Cidel Asset Management Inc. Boosts Stock Holdings in Sysco Corporation (NYSE:SYY)

Cidel Asset Management Inc. raised its holdings in Sysco Corporation (NYSE:SYY) by 11.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,277 shares of the company’s stock after purchasing an additional 329 shares during the quarter. Cidel Asset Management Inc.’s holdings in Sysco were worth $246,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Fisher Asset Management LLC boosted its position in shares of Sysco by 19.8% during the 4th quarter. Fisher Asset Management LLC now owns 14,250 shares of the company’s stock worth $1,090,000 after purchasing an additional 2,358 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Sysco by 35.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,516 shares of the company’s stock worth $268,000 after buying an additional 928 shares in the last quarter. SRS Capital Advisors Inc. grew its position in Sysco by 53.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 430 shares of the company’s stock worth $33,000 after buying an additional 149 shares during the period. Jones Financial Companies Lllp grew its position in Sysco by 45.3% during the fourth quarter. Jones Financial Companies Lllp now owns 46,692 shares of the company’s stock worth $3,570,000 after buying an additional 14,568 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in Sysco in the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 83.41% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SYY shares. UBS Group lowered their price target on Sysco from $86.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Citigroup initiated coverage on Sysco in a research report on Thursday, May 22nd. They issued a “neutral” rating and a $78.00 price target for the company. Barclays decreased their price objective on shares of Sysco from $87.00 to $77.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Wells Fargo & Company dropped their target price on shares of Sysco from $87.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Finally, Wall Street Zen downgraded shares of Sysco from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $83.00.

Sysco Trading Up 0.4%

Shares of SYY opened at $77.67 on Thursday. Sysco Corporation has a fifty-two week low of $67.12 and a fifty-two week high of $82.23. The stock has a fifty day moving average of $73.06 and a two-hundred day moving average of $73.33. The company has a debt-to-equity ratio of 6.37, a quick ratio of 0.76 and a current ratio of 1.26. The company has a market capitalization of $37.65 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81.

Sysco (NYSE:SYY) last released its earnings results on Tuesday, April 29th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.06). Sysco had a return on equity of 107.96% and a net margin of 2.36%. The business had revenue of $19.60 billion for the quarter, compared to analysts’ expectations of $20.11 billion. During the same quarter last year, the company posted $0.96 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, analysts forecast that Sysco Corporation will post 4.58 EPS for the current year.

Sysco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Thursday, July 3rd will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, July 3rd. This represents a $2.16 dividend on an annualized basis and a yield of 2.78%. This is an increase from Sysco’s previous quarterly dividend of $0.51. Sysco’s dividend payout ratio (DPR) is currently 52.85%.

Insider Buying and Selling at Sysco

In other news, Director Sheila Talton sold 356 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $70.84, for a total transaction of $25,219.04. Following the completion of the sale, the director directly owned 12,738 shares in the company, valued at $902,359.92. This represents a 2.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.54% of the stock is currently owned by company insiders.

Sysco Company Profile

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments.