Victory Capital Management Inc. decreased its holdings in shares of SYSCO Co. (NYSE:SYY) by 37.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,588,302 shares of the company’s stock after selling 1,542,995 shares during the period. Victory Capital Management Inc.’s holdings in SYSCO were worth $189,593,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in SYY. Summit Trail Advisors LLC boosted its holdings in shares of SYSCO by 39.3% during the first quarter. Summit Trail Advisors LLC now owns 3,975 shares of the company’s stock valued at $248,000 after acquiring an additional 1,122 shares during the period. DnB Asset Management AS boosted its holdings in shares of SYSCO by 8.7% during the second quarter. DnB Asset Management AS now owns 80,358 shares of the company’s stock valued at $5,488,000 after acquiring an additional 6,400 shares during the period. IFM Investors Pty Ltd boosted its holdings in shares of SYSCO by 47.2% during the second quarter. IFM Investors Pty Ltd now owns 23,005 shares of the company’s stock valued at $1,571,000 after acquiring an additional 7,381 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of SYSCO by 17.1% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,924 shares of the company’s stock valued at $609,000 after acquiring an additional 1,300 shares during the period. Finally, Capital Investment Services of America Inc. acquired a new position in shares of SYSCO during the second quarter valued at $220,000. Hedge funds and other institutional investors own 80.16% of the company’s stock.
In other SYSCO news, Director Richard G. Tilghman sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total value of $369,100.00. Following the completion of the sale, the director now directly owns 66,137 shares of the company’s stock, valued at approximately $4,882,233.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $74.81, for a total transaction of $158,249,931.98. Following the completion of the sale, the director now directly owns 4,005 shares of the company’s stock, valued at $299,614.05. The disclosure for this sale can be found here. Insiders sold 3,969,811 shares of company stock valued at $297,370,093 in the last ninety days. Corporate insiders own 7.88% of the company’s stock.
SYY stock opened at $71.29 on Friday. The stock has a market capitalization of $37.14 billion, a P/E ratio of 23.70, a P/E/G ratio of 1.93 and a beta of 0.56. SYSCO Co. has a fifty-two week low of $52.30 and a fifty-two week high of $75.98. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.21 and a quick ratio of 0.74.
SYSCO (NYSE:SYY) last posted its quarterly earnings data on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.01. The business had revenue of $15.32 billion during 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%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 earnings per share. On average, analysts anticipate that SYSCO Co. will post 3.48 EPS for the current fiscal year.
SYY has been the subject of several analyst reports. Wells Fargo & Co boosted their price target on shares of SYSCO from $71.00 to $80.00 and gave the company a “$70.32” rating in a report on Wednesday, July 18th. They noted that the move was a valuation call. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Loop Capital boosted their price target on shares of SYSCO to $80.00 and gave the company a “buy” rating in a report on Tuesday, August 14th. Argus upped their price objective on shares of SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Finally, Buckingham Research began coverage on shares of SYSCO in a report on Monday, October 22nd. They issued a “buy” rating and a $82.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $73.62.
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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