Progressive Investment Management Corp grew its holdings in Sysco Corporation (NYSE:SYY) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,431 shares of the company’s stock after acquiring an additional 102 shares during the period. Progressive Investment Management Corp’s holdings in Sysco Corporation were worth $424,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also bought and sold shares of SYY. BlackRock Inc. grew its stake in shares of Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after acquiring an additional 30,735,711 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Sysco Corporation by 86.7% in the first quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock worth $125,971,000 after acquiring an additional 1,126,573 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock worth $1,968,336,000 after acquiring an additional 1,064,162 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Sysco Corporation by 18.3% in the first quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock worth $246,405,000 after acquiring an additional 733,433 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Sysco Corporation by 21.1% in the first quarter. American Century Companies Inc. now owns 3,424,940 shares of the company’s stock worth $177,823,000 after acquiring an additional 596,224 shares in the last quarter. Institutional investors and hedge funds own 79.97% of the company’s stock.
Several equities analysts have commented on SYY shares. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Tuesday, July 4th. BMO Capital Markets restated a “buy” rating and issued a $60.00 price target on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation restated a “buy” rating and issued a $61.00 price target on shares of Sysco Corporation in a research note on Monday, June 26th. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Finally, Royal Bank Of Canada set a $50.00 price target on shares of Sysco Corporation and gave the stock a “hold” rating in a research note on Friday, August 11th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Sysco Corporation has an average rating of “Hold” and an average price target of $56.17.
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In related news, EVP Wayne Shurts sold 7,800 shares of Sysco Corporation stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total transaction of $396,396.00. Following the sale, the executive vice president now owns 58,776 shares of the company’s stock, valued at approximately $2,986,996.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $20,303,712. The disclosure for this sale can be found here. Insiders have sold a total of 106,800 shares of company stock worth $5,436,180 in the last ninety days. 8.81% of the stock is currently owned by insiders.
Sysco Corporation (NYSE:SYY) opened at 52.85 on Wednesday. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The firm has a market cap of $28.01 billion, a P/E ratio of 25.41 and a beta of 0.52. The company’s 50 day moving average is $52.09 and its 200-day moving average is $52.54.
Sysco Corporation (NYSE:SYY) last released its quarterly earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The firm had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Equities analysts expect that Sysco Corporation will post $2.76 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s dividend payout ratio (DPR) is 63.16%.
About Sysco Corporation
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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