North Star Asset Management Inc. continued to hold its stake in Sysco Corp. (NYSE:SYY) during the second quarter, Holdings Channel reports. The institutional investor owned 15,166 shares of the company’s stock at the end of the second quarter. North Star Asset Management Inc.’s holdings in Sysco Corp. were worth $709,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Cypress Wealth Advisors LLC increased its stake in Sysco Corp. by 3.7% in the first quarter. Cypress Wealth Advisors LLC now owns 5,627 shares of the company’s stock worth $263,000 after buying an additional 199 shares during the last quarter. Hanlon Investment Management Inc. increased its stake in Sysco Corp. by 6.8% in the first quarter. Hanlon Investment Management Inc. now owns 100,725 shares of the company’s stock worth $4,707,000 after buying an additional 6,418 shares during the last quarter. Stockman Asset Management increased its stake in Sysco Corp. by 2.0% in the first quarter. Stockman Asset Management now owns 57,505 shares of the company’s stock worth $2,687,000 after buying an additional 1,114 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Sysco Corp. during the first quarter worth about $1,048,000. Finally, BB&T Securities LLC increased its stake in Sysco Corp. by 1,019.5% in the first quarter. BB&T Securities LLC now owns 238,190 shares of the company’s stock worth $11,130,000 after buying an additional 216,914 shares during the last quarter. Institutional investors own 76.66% of the company’s stock.
Shares of Sysco Corp. (NYSE:SYY) traded down 0.5737% during mid-day trading on Tuesday, hitting $47.9334. 1,374,419 shares of the stock traded hands. The stock has a 50-day moving average of $50.41 and a 200-day moving average of $49.70. Sysco Corp. has a 52 week low of $38.84 and a 52 week high of $53.97. The company has a market cap of $26.61 billion, a price-to-earnings ratio of 29.2277 and a beta of 0.52.
Sysco Corp. (NYSE:SYY) last released its earnings results on Monday, August 15th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. The business earned $13.65 billion during the quarter, compared to analyst estimates of $13.68 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The business’s quarterly revenue was up 10.0% on a year-over-year basis. Analysts anticipate that Sysco Corp. will post $2.31 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors 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 2.57%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio is presently 75.15%.
A number of equities research analysts have recently issued reports on the stock. Argus lifted their price target on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 19th. Vetr downgraded shares of Sysco Corp. from a “hold” rating to a “sell” rating and set a $50.83 price target for the company. in a research report on Thursday, August 18th. JPMorgan Chase & Co. reiterated 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 started coverage on shares of Sysco Corp. in a research report on Monday, July 18th. They set a “hold” rating and a $52.00 price target for the company. Finally, Barclays PLC started coverage on shares of Sysco Corp. in a research note on Friday, September 23rd. They set an “underweight” rating and a $48.00 price objective for the company. 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’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $50.45.
In related news, CEO William J. Delaney III sold 20,114 shares of the company’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 sale, the chief executive officer now owns 422,507 shares in the company, valued at approximately $20,918,321.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William B. Day sold 26,507 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $49.00, for a total transaction of $1,298,843.00. Following the completion of the sale, the insider now owns 132,790 shares of the company’s stock, valued at approximately $6,506,710. The disclosure for this sale can be found here. Corporate insiders own 8.81% 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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