State Treasurer State of Michigan Has $8.48 Million Stake in Sysco Corporation (SYY)

State Treasurer State of Michigan lowered its position in Sysco Corporation (NYSE:SYY) by 0.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,279 shares of the company’s stock after selling 1,300 shares during the period. State Treasurer State of Michigan’s holdings in Sysco Corporation were worth $8,477,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. North Star Investment Management Corp. raised its position in shares of Sysco Corporation by 81.2% in the first quarter. North Star Investment Management Corp. now owns 1,944 shares of the company’s stock worth $101,000 after buying an additional 871 shares in the last quarter. Johnson Financial Group Inc. raised its position in Sysco Corporation by 49.5% in the fourth quarter. Johnson Financial Group Inc. now owns 2,100 shares of the company’s stock valued at $116,000 after buying an additional 695 shares during the period. Howe & Rusling Inc. raised its position in Sysco Corporation by 81.1% in the first quarter. Howe & Rusling Inc. now owns 2,595 shares of the company’s stock valued at $135,000 after buying an additional 1,162 shares during the period. Crow Point Partners LLC acquired a new position in Sysco Corporation during the third quarter valued at about $137,000. Finally, Hirtle Callaghan & Co LLC acquired a new position in Sysco Corporation during the third quarter valued at about $149,000. 78.91% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Sysco Corporation (NYSE:SYY)

Shares of Sysco Corporation (SYY) traded down 2.07% on Friday, hitting $54.38. 10,213,439 shares of the stock were exchanged. The stock’s 50-day moving average is $54.57 and its 200-day moving average is $53.66. The stock has a market cap of $29.10 billion, a price-to-earnings ratio of 28.67 and a beta of 0.53. Sysco Corporation has a 1-year low of $47.15 and a 1-year high of $57.07.

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. The company had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.14 billion. Sysco Corporation had a return on equity of 47.28% and a net margin of 1.93%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 earnings per share. Analysts forecast that Sysco Corporation will post $2.47 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 7th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, July 5th. This represents a $1.32 annualized dividend and a yield of 2.43%. Sysco Corporation’s dividend payout ratio (DPR) is 69.47%.

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Several analysts have weighed in on the stock. Zacks Investment Research raised shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Tuesday, May 9th. Royal Bank Of Canada upped their price objective on shares of Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 9th. Guggenheim reissued a “neutral” rating on shares of Sysco Corporation in a research note on Tuesday, April 11th. Loop Capital initiated coverage on shares of Sysco Corporation in a research note on Monday, May 15th. They set a “buy” rating and a $61.00 price target on the stock. Finally, Barclays PLC reissued an “equal weight” rating and set a $57.00 price target (up from $53.00) on shares of Sysco Corporation in a research note on Tuesday, May 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $56.30.

In related news, insider Wayne Shurts sold 15,600 shares of the company’s stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $51.66, for a total value of $805,896.00. Following the completion of the sale, the insider now directly owns 43,176 shares of the company’s stock, valued at approximately $2,230,472.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel J. Brutto bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, March 31st. The stock was purchased at an average cost of $51.94 per share, with a total value of $129,850.00. Following the completion of the transaction, the director now owns 3,968 shares in the company, valued at $206,097.92. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 144,600 shares of company stock valued at $7,798,428. Insiders own 8.81% of the company’s stock.

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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