Wedge Capital Management L L P NC cut its holdings in SYSCO Co. (NYSE:SYY) by 24.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 162,547 shares of the company’s stock after selling 52,340 shares during the period. Wedge Capital Management L L P NC’s holdings in SYSCO were worth $11,495,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. TD Asset Management Inc. increased its position in shares of SYSCO by 24.9% in the second quarter. TD Asset Management Inc. now owns 1,736,084 shares of the company’s stock valued at $122,776,000 after acquiring an additional 345,982 shares during the period. Scott & Selber Inc. increased its position in shares of SYSCO by 120.1% in the second quarter. Scott & Selber Inc. now owns 32,077 shares of the company’s stock valued at $2,268,000 after acquiring an additional 17,505 shares during the period. Wedbush Securities Inc. increased its position in shares of SYSCO by 5.8% in the second quarter. Wedbush Securities Inc. now owns 8,405 shares of the company’s stock valued at $594,000 after acquiring an additional 460 shares during the period. CWM LLC increased its position in shares of SYSCO by 62.7% in the second quarter. CWM LLC now owns 210,576 shares of the company’s stock valued at $14,892,000 after acquiring an additional 81,118 shares during the period. Finally, Covenant Multifamily Offices LLC purchased a new position in shares of SYSCO in the second quarter valued at about $2,180,000. 78.30% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE SYY traded up $0.28 during midday trading on Thursday, hitting $72.56. 576,634 shares of the company traded hands, compared to its average volume of 3,097,832. SYSCO Co. has a 12-month low of $59.44 and a 12-month high of $75.98. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 3.44. The firm has a 50-day moving average of $70.87. The company has a market capitalization of $37.10 billion, a price-to-earnings ratio of 20.44, a P/E/G ratio of 1.92 and a beta of 0.52.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, August 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.03. SYSCO had a net margin of 2.79% and a return on equity of 77.71%. The company had revenue of $15.47 billion for the quarter, compared to analysts’ expectations of $15.65 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. SYSCO’s quarterly revenue was up 1.0% on a year-over-year basis. Sell-side analysts predict that SYSCO Co. will post 3.78 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, October 3rd. SYSCO’s payout ratio is currently 43.94%.
A number of equities analysts have issued reports on SYY shares. ValuEngine upgraded shares of SYSCO from a “hold” rating to a “buy” rating in a research report on Wednesday, May 29th. Buckingham Research boosted their price target on shares of SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Loop Capital boosted their price target on shares of SYSCO to $80.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Barclays boosted their price target on shares of SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Morgan Stanley boosted their price target on shares of SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $74.48.
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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