Conning Inc. reduced its stake in shares of Sysco Corp. (NYSE:SYY) by 20.2% during the second quarter, Holdings Channel reports. The institutional investor owned 489,148 shares of the company’s stock after selling 124,182 shares during the period. Conning Inc.’s holdings in Sysco Corp. were worth $24,819,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Cribstone Capital Management LLC bought a new position in Sysco Corp. during the second quarter valued at about $102,000. Jolley Asset Management LLC boosted its position in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock valued at $109,000 after buying an additional 435 shares in the last quarter. Arcadia Investment Management Corp MI boosted its position in Sysco Corp. by 54.6% in the second quarter. Arcadia Investment Management Corp MI now owns 2,831 shares of the company’s stock valued at $144,000 after buying an additional 1,000 shares in the last quarter. Kistler Tiffany Companies LLC boosted its position in Sysco Corp. by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 2,866 shares of the company’s stock valued at $145,000 after buying an additional 13 shares in the last quarter. Finally, Integrated Investment Consultants LLC boosted its position in Sysco Corp. by 293.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,950 shares of the company’s stock valued at $150,000 after buying an additional 2,200 shares in the last quarter. 76.65% of the stock is currently owned by institutional investors.
Shares of Sysco Corp. (NYSE:SYY) traded down 1.35% during midday trading on Monday, reaching $48.88. 4,642,890 shares of the company were exchanged. The company has a market capitalization of $27.13 billion, a P/E ratio of 29.80 and a beta of 0.56. Sysco Corp. has a 52-week low of $38.34 and a 52-week high of $53.97. The stock has a 50-day moving average price of $51.38 and a 200 day moving average price of $49.52.
Sysco Corp. (NYSE:SYY) last posted its quarterly earnings data on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. The firm earned $13.65 billion during the quarter, compared to the consensus estimate of $13.68 billion. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 EPS. Equities research analysts expect that Sysco Corp. will post $2.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio is currently 75.15%.
Several research analysts have issued reports on the company. Bank of America Corp. set a $54.00 price target on Sysco Corp. and gave the company a “hold” rating in a report on Saturday, September 17th. Barclays PLC assumed coverage on Sysco Corp. in a report on Friday. They issued an “underweight” rating and a $48.00 price target on the stock. Argus upped their price target on Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 19th. Vetr raised Sysco Corp. from a “strong sell” rating to a “hold” rating and set a $52.00 price target on the stock in a report on Monday, July 18th. Finally, Deutsche Bank AG started coverage on Sysco Corp. in a report on Monday, July 18th. They issued a “hold” rating and a $52.00 price target on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $50.16.
In other news, CEO William J. Delaney III sold 20,114 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $49.51, for a total value of $995,844.14. Following the completion of the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at approximately $20,918,321.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William B. Day sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $51.53, for a total transaction of $3,864,750.00. Following the completion of the transaction, the insider now owns 201,283 shares of the company’s stock, valued at $10,372,112.99. The disclosure for this sale can be found here. 7.77% of the stock is currently owned by company insiders.
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.
Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sysco Corp. (NYSE:SYY).
Receive News & Ratings for Sysco Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sysco Corp. and related companies with MarketBeat.com's FREE daily email newsletter.