Verity & Verity LLC Reduces Position in SYSCO Co. (NYSE:SYY)

Verity & Verity LLC lessened its holdings in shares of SYSCO Co. (NYSE:SYY) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,781 shares of the company’s stock after selling 175 shares during the period. Verity & Verity LLC’s holdings in SYSCO were worth $338,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Gulf International Bank UK Ltd boosted its position in shares of SYSCO by 1.3% during the first quarter. Gulf International Bank UK Ltd now owns 119,346 shares of the company’s stock valued at $7,967,000 after buying an additional 1,566 shares during the period. Gofen & Glossberg LLC IL purchased a new stake in shares of SYSCO in the first quarter valued at approximately $304,000. Horizon Investments LLC purchased a new stake in shares of SYSCO in the first quarter valued at approximately $237,000. Pinnacle Associates Ltd. boosted its holdings in shares of SYSCO by 7.9% in the first quarter. Pinnacle Associates Ltd. now owns 4,750 shares of the company’s stock valued at $317,000 after purchasing an additional 346 shares during the period. Finally, Calamos Advisors LLC boosted its holdings in shares of SYSCO by 1.0% in the first quarter. Calamos Advisors LLC now owns 99,546 shares of the company’s stock valued at $6,646,000 after purchasing an additional 974 shares during the period. Institutional investors and hedge funds own 77.59% of the company’s stock.

SYY has been the subject of a number of research reports. Loop Capital boosted their price target on SYSCO to $80.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. ValuEngine upgraded USINAS SIDERURG/S from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Consumer Edge initiated coverage on SYSCO in a report on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 price target for the company. Finally, Pivotal Research reiterated a “sell” rating and issued a $58.00 price target (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. SYSCO presently has an average rating of “Hold” and a consensus price target of $73.63.

NYSE:SYY traded up $0.59 during trading hours on Friday, reaching $70.72. The company’s stock had a trading volume of 561,680 shares, compared to its average volume of 1,931,830. The stock has a market cap of $36.04 billion, a P/E ratio of 22.52, a P/E/G ratio of 1.87 and a beta of 0.53. SYSCO Co. has a 12 month low of $59.44 and a 12 month high of $75.98. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 3.44. The firm has a 50 day simple moving average of $71.50.

SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, May 6th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.09. The company had revenue of $14.66 billion during the quarter, compared to the consensus estimate of $14.78 billion. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. SYSCO’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 earnings per share. On average, analysts expect that SYSCO Co. will post 3.5 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Wednesday, July 3rd. SYSCO’s payout ratio is presently 49.68%.

SYSCO Company Profile

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.

Further Reading: Economic Bubble

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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