Federated Investors Inc. PA trimmed its stake in Sysco Corporation (NYSE:SYY) by 15.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,516 shares of the company’s stock after selling 3,432 shares during the quarter. Federated Investors Inc. PA’s holdings in Sysco Corporation were worth $932,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock worth $1,968,336,000 after acquiring an additional 1,064,162 shares in the last quarter. BlackRock Inc. boosted its holdings in Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after acquiring an additional 30,735,711 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Sysco Corporation by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock worth $510,776,000 after acquiring an additional 118,939 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Sysco Corporation by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock worth $347,241,000 after acquiring an additional 385,492 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Sysco Corporation by 18.3% in the first quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock worth $246,405,000 after acquiring an additional 733,433 shares in the last quarter. 79.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sysco Corporation (NYSE SYY) opened at 53.66 on Friday. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The stock has a market cap of $28.33 billion, a PE ratio of 25.80 and a beta of 0.52. The company’s 50-day moving average price is $52.22 and its 200-day moving average price is $52.56.
Sysco Corporation (NYSE:SYY) last issued its quarterly earnings results on Monday, August 14th. The company reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.01. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The company had revenue of $14.40 billion during the quarter, compared to analysts’ expectations of $14.35 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, equities research analysts forecast that Sysco Corporation will post $2.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.46%. Sysco Corporation’s dividend payout ratio is currently 63.16%.
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Several research firms have commented on SYY. BidaskClub downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. BMO Capital Markets reissued an “outperform” rating on shares of Sysco Corporation in a report on Tuesday, September 12th. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a report on Friday, June 23rd. J P Morgan Chase & Co reissued an “overweight” rating and issued a $57.00 target price on shares of Sysco Corporation in a report on Friday, June 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $51.00 target price on shares of Sysco Corporation in a report on Friday, August 4th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $56.17.
In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of Sysco Corporation stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $53.27, for a total transaction of $831,012.00. Following the completion of the transaction, the insider now owns 58,776 shares in the company, valued at approximately $3,130,997.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Trian Fund Management, L.P. sold 372,314 shares of Sysco Corporation stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $53.09, for a total value of $19,766,150.26. Following the transaction, the director now owns 5,529 shares of the company’s stock, valued at approximately $293,534.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 524,714 shares of company stock valued at $27,628,142. 8.81% of the stock is currently owned by insiders.
About Sysco Corporation
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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