Wedbush Securities Inc. reduced its stake in SYSCO Co. (NYSE:SYY) by 11.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,885 shares of the company’s stock after selling 977 shares during the quarter. Wedbush Securities Inc.’s holdings in SYSCO were worth $578,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of SYSCO by 342.2% in the third quarter. Renaissance Technologies LLC now owns 1,977,518 shares of the company’s stock valued at $144,853,000 after buying an additional 1,530,318 shares in the last quarter. Cpwm LLC purchased a new stake in shares of SYSCO in the third quarter valued at approximately $207,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of SYSCO by 13.8% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 212,682 shares of the company’s stock valued at $15,579,000 after buying an additional 25,849 shares in the last quarter. Honkamp Krueger Financial Services Inc. purchased a new stake in shares of SYSCO in the third quarter valued at approximately $268,000. Finally, GAM Holding AG boosted its stake in shares of SYSCO by 14.2% in the third quarter. GAM Holding AG now owns 53,120 shares of the company’s stock valued at $3,891,000 after buying an additional 6,590 shares in the last quarter. Institutional investors own 79.31% of the company’s stock.
In other news, Director Joshua D. Frank sold 1,013,666 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $75.09, for a total value of $76,116,179.94. Following the completion of the transaction, the director now directly owns 4,005 shares of the company’s stock, valued at $300,735.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 1,524,475 shares of the business’s stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $66.50, for a total value of $101,377,587.50. Following the completion of the transaction, the director now directly owns 7,055 shares of the company’s stock, valued at $469,157.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,884,031 shares of company stock worth $484,008,301. 7.88% of the stock is owned by company insiders.
A number of analysts recently weighed in on the company. ValuEngine upgraded SYSCO from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Zacks Investment Research restated a “hold” rating on shares of SYSCO in a research note on Friday, November 16th. BMO Capital Markets lifted their price target on SYSCO from $74.00 to $81.00 and gave the company an “outperform” rating in a research note on Tuesday, August 14th. Pivotal Research lifted their price target on SYSCO from $58.00 to $62.00 and gave the company a “sell” rating in a research note on Saturday, August 18th. Finally, Credit Suisse Group decreased their price target on SYSCO from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. SYSCO presently has a consensus rating of “Hold” and a consensus price target of $73.54.
SYY opened at $65.02 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.80 and a debt-to-equity ratio of 3.00. The firm has a market cap of $34.27 billion, a price-to-earnings ratio of 20.71, a PEG ratio of 1.87 and a beta of 0.54. SYSCO Co. has a one year low of $56.01 and a one year high of $75.98.
SYSCO (NYSE:SYY) last posted its earnings results on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.01). The firm had revenue of $15.22 billion for the quarter, compared to analysts’ expectations of $15.39 billion. SYSCO had a return on equity of 68.81% and a net margin of 2.52%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 earnings per share. On average, equities analysts anticipate that SYSCO Co. will post 3.4 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Shareholders of record on Friday, January 4th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.40%. This is an increase from SYSCO’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, January 3rd. SYSCO’s payout ratio is presently 45.86%.
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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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