Westpac Banking Corp lowered its stake in shares of Sysco Co. (NYSE:SYY) by 47.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,011 shares of the company’s stock after selling 117,737 shares during the quarter. Westpac Banking Corp’s holdings in Sysco were worth $7,965,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of SYY. FMR LLC increased its holdings in Sysco by 352.9% in the second quarter. FMR LLC now owns 15,142,115 shares of the company’s stock valued at $827,669,000 after buying an additional 11,798,873 shares during the last quarter. Ceredex Value Advisors LLC purchased a new position in Sysco in the third quarter valued at about $144,093,000. BlackRock Inc. increased its holdings in Sysco by 4.6% in the third quarter. BlackRock Inc. now owns 33,096,837 shares of the company’s stock valued at $2,059,286,000 after buying an additional 1,460,647 shares in the last quarter. Coho Partners Ltd. increased its holdings in Sysco by 46.1% in the third quarter. Coho Partners Ltd. now owns 2,904,871 shares of the company’s stock valued at $180,741,000 after buying an additional 916,775 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in Sysco by 60.3% in the second quarter. Nuveen Asset Management LLC now owns 2,043,404 shares of the company’s stock valued at $111,692,000 after buying an additional 768,911 shares in the last quarter. 79.58% of the stock is currently owned by institutional investors and hedge funds.
Shares of SYY opened at $70.00 on Friday. The firm has a market cap of $35.66 billion, a PE ratio of 184.22, a price-to-earnings-growth ratio of 3.25 and a beta of 1.20. The company’s fifty day moving average is $64.76 and its two-hundred day moving average is $58.70. Sysco Co. has a fifty-two week low of $26.00 and a fifty-two week high of $85.98. The company has a quick ratio of 1.38, a current ratio of 1.84 and a debt-to-equity ratio of 11.14.
Sysco (NYSE:SYY) last announced its quarterly earnings results on Sunday, November 8th. The company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.09. The company had revenue of $11.78 billion for the quarter, compared to analyst estimates of $12.06 billion. Sysco had a net margin of 0.41% and a return on equity of 50.53%. Sysco’s revenue for the quarter was down 23.0% on a year-over-year basis. During the same quarter last year, the business earned $0.98 EPS. As a group, equities research analysts anticipate that Sysco Co. will post 1.8 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 29th. Shareholders of record on Friday, January 8th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, January 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.57%. Sysco’s dividend payout ratio (DPR) is presently 89.55%.
A number of brokerages have recently weighed in on SYY. Edward Jones raised shares of Sysco from a “hold” rating to a “buy” rating in a research note on Thursday, September 10th. ValuEngine raised shares of Sysco from a “hold” rating to a “buy” rating in a research note on Friday, October 23rd. BMO Capital Markets raised shares of Sysco from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $60.00 to $88.00 in a research note on Tuesday, November 10th. Wolfe Research started coverage on shares of Sysco in a research note on Wednesday, September 23rd. They set a “market perform” rating for the company. Finally, Credit Suisse Group lifted their target price on shares of Sysco from $76.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 4th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $76.22.
In related news, Director Trian Fund Management, L.P. sold 1,752,163 shares of Sysco stock in a transaction on Thursday, November 19th. The shares were sold at an average price of $72.42, for a total transaction of $126,891,644.46. Also, EVP Greg D. Bertrand sold 1,134 shares of Sysco stock in a transaction on Monday, August 24th. The shares were sold at an average price of $57.95, for a total transaction of $65,715.30. Following the transaction, the executive vice president now owns 38,403 shares in the company, valued at approximately $2,225,453.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,763,297 shares of company stock worth $127,561,160. 5.17% of the stock is owned by company insiders.
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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.
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