Sysco Corporation $SYY Stock Bought by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lifted its position in shares of Sysco Corporation (NYSE:SYY) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 211,700 shares of the company’s stock after acquiring an additional 7,584 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Sysco were worth $16,504,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Leelyn Smith LLC grew its position in shares of Sysco by 1.8% during the 3rd quarter. Leelyn Smith LLC now owns 39,133 shares of the company’s stock worth $3,051,000 after buying an additional 685 shares during the period. Parallel Advisors LLC lifted its holdings in Sysco by 10.6% in the third quarter. Parallel Advisors LLC now owns 5,613 shares of the company’s stock valued at $438,000 after buying an additional 538 shares during the period. Eliot Finkel Investment Counsel LLC acquired a new position in Sysco in the third quarter valued at approximately $2,903,000. Plancorp LLC boosted its stake in Sysco by 6.9% in the third quarter. Plancorp LLC now owns 3,089 shares of the company’s stock valued at $256,000 after acquiring an additional 199 shares during the last quarter. Finally, Alps Advisors Inc. boosted its stake in Sysco by 6.4% in the third quarter. Alps Advisors Inc. now owns 11,397 shares of the company’s stock valued at $889,000 after acquiring an additional 690 shares during the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.

Sysco Stock Up 2.1%

Shares of NYSE SYY opened at $76.85 on Friday. The stock has a market cap of $37.83 billion, a P/E ratio of 20.44, a P/E/G ratio of 1.88 and a beta of 0.66. The firm has a 50 day moving average price of $79.89 and a 200 day moving average price of $80.50. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.46. Sysco Corporation has a 52-week low of $68.19 and a 52-week high of $91.85.

Sysco (NYSE:SYY) last posted its earnings results on Tuesday, November 3rd. The company reported $1.19 earnings per share for the quarter, hitting the consensus estimate of $1.19. The company had revenue of $21.74 billion for the quarter, compared to analyst estimates of $22.02 billion. Sysco had a net margin of 2.12% and a return on equity of 79.24%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. Analysts expect that Sysco Corporation will post 5.06 EPS for the current year.

Sysco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 2nd were given a $0.55 dividend. The ex-dividend date was Friday, October 2nd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.9%. Sysco’s dividend payout ratio is currently 58.51%.

Wall Street Analysts Forecast Growth

Several analysts have commented on SYY shares. Citigroup dropped their target price on shares of Sysco from $87.00 to $84.00 and set a “neutral” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised their price target on Sysco from $86.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. BMO Capital Markets lifted their price objective on Sysco from $90.00 to $98.00 in a research note on Wednesday, August 5th. Bank of America upped their price objective on Sysco from $91.00 to $93.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of Sysco in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sysco has an average rating of “Moderate Buy” and an average price target of $91.13.

Key Sysco News

Here are the key news stories impacting Sysco this week:

• Positive Sentiment: Director Thomas Gerard Ondrof purchased 2,500 shares at an average price of $76.62, a modest sign of insider confidence. Director stock purchase
• Neutral Sentiment: Citigroup lowered its price target from $87 to $84 and maintained a Hold/neutral rating. The target still implies potential upside from the cited share price, but the reduction reflects more restrained expectations. Citi rating
• Negative Sentiment: JPMorgan also lowered its expectations for SYY, adding to a cautious analyst tone. JPMorgan expectations
• Negative Sentiment: Sysco’s latest quarterly revenue of $21.74 billion fell short of analyst estimates, although earnings per share matched expectations at $1.19 and revenue grew 2.8% year over year. Recent trading and results context
• Negative Sentiment: The proposed $29.1 billion Jetro Restaurant Depot acquisition is still awaiting FTC clearance; regulatory and cost exposure has drawn investor scrutiny and could add uncertainty. Acquisition investigation notice

Insiders Place Their Bets

In related news, EVP Ronald Phillips sold 960 shares of the firm’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $83.00, for a total transaction of $79,680.00. Following the sale, the executive vice president owned 49,852 shares of the company’s stock, valued at approximately $4,137,716. This trade represents a 1.89% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas Gerard Ondrof bought 2,500 shares of the firm’s stock in a transaction on Wednesday, November 4th. The stock was acquired at an average cost of $76.62 per share, with a total value of $191,550.00. Following the completion of the purchase, the director owned 2,500 shares of the company’s stock, valued at approximately $191,550. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 15,525 shares of company stock valued at $1,299,736. 0.55% of the stock is owned by corporate insiders.

About Sysco

Sysco Corporation is a food distribution company headquartered in Houston, Texas. Founded in 1969, it supplies food and related products to customers in the foodservice and hospitality industries.

The company distributes fresh and frozen foods, meat, seafood, produce, dairy products, and pantry staples, as well as kitchen equipment, cleaning supplies, and other nonfood items. Its customers include restaurants, health care and educational facilities, lodging businesses, and other organizations that prepare and serve meals.

Sysco serves customers across the United States and in international markets, including Canada and parts of Europe.