SYSCO Co. (SYY) Stake Lessened by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP decreased its holdings in shares of SYSCO Co. (NYSE:SYY) by 39.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 402 shares of the company’s stock after selling 264 shares during the period. Wakefield Asset Management LLLP’s holdings in SYSCO were worth $27,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SYY. Oregon Public Employees Retirement Fund lifted its position in shares of SYSCO by 18,997.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,960,810 shares of the company’s stock valued at $159,000 after buying an additional 9,908,653 shares in the last quarter. Norges Bank purchased a new position in shares of SYSCO during the 4th quarter valued at approximately $299,789,000. Vanguard Group Inc lifted its position in shares of SYSCO by 3.9% during the 3rd quarter. Vanguard Group Inc now owns 41,599,601 shares of the company’s stock valued at $3,047,170,000 after buying an additional 1,549,255 shares in the last quarter. BlackRock Inc. lifted its position in shares of SYSCO by 4.7% during the 4th quarter. BlackRock Inc. now owns 33,625,346 shares of the company’s stock valued at $2,106,966,000 after buying an additional 1,502,847 shares in the last quarter. Finally, Parnassus Investments CA lifted its position in shares of SYSCO by 18.8% during the 4th quarter. Parnassus Investments CA now owns 8,359,497 shares of the company’s stock valued at $523,806,000 after buying an additional 1,320,866 shares in the last quarter. Hedge funds and other institutional investors own 80.61% of the company’s stock.

NYSE SYY opened at $73.63 on Wednesday. SYSCO Co. has a 52 week low of $59.44 and a 52 week high of $75.98. The company has a debt-to-equity ratio of 3.44, a quick ratio of 0.79 and a current ratio of 1.30. The firm has a market cap of $37.71 billion, a PE ratio of 23.45, a P/E/G ratio of 2.11 and a beta of 0.55.

SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, May 6th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.09. The firm had revenue of $14.66 billion during the quarter, compared to the consensus estimate of $14.78 billion. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company earned $0.67 EPS. Sell-side analysts expect that SYSCO Co. will post 3.5 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 5th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Thursday, April 4th. SYSCO’s payout ratio is 49.68%.

SYY has been the topic of a number of research reports. Bank of America lowered SYSCO from a “buy” rating to a “neutral” rating and set a $68.00 price objective on the stock. in a report on Wednesday, January 16th. Pivotal Research restated a “sell” rating and issued a $54.00 price objective on shares of SYSCO in a report on Friday, February 1st. Zacks Investment Research upgraded SYSCO from a “sell” rating to a “hold” rating in a report on Wednesday, February 6th. Loop Capital set a $75.00 price objective on SYSCO and gave the company a “buy” rating in a report on Tuesday, February 5th. Finally, Morgan Stanley raised their price objective on SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $74.46.

In related news, Director Trian Fund Management, L.P. sold 707,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $66.30, for a total transaction of $46,874,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.88% of the stock is currently owned by company insiders.

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SYSCO Profile

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.

Further Reading: Mutual Funds

Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SYSCO Co. (NYSE:SYY).

Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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