Canandaigua National Bank & Trust Co. continued to hold its stake in Sysco Corp. (NYSE:SYY) during the second quarter, Holdings Channel reports. The fund owned 10,710 shares of the company’s stock at the end of the second quarter. Canandaigua National Bank & Trust Co.’s holdings in Sysco Corp. were worth $543,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the company. Virginia Retirement System purchased a new stake in Sysco Corp. during the first quarter valued at about $25,405,000. Mn Services Vermogensbeheer B.V. purchased a new stake in Sysco Corp. during the first quarter valued at about $578,000. Aperio Group LLC raised its stake in Sysco Corp. by 10.7% in the first quarter. Aperio Group LLC now owns 394,497 shares of the company’s stock valued at $18,435,000 after buying an additional 38,232 shares during the period. Commonwealth Equity Services Inc raised its stake in Sysco Corp. by 7.0% in the first quarter. Commonwealth Equity Services Inc now owns 203,498 shares of the company’s stock valued at $9,509,000 after buying an additional 13,261 shares during the period. Finally, Investment Centers of America Inc. raised its stake in Sysco Corp. by 44.6% in the first quarter. Investment Centers of America Inc. now owns 12,924 shares of the company’s stock valued at $601,000 after buying an additional 3,985 shares during the period. 76.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sysco Corp. (NYSE:SYY) traded down 0.94% during midday trading on Friday, reaching $49.55. 2,923,201 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $51.45 and a 200 day moving average price of $49.43. The company has a market cap of $27.51 billion, a P/E ratio of 30.21 and a beta of 0.56. Sysco Corp. has a 12 month low of $38.34 and a 12 month high of $53.97.
Sysco Corp. (NYSE:SYY) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.03. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The business had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. During the same period last year, the business earned $0.52 EPS. The business’s revenue was up 10.0% on a year-over-year basis. Equities research analysts forecast that Sysco Corp. will post $2.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio (DPR) is presently 75.15%.
Several analysts have issued reports on the stock. Argus upped their price target on shares of Sysco Corp. from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 19th. Vetr lowered shares of Sysco Corp. from a “hold” rating to a “sell” rating and set a $50.83 price target on the stock. in a research report on Thursday, August 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $57.00 price target (up from $55.00) on shares of Sysco Corp. in a research report on Tuesday, August 16th. Deutsche Bank AG assumed coverage on shares of Sysco Corp. in a report on Monday, July 18th. They issued a “hold” rating and a $52.00 price objective on the stock. Finally, Barclays PLC assumed coverage on shares of Sysco Corp. in a report on Friday. They issued an “underweight” rating and a $48.00 price objective on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Sysco Corp. currently has an average rating of “Hold” and an average target price of $50.16.
In related news, CFO Joel T. Grade sold 16,368 shares of the business’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $52.01, for a total value of $851,299.68. Following the sale, the chief financial officer now directly owns 60,031 shares in the company, valued at approximately $3,122,212.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William J. Delaney III sold 20,114 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $51.96, for a total value of $1,045,123.44. Following the completion of the sale, the chief executive officer now owns 422,507 shares in the company, valued at $21,953,463.72. The disclosure for this sale can be found here. Company insiders own 7.77% of the company’s stock.
Sysco Corp. Company Profile
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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