has a 1-year low of $52.30 and a 1-year high of $75.98. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.21 and a quick ratio of 0.74. The stock has a market cap of $38.07 billion, a price-to-earnings ratio of 22.54, a P/E/G ratio of 1.98 and a beta of 0.56.

SYSCO (NYSE:SYY) last issued its quarterly earnings results on Monday, August 13th. The company reported $0.94 EPS for the quarter, topping the 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 company had revenue of $15.32 billion during the quarter, compared to analysts’ expectations of $15.30 billion. During the same quarter in the previous year, the company earned $0.72 EPS. SYSCO’s revenue was up 6.2% on a year-over-year basis. Equities research analysts anticipate that SYSCO Co. will post 3.49 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Friday, October 5th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Thursday, October 4th. SYSCO’s dividend payout ratio is 45.86%.

SYSCO Company Profile

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. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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