Sumitomo Life Insurance Co. cut its holdings in shares of SYSCO Co. (NYSE:SYY) by 4.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,224 shares of the company’s stock after selling 868 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in SYSCO were worth $1,167,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Exane Derivatives boosted its position in SYSCO by 137.8% in the third quarter. Exane Derivatives now owns 48,699 shares of the company’s stock valued at $2,627,000 after buying an additional 28,217 shares in the last quarter. FDx Advisors Inc. raised its stake in shares of SYSCO by 27.6% during the third quarter. FDx Advisors Inc. now owns 35,396 shares of the company’s stock valued at $1,910,000 after acquiring an additional 7,652 shares during the last quarter. Vident Investment Advisory LLC bought a new position in shares of SYSCO during the third quarter valued at $393,000. Chicago Partners Investment Group LLC raised its stake in shares of SYSCO by 637.5% during the third quarter. Chicago Partners Investment Group LLC now owns 5,900 shares of the company’s stock valued at $318,000 after acquiring an additional 5,100 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in shares of SYSCO by 21.8% during the second quarter. Stifel Financial Corp now owns 1,093,476 shares of the company’s stock valued at $55,001,000 after acquiring an additional 195,903 shares during the last quarter. 80.09% of the stock is currently owned by institutional investors.
In other news, SVP William W. Goetz sold 11,323 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $62.00, for a total value of $702,026.00. Following the sale, the senior vice president now owns 35,825 shares of the company’s stock, valued at $2,221,150. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Greg D. Bertrand sold 81,038 shares of the business’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $60.76, for a total transaction of $4,923,868.88. Following the completion of the sale, the senior vice president now directly owns 69,721 shares in the company, valued at approximately $4,236,247.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 294,695 shares of company stock worth $16,866,723. Corporate insiders own 9.60% of the company’s stock.
SYSCO (NYSE:SYY) last released its earnings results on Monday, February 5th. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.01. The firm had revenue of $14.41 billion for the quarter, compared to analysts’ expectations of $14.15 billion. SYSCO had a net margin of 2.10% and a return on equity of 61.02%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.58 earnings per share. equities analysts predict that SYSCO Co. will post 2.95 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 26th. Shareholders of record on Friday, January 5th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.47%. This is a boost from SYSCO’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, January 4th. SYSCO’s payout ratio is presently 64.57%.
Several equities analysts have recently issued reports on the stock. Morgan Stanley raised shares of SYSCO from an “underweight” rating to an “equal weight” rating and set a $64.00 price target for the company in a research note on Tuesday, January 16th. Zacks Investment Research downgraded shares of SYSCO from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Jefferies Group set a $67.00 target price on shares of SYSCO and gave the stock a “hold” rating in a research note on Monday, February 5th. BMO Capital Markets set a $74.00 price target on shares of SYSCO and gave the company a “buy” rating in a research note on Monday, February 5th. Finally, Loop Capital lifted their price target on shares of SYSCO from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. SYSCO has a consensus rating of “Buy” and an average target price of $65.20.
SYSCO Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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