Tdam USA Inc. lessened its stake in shares of Sysco Corporation (NYSE:SYY) by 7.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,454 shares of the company’s stock after selling 2,668 shares during the quarter. Tdam USA Inc.’s holdings in Sysco Corporation were worth $1,670,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Sysco Corporation by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Sysco Corporation by 2,088.2% during the 1st quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after purchasing an additional 30,735,711 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Sysco Corporation by 1.2% during the 1st quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock worth $510,776,000 after purchasing an additional 118,939 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Sysco Corporation by 6.1% during the 1st quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock worth $347,241,000 after purchasing an additional 385,492 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Sysco Corporation by 18.3% during the 1st quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock worth $246,405,000 after purchasing an additional 733,433 shares during the period. Hedge funds and other institutional investors own 79.97% of the company’s stock.
In related news, Director Trian Fund Management, L.P. sold 372,314 shares of Sysco Corporation stock in a transaction on 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 completion of the sale, the director now owns 5,529 shares of the company’s stock, valued at approximately $293,534.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the completion of the sale, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at approximately $20,303,712. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 524,714 shares of company stock worth $27,628,142. 8.81% of the stock is currently owned by corporate insiders.
SYY has been the topic of a number of recent analyst reports. BidaskClub lowered Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. J P Morgan Chase & Co reissued an “overweight” rating and set a $57.00 price target on shares of Sysco Corporation in a research note on Friday, June 23rd. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Bank of America Corporation reissued a “buy” rating and set a $61.00 price target on shares of Sysco Corporation in a research note on Monday, June 26th. Finally, BMO Capital Markets reissued a “buy” rating and set a $60.00 price target on shares of Sysco Corporation in a research note on Tuesday, June 27th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $56.17.
Shares of Sysco Corporation (NYSE:SYY) traded up 1.86% on Friday, hitting $53.66. The company had a trading volume of 5,034,058 shares. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07. The company has a 50 day moving average of $52.22 and a 200-day moving average of $52.56. The company has a market cap of $28.33 billion, a price-to-earnings ratio of 25.80 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings results on Monday, August 14th. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The business had revenue of $14.40 billion for the quarter, compared to analysts’ expectations of $14.35 billion. During the same period in the previous year, the company posted $0.64 EPS. Sysco Corporation’s revenue was up 5.5% on a year-over-year basis. On average, analysts forecast that Sysco Corporation will post $2.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio is currently 63.16%.
Sysco Corporation Company Profile
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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