Piedmont Investment Advisors LLC reduced its stake in shares of Sysco Corporation (NYSE:SYY) by 35.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,257 shares of the company’s stock after selling 58,903 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in Sysco Corporation were worth $5,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in SYY. Pitcairn Co. grew its holdings in Sysco Corporation by 2.7% during the 1st quarter. Pitcairn Co. now owns 20,640 shares of the company’s stock valued at $1,071,000 after buying an additional 545 shares in the last quarter. Ffcm LLC grew its holdings in Sysco Corporation by 3.1% during the 1st quarter. Ffcm LLC now owns 29,674 shares of the company’s stock valued at $1,541,000 after buying an additional 893 shares in the last quarter. Norinchukin Bank The grew its holdings in Sysco Corporation by 1.3% during the 1st quarter. Norinchukin Bank The now owns 65,780 shares of the company’s stock valued at $3,415,000 after buying an additional 841 shares in the last quarter. TrimTabs Asset Management LLC grew its holdings in Sysco Corporation by 88.7% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock valued at $112,000 after buying an additional 1,016 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Sysco Corporation during the 1st quarter valued at approximately $272,000. 80.65% of the stock is owned by institutional investors and hedge funds.
SYY has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a report on Tuesday, July 4th. BMO Capital Markets reaffirmed a “buy” rating and set a $60.00 price objective on shares of Sysco Corporation in a report on Tuesday, June 27th. Bank of America Corporation reaffirmed a “buy” rating and set a $61.00 price objective on shares of Sysco Corporation in a report on Monday, June 26th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Sysco Corporation in a report on Friday, June 23rd. Finally, Pivotal Research set a $53.00 price objective on shares of Sysco Corporation and gave the company a “hold” rating in a report on Sunday, August 13th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.42.
Shares of Sysco Corporation (SYY) opened at 54.74 on Friday. The company has a market capitalization of $28.90 billion, a P/E ratio of 26.32 and a beta of 0.52. Sysco Corporation has a 12 month low of $47.15 and a 12 month high of $57.07. The company has a 50-day moving average price of $53.81 and a 200-day moving average price of $52.87.
Sysco Corporation (NYSE:SYY) last released its quarterly earnings data on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.01. The company had revenue of $14.40 billion for the quarter, compared to analyst estimates of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, analysts forecast that Sysco Corporation will post $2.76 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is currently 63.16%.
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In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $51.76, for a total transaction of $807,456.00. Following the transaction, the insider now owns 58,776 shares of the company’s stock, valued at $3,042,245.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul T. Moskowitz sold 16,667 shares of the business’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $54.12, for a total value of $902,018.04. Following the transaction, the insider now directly owns 61,936 shares in the company, valued at approximately $3,351,976.32. The disclosure for this sale can be found here. Insiders have sold 2,087,981 shares of company stock worth $112,142,420 in the last three months. 9.60% of the stock is currently owned by corporate insiders.
Sysco Corporation Profile
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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