Cullen Frost Bankers Inc. increased its stake in Sysco Corp. (NYSE:SYY) by 2.6% during the second quarter, Holdings Channel reports. The fund owned 49,006 shares of the company’s stock after buying an additional 1,225 shares during the period. Cullen Frost Bankers Inc.’s holdings in Sysco Corp. were worth $2,487,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in SYY. Cribstone Capital Management LLC bought a new position in shares of Sysco Corp. during the second quarter valued at $102,000. Jolley Asset Management LLC raised 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 during the last quarter. Arcadia Investment Management Corp MI raised 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 during the last quarter. Kistler Tiffany Companies LLC raised 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 during the last quarter. Finally, Integrated Investment Consultants LLC raised 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 during the last quarter. Institutional investors and hedge funds own 76.65% of the company’s stock.
Sysco Corp. (NYSE:SYY) traded up 0.74% during mid-day trading on Tuesday, hitting $49.24. 3,360,392 shares of the stock were exchanged. Sysco Corp. has a one year low of $38.34 and a one year high of $53.97. The company has a 50-day moving average price of $51.33 and a 200-day moving average price of $49.55. The company has a market cap of $27.33 billion, a P/E ratio of 30.02 and a beta of 0.56.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The business earned $13.65 billion during the quarter, compared to analyst estimates of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 EPS. On average, analysts predict that Sysco Corp. will post $2.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.31 per share. The ex-dividend date is Wednesday, October 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.52%. Sysco Corp.’s dividend payout ratio is 75.15%.
Several research firms recently commented on SYY. Argus raised their price target on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a 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 report on Thursday, August 18th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $57.00 price target (up previously from $55.00) on shares of Sysco Corp. in a report on Tuesday, August 16th. Deutsche Bank AG began coverage on shares of Sysco Corp. in a report on Monday, July 18th. They issued a “hold” rating and a $52.00 price target on the stock. Finally, Barclays PLC began coverage on shares of Sysco Corp. in a report on Friday. They issued an “underweight” rating and a $48.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $50.16.
In other news, CFO Joel T. Grade sold 16,368 shares of Sysco Corp. stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $52.01, for a total transaction of $851,299.68. Following the completion of 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 filing with the SEC, which can be accessed through this link. Also, CFO Joel T. Grade sold 16,398 shares of Sysco Corp. stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.00, for a total value of $836,298.00. Following the sale, the chief financial officer now owns 59,021 shares of the company’s stock, valued at $3,010,071. The disclosure for this sale can be found here. Insiders own 7.77% of the company’s stock.
About Sysco Corp.
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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