Fifth Third Bancorp lessened its position in SYSCO Co. (NYSE:SYY) by 19.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 155,489 shares of the company’s stock after selling 36,564 shares during the period. Fifth Third Bancorp’s holdings in SYSCO were worth $10,380,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc lifted its stake in shares of SYSCO by 3.9% in the third quarter. Vanguard Group Inc now owns 41,599,601 shares of the company’s stock worth $3,047,170,000 after buying an additional 1,549,255 shares in the last quarter. BlackRock Inc. raised its holdings in shares of SYSCO by 4.7% during the fourth quarter. BlackRock Inc. now owns 33,625,346 shares of the company’s stock valued at $2,106,966,000 after purchasing an additional 1,502,847 shares during the last quarter. Parnassus Investments CA raised its holdings in shares of SYSCO by 4.7% during the first quarter. Parnassus Investments CA now owns 8,752,593 shares of the company’s stock valued at $584,323,000 after purchasing an additional 393,096 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of SYSCO by 8.7% during the first quarter. Janus Henderson Group PLC now owns 7,948,553 shares of the company’s stock valued at $530,645,000 after purchasing an additional 633,041 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of SYSCO by 3.1% during the first quarter. Northern Trust Corp now owns 6,625,261 shares of the company’s stock valued at $442,302,000 after purchasing an additional 197,233 shares during the last quarter. Hedge funds and other institutional investors own 77.65% of the company’s stock.
Several research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of SYSCO from a “buy” rating to a “hold” rating in a report on Friday, May 17th. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a report on Wednesday, May 29th. Pivotal Research reissued a “sell” rating and set a $58.00 price objective (up from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. Loop Capital boosted their price objective on shares of SYSCO to $80.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Buckingham Research boosted their price objective on shares of SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $74.21.
Shares of SYY stock opened at $72.25 on Friday. SYSCO Co. has a 12 month low of $59.44 and a 12 month high of $75.98. The company has a market cap of $37.13 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 2.08 and a beta of 0.55. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.30 and a quick ratio of 0.79.
SYSCO (NYSE:SYY) last announced its earnings results on Monday, May 6th. The company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.09. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. The business had revenue of $14.66 billion during the quarter, compared to analysts’ expectations of $14.78 billion. During the same period in the prior year, the company earned $0.67 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. As a group, research analysts predict that SYSCO Co. will post 3.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.16%. SYSCO’s dividend payout ratio is currently 49.68%.
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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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