Pinebridge Investments L.P. lessened its position in SYSCO Co. (NYSE:SYY) by 33.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 192,043 shares of the company’s stock after selling 95,750 shares during the period. Pinebridge Investments L.P.’s holdings in SYSCO were worth $13,581,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in SYSCO by 0.3% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 703,653 shares of the company’s stock worth $49,565,000 after buying an additional 1,921 shares in the last quarter. Buckingham Asset Management LLC raised its holdings in SYSCO by 12.2% in the 2nd quarter. Buckingham Asset Management LLC now owns 28,476 shares of the company’s stock worth $2,014,000 after acquiring an additional 3,105 shares during the period. Prudential Financial Inc. raised its holdings in SYSCO by 7.0% in the 2nd quarter. Prudential Financial Inc. now owns 531,978 shares of the company’s stock worth $37,621,000 after acquiring an additional 34,730 shares during the period. Krane Funds Advisors LLC bought a new position in shares of SYSCO during the 2nd quarter worth about $25,000. Finally, Brightworth increased its holdings in shares of SYSCO by 3.0% during the 2nd quarter. Brightworth now owns 77,258 shares of the company’s stock worth $5,464,000 after purchasing an additional 2,267 shares during the period. Institutional investors own 78.17% of the company’s stock.
In other news, Director Hans-Joachim Koerber sold 10,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $73.35, for a total value of $733,500.00. Following the transaction, the director now directly owns 52,872 shares of the company’s stock, valued at $3,878,161.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.88% of the company’s stock.
SYY has been the topic of several recent research reports. Credit Suisse Group lifted their target price on shares of SYSCO from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. boosted their target price on shares of SYSCO from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Zacks Investment Research downgraded shares of SYSCO from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a research note on Tuesday, June 11th. Finally, Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research note on Monday, August 12th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $73.60.
SYY traded up $0.51 during trading hours on Friday, hitting $78.23. 105,616 shares of the company’s stock were exchanged, compared to its average volume of 2,708,577. SYSCO Co. has a 1-year low of $59.44 and a 1-year high of $78.33. The stock’s 50-day moving average is $72.39 and its two-hundred day moving average is $70.68. The stock has a market cap of $40.06 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 2.13 and a beta of 0.48. The company has a quick ratio of 0.81, a current ratio of 1.33 and a debt-to-equity ratio of 3.25.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, August 12th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.03. The firm had revenue of $15.47 billion during the quarter, compared to analysts’ expectations of $15.65 billion. SYSCO had a net margin of 2.79% and a return on equity of 76.80%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 earnings per share. On average, equities research analysts anticipate that SYSCO Co. will post 3.81 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, October 3rd. SYSCO’s dividend payout ratio is currently 43.94%.
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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