Victory Capital Management Inc. Lowers Holdings in SYSCO Co. (NYSE:SYY)

Victory Capital Management Inc. cut its holdings in SYSCO Co. (NYSE:SYY) by 3.5% during the second quarter, Holdings Channel reports. The firm owned 2,962,062 shares of the company’s stock after selling 108,545 shares during the quarter. Victory Capital Management Inc.’s holdings in SYSCO were worth $209,477,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of SYSCO by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 44,414,289 shares of the company’s stock worth $3,140,979,000 after acquiring an additional 551,581 shares in the last quarter. BlackRock Inc. raised its holdings in shares of SYSCO by 3.3% during the 2nd quarter. BlackRock Inc. now owns 31,130,419 shares of the company’s stock worth $2,201,542,000 after acquiring an additional 1,004,706 shares in the last quarter. Trian Fund Management L.P. raised its holdings in shares of SYSCO by 2.1% during the 2nd quarter. Trian Fund Management L.P. now owns 23,671,603 shares of the company’s stock worth $1,674,056,000 after acquiring an additional 489,566 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of SYSCO by 2.5% during the 2nd quarter. Wells Fargo & Company MN now owns 10,313,753 shares of the company’s stock worth $729,388,000 after acquiring an additional 246,850 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of SYSCO by 6.9% during the 2nd quarter. Northern Trust Corp now owns 7,081,124 shares of the company’s stock worth $500,776,000 after acquiring an additional 455,863 shares in the last quarter. 78.15% of the stock is currently owned by institutional investors.

SYY has been the topic of several recent research reports. Credit Suisse Group upped their price objective on SYSCO from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Zacks Investment Research downgraded SYSCO from a “buy” rating to a “hold” rating and set a $75.00 target price on the stock. in a research report on Tuesday, June 11th. JPMorgan Chase & Co. boosted their target price on SYSCO from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, August 13th. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research report on Monday, August 12th. Finally, ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a research report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.60.

SYSCO stock traded down $0.15 during mid-day trading on Friday, hitting $78.24. The company’s stock had a trading volume of 8,567,385 shares, compared to its average volume of 2,521,124. The company has a 50 day moving average of $73.70 and a 200-day moving average of $71.12. The stock has a market cap of $40.23 billion, a PE ratio of 22.04, a P/E/G ratio of 2.17 and a beta of 0.48. The company has a debt-to-equity ratio of 3.25, a quick ratio of 0.81 and a current ratio of 1.33. SYSCO Co. has a one year low of $59.44 and a one year high of $79.33.

SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, August 12th. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.03. The company had revenue of $15.47 billion for the quarter, compared to the consensus estimate of $15.65 billion. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. SYSCO’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 EPS. On average, equities research analysts forecast that SYSCO Co. will post 3.81 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, October 3rd. SYSCO’s dividend payout ratio (DPR) is presently 43.94%.

In other SYSCO news, Director Hans-Joachim Koerber sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $73.35, for a total value of $733,500.00. Following the transaction, the director now owns 52,872 shares of the company’s stock, valued at approximately $3,878,161.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John M. Cassaday sold 20,203 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $77.23, for a total value of $1,560,277.69. Following the completion of the transaction, the director now directly owns 52,785 shares in the company, valued at approximately $4,076,585.55. The disclosure for this sale can be found here. Corporate insiders own 7.88% of the company’s stock.

SYSCO 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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