Wetherby Asset Management Inc. raised its stake in shares of SYSCO Co. (NYSE:SYY) by 2.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 15,317 shares of the company’s stock after acquiring an additional 424 shares during the period. Wetherby Asset Management Inc.’s holdings in SYSCO were worth $1,023,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Gofen & Glossberg LLC IL purchased a new stake in SYSCO during the 1st quarter valued at approximately $304,000. Manning & Napier Group LLC grew its holdings in SYSCO by 10.8% during the 4th quarter. Manning & Napier Group LLC now owns 144,301 shares of the company’s stock valued at $9,041,000 after buying an additional 14,022 shares in the last quarter. Calamos Advisors LLC grew its holdings in SYSCO by 1.0% during the 1st quarter. Calamos Advisors LLC now owns 99,546 shares of the company’s stock valued at $6,646,000 after buying an additional 974 shares in the last quarter. Sumitomo Life Insurance Co. grew its holdings in SYSCO by 2.5% during the 4th quarter. Sumitomo Life Insurance Co. now owns 19,268 shares of the company’s stock valued at $1,207,000 after buying an additional 465 shares in the last quarter. Finally, Sigma Planning Corp grew its holdings in SYSCO by 14.0% during the 4th quarter. Sigma Planning Corp now owns 39,666 shares of the company’s stock valued at $2,486,000 after buying an additional 4,871 shares in the last quarter. 79.51% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on SYY shares. Pivotal Research reaffirmed a “sell” rating and set a $54.00 price objective on shares of SYSCO in a report on Friday, February 1st. Zacks Investment Research raised shares of SYSCO from a “sell” rating to a “hold” rating in a report on Monday, January 28th. Buckingham Research increased 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. Loop Capital set a $75.00 price objective on shares of SYSCO and gave the company a “buy” rating in a report on Tuesday, February 5th. Finally, Morgan Stanley increased their target price on SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $74.46.
In other news, Director Trian Fund Management, L.P. sold 707,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $66.30, for a total transaction of $46,874,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.88% of the stock is currently owned by corporate insiders.
Shares of NYSE SYY traded up $0.37 during midday trading on Friday, reaching $75.05. 2,136,962 shares of the stock traded hands, compared to its average volume of 2,846,803. 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 company has a market capitalization of $38.57 billion, a P/E ratio of 23.90, a P/E/G ratio of 2.17 and a beta of 0.55. SYSCO Co. has a one year low of $59.44 and a one year high of $75.98.
SYSCO (NYSE:SYY) last posted its earnings results on Monday, May 6th. The company reported $0.79 EPS for the quarter, beating 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS. As a group, equities analysts predict that SYSCO Co. will post 3.52 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given 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 dividend yield of 2.08%. SYSCO’s dividend payout ratio is currently 49.68%.
SYSCO Company 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.
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