Whittier Trust Co. cut its position in shares of Sysco Corp. (NYSE:SYY) by 20.9% during the second quarter, Holdings Channel reports. The firm owned 16,350 shares of the company’s stock after selling 4,330 shares during the period. Whittier Trust Co.’s holdings in Sysco Corp. were worth $830,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of SYY. Cribstone Capital Management LLC bought a new stake in shares of Sysco Corp. during the second quarter worth $102,000. Jolley Asset Management LLC increased its stake in shares of Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares during the period. Arcadia Investment Management Corp MI increased its stake in shares of Sysco Corp. by 54.6% in the second quarter. Arcadia Investment Management Corp MI now owns 2,831 shares of the company’s stock worth $144,000 after buying an additional 1,000 shares during the period. Kistler Tiffany Companies LLC increased its stake in shares of Sysco Corp. by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 2,866 shares of the company’s stock worth $145,000 after buying an additional 13 shares during the period. Finally, Integrated Investment Consultants LLC increased its stake in shares of Sysco Corp. by 293.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,950 shares of the company’s stock worth $150,000 after buying an additional 2,200 shares during the period. 76.66% of the stock is owned by hedge funds and other institutional investors.
Sysco Corp. (NYSE:SYY) traded down 0.322% during midday trading on Tuesday, reaching $48.055. 1,707,806 shares of the company’s stock traded hands. The stock has a 50-day moving average of $50.41 and a 200 day moving average of $49.70. The company has a market cap of $26.68 billion, a P/E ratio of 29.302 and a beta of 0.52. Sysco Corp. has a 52-week low of $38.84 and a 52-week high of $53.97.
Sysco Corp. (NYSE:SYY) last announced its earnings results 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 company earned $13.65 billion during the quarter, compared to analysts’ expectations of $13.68 billion. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. Sysco Corp.’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 earnings per share. On average, analysts anticipate that Sysco Corp. will post $2.31 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be given a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.57%. Sysco Corp.’s payout ratio is presently 75.15%.
A number of brokerages have weighed in on SYY. Vetr raised shares of Sysco Corp. from a “strong sell” rating to a “hold” rating and set a $52.00 price target for the company in a report on Monday, July 18th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Morgan Stanley restated a “sell” rating on shares of Sysco Corp. in a research note on Monday, June 20th. Bank of America Corp. began coverage on shares of Sysco Corp. in a research note on Monday, June 20th. They issued a “neutral” rating and a $52.00 price objective for the company. Finally, BMO Capital Markets restated a “hold” rating and issued a $52.00 price objective on shares of Sysco Corp. in a research note on Thursday, June 16th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Sysco Corp. presently has an average rating of “Hold” and a consensus price target of $50.45.
In other news, 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 of the company’s stock, valued at $21,953,463.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Joel T. Grade sold 16,368 shares of the business’s stock in a transaction dated Wednesday, July 13th. The shares were 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 of the company’s stock, valued at approximately $3,122,212.31. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by 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.
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