Community Bank & Trust Waco Texas bought a new position in SYSCO Co. (NYSE:SYY) during the 3rd quarter, HoldingsChannel reports. The fund bought 3,426 shares of the company’s stock, valued at approximately $251,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Wendell David Associates Inc. lifted its position in SYSCO by 0.9% during the 3rd quarter. Wendell David Associates Inc. now owns 89,235 shares of the company’s stock worth $6,536,000 after buying an additional 800 shares in the last quarter. Montecito Bank & Trust lifted its position in SYSCO by 41.1% during the 3rd quarter. Montecito Bank & Trust now owns 8,870 shares of the company’s stock valued at $650,000 after purchasing an additional 2,584 shares during the period. DNB Asset Management AS lifted its position in SYSCO by 2.9% during the 3rd quarter. DNB Asset Management AS now owns 82,680 shares of the company’s stock valued at $6,056,000 after purchasing an additional 2,322 shares during the period. Manning & Napier Group LLC lifted its position in SYSCO by 12.1% during the 3rd quarter. Manning & Napier Group LLC now owns 130,279 shares of the company’s stock valued at $9,542,000 after purchasing an additional 14,016 shares during the period. Finally, Daiwa SB Investments Ltd. acquired a new position in SYSCO during the 3rd quarter valued at about $132,000. Institutional investors and hedge funds own 80.22% of the company’s stock.
A number of research firms have issued reports on SYY. ValuEngine upgraded shares of SYSCO from a “hold” rating to a “buy” rating in a research report on Tuesday, June 26th. Citigroup upped their target price on shares of SYSCO from $67.00 to $69.00 and gave the company a “neutral” rating in a research report on Tuesday, June 19th. Jefferies Financial Group set a $68.00 target price on shares of SYSCO and gave the company a “hold” rating in a research report on Monday, August 13th. Morgan Stanley upped their target price on shares of SYSCO from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 14th. Finally, Loop Capital upped their target price on shares of SYSCO to $80.00 and gave the company a “buy” rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $72.42.
SYSCO stock opened at $68.82 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. SYSCO Co. has a 1 year low of $52.30 and a 1 year high of $75.98. The stock has a market cap of $38.07 billion, a price-to-earnings ratio of 21.92, a price-to-earnings-growth ratio of 1.98 and a beta of 0.56.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. The business had revenue of $15.32 billion for the quarter, compared to the consensus estimate of $15.30 billion. SYSCO had a net margin of 2.44% and a return on equity of 68.15%. SYSCO’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the company posted $0.72 EPS. On average, analysts forecast that SYSCO Co. will post 3.49 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Investors of record on Friday, October 5th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.09%. SYSCO’s dividend payout ratio is 45.86%.
In related news, Director Trian Fund Management, L.P. sold 2,115,358 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $74.81, for a total value of $158,249,931.98. Following the sale, the director now directly owns 4,005 shares in the company, valued at approximately $299,614.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brian R. Todd sold 9,147 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total transaction of $675,231.54. Following the completion of the sale, the senior vice president now owns 11,747 shares in the company, valued at $867,163.54. The disclosure for this sale can be found here. Insiders sold a total of 3,969,811 shares of company stock worth $297,380,043 over the last quarter. 9.60% of the stock is currently owned by corporate insiders.
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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