Whittier Trust Co. trimmed its position in shares of SYSCO Co. (NYSE:SYY) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,790 shares of the company’s stock after selling 160 shares during the quarter. Whittier Trust Co.’s holdings in SYSCO were worth $988,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SYY. Kentucky Retirement Systems acquired a new position in SYSCO during the 3rd quarter worth about $1,733,000. Neuberger Berman Group LLC raised its position in SYSCO by 16.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 51,766 shares of the company’s stock valued at $3,792,000 after purchasing an additional 7,171 shares in the last quarter. B. Riley Wealth Management Inc. acquired a new stake in SYSCO in the 3rd quarter valued at about $341,000. Standard Life Aberdeen plc raised its position in SYSCO by 99.0% in the 3rd quarter. Standard Life Aberdeen plc now owns 549,776 shares of the company’s stock valued at $40,272,000 after purchasing an additional 273,444 shares in the last quarter. Finally, Legal & General Group Plc raised its position in SYSCO by 4.3% in the 3rd quarter. Legal & General Group Plc now owns 2,511,027 shares of the company’s stock valued at $183,937,000 after purchasing an additional 102,970 shares in the last quarter. 79.51% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on SYY. Zacks Investment Research lowered SYSCO from a “buy” rating to a “hold” rating in a research report on Friday, May 17th. Loop Capital increased their price target on SYSCO to $80.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Pivotal Research reaffirmed a “sell” rating and issued a $58.00 price target (up previously from $54.00) on shares of SYSCO in a research report on Tuesday, May 7th. Buckingham Research increased their price target on SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Morgan Stanley increased their price target on SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $74.46.
Shares of SYY traded up $0.37 during mid-day trading on Friday, reaching $75.05. The company’s stock had a trading volume of 1,913,185 shares, compared to its average volume of 2,846,803. SYSCO Co. has a 12-month low of $59.44 and a 12-month high of $75.98. The company has a market cap of $38.80 billion, a P/E ratio of 23.90, a PEG ratio of 2.17 and a beta of 0.55. The company has a debt-to-equity ratio of 3.44, a quick ratio of 0.79 and a current ratio of 1.30.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, May 6th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The business had revenue of $14.66 billion for the quarter, compared to the consensus estimate of $14.78 billion. During the same quarter in the prior year, the business posted $0.67 EPS. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts predict that SYSCO Co. will post 3.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 5th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.08%. SYSCO’s payout ratio is currently 49.68%.
In related news, Director Trian Fund Management, L.P. sold 707,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $66.30, for a total transaction of $46,874,100.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.88% of the company’s stock.
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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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