Spectrum Management Group Inc. boosted its stake in Sysco Corporation (NYSE:SYY) by 52.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,395 shares of the company’s stock after buying an additional 9,035 shares during the quarter. Spectrum Management Group Inc.’s holdings in Sysco Corporation were worth $1,328,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in SYY. First Trust Advisors LP boosted its stake in Sysco Corporation by 8.3% in the 1st quarter. First Trust Advisors LP now owns 881,265 shares of the company’s stock valued at $45,755,000 after buying an additional 67,687 shares in the last quarter. American Century Companies Inc. boosted its stake in Sysco Corporation by 21.1% in the 1st quarter. American Century Companies Inc. now owns 3,424,940 shares of the company’s stock valued at $177,823,000 after buying an additional 596,224 shares in the last quarter. Confluence Wealth Management LLC boosted its stake in Sysco Corporation by 4.2% in the 1st quarter. Confluence Wealth Management LLC now owns 5,201 shares of the company’s stock valued at $270,000 after buying an additional 210 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Sysco Corporation by 68.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 231,868 shares of the company’s stock valued at $12,123,000 after buying an additional 94,162 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC boosted its stake in Sysco Corporation by 1.5% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 13,842 shares of the company’s stock valued at $719,000 after buying an additional 202 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Trian Fund Management, L.P. acquired 889,561 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were bought at an average price of $53.68 per share, with a total value of $47,751,634.48. Following the acquisition, the director now directly owns 5,529 shares in the company, valued at approximately $296,796.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Wayne Shurts sold 7,800 shares of the firm’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total value of $396,396.00. Following the sale, the executive vice president now directly owns 58,776 shares in the company, valued at approximately $2,986,996.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,724,714 shares of company stock worth $92,456,142. 8.81% of the stock is currently owned by company insiders.
SYY has been the topic of several recent analyst reports. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $60.00 price target on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reiterated a “buy” rating and issued a $61.00 price objective on shares of Sysco Corporation in a research report on Monday, June 26th. Zacks Investment Research upgraded Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Friday, July 21st. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $57.00 price objective on shares of Sysco Corporation in a research report on Friday, June 23rd. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $56.17.
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Shares of Sysco Corporation (NYSE SYY) opened at 53.37 on Monday. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07. The company has a market cap of $28.17 billion, a P/E ratio of 25.66 and a beta of 0.52. The stock’s 50 day moving average price is $52.31 and its 200-day moving average price is $52.57.
Sysco Corporation (NYSE:SYY) last issued its earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.01. The firm had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. Equities analysts expect that Sysco Corporation will post $2.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors 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 2.47%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is 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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