Nissay Asset Management Corp Japan ADV cut its stake in shares of SYSCO Co. (NYSE:SYY) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,249 shares of the company’s stock after selling 3,858 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in SYSCO were worth $6,611,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Sumitomo Life Insurance Co. lifted its position in shares of SYSCO by 4.1% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 19,123 shares of the company’s stock worth $1,306,000 after buying an additional 758 shares during the last quarter. Eastern Bank lifted its position in shares of SYSCO by 0.4% during the 2nd quarter. Eastern Bank now owns 212,281 shares of the company’s stock worth $14,497,000 after buying an additional 773 shares during the last quarter. World Asset Management Inc lifted its position in shares of SYSCO by 2.1% during the 2nd quarter. World Asset Management Inc now owns 38,744 shares of the company’s stock worth $2,646,000 after buying an additional 800 shares during the last quarter. Wendell David Associates Inc. lifted its position in shares of SYSCO by 0.9% during the 3rd quarter. Wendell David Associates Inc. now owns 89,235 shares of the company’s stock worth $6,536,000 after buying an additional 800 shares during the last quarter. Finally, CIBC World Markets Inc. lifted its position in shares of SYSCO by 19.7% during the 2nd quarter. CIBC World Markets Inc. now owns 4,876 shares of the company’s stock worth $333,000 after buying an additional 803 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.
SYY has been the subject of several research reports. ValuEngine downgraded shares of SYSCO from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Zacks Investment Research upgraded shares of SYSCO from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. Pivotal Research downgraded shares of SYSCO from a “hold” rating to a “sell” rating and set a $58.00 price target for the company. in a research report on Friday, August 10th. Jefferies Financial Group set a $68.00 price target on shares of SYSCO and gave the company a “hold” rating in a research report on Monday, August 13th. Finally, Morgan Stanley boosted their price objective on shares of SYSCO from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $73.54.
Shares of NYSE:SYY traded down $0.61 on Thursday, reaching $64.48. 3,399,513 shares of the company were exchanged, compared to its average volume of 3,475,035. The company has a quick ratio of 0.80, a current ratio of 1.30 and a debt-to-equity ratio of 3.00. SYSCO Co. has a 1-year low of $54.55 and a 1-year high of $75.98. The stock has a market cap of $33.83 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.84 and a beta of 0.56.
SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.01). The business had revenue of $15.22 billion during the quarter, compared to analyst estimates of $15.39 billion. SYSCO had a net margin of 2.52% and a return on equity of 68.81%. SYSCO’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. Equities analysts anticipate that SYSCO Co. will post 3.4 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Friday, January 4th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.42%. This is a boost from SYSCO’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, January 3rd. SYSCO’s dividend payout ratio is presently 45.86%.
In other SYSCO news, Director Joshua D. Frank sold 1,013,666 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $75.09, for a total value of $76,116,179.94. Following the transaction, the director now directly owns 4,005 shares in the company, valued at approximately $300,735.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard G. Tilghman sold 5,000 shares of the company’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $73.71, for a total transaction of $368,550.00. Following the completion of the transaction, the director now owns 61,137 shares in the company, valued at $4,506,408.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,176,196 shares of company stock worth $443,878,713. 7.88% of the stock is owned by corporate insiders.
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Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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