Sysco Corporation (NYSE:SYY) – Jefferies Group reduced their Q3 2018 earnings estimates for shares of Sysco Corporation in a research note issued on Monday. Jefferies Group analyst C. Mandeville now anticipates that the company will earn $0.57 per share for the quarter, down from their prior forecast of $0.58. Jefferies Group currently has a “Hold” rating and a $51.00 target price on the stock.

Sysco Corporation (NYSE:SYY) last announced its earnings results on Monday, August 14th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The business had revenue of $14.40 billion during the quarter, compared to analyst estimates of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS.

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Several other analysts have also issued reports on the stock. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. BMO Capital Markets reiterated a “buy” rating and set a $60.00 target price on shares of Sysco Corporation in a report on Tuesday, June 27th. Bank of America Corporation reiterated a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a report on Monday, June 26th. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Friday, July 21st. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $57.00 target price on shares of Sysco Corporation in a report on Friday, June 23rd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $56.02.

Shares of Sysco Corporation (NYSE:SYY) traded up 0.64% on Thursday, reaching $51.52. The company had a trading volume of 2,013,778 shares. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07. The company’s 50-day moving average is $51.06 and its 200-day moving average is $52.57. The company has a market capitalization of $27.31 billion, a PE ratio of 24.77 and a beta of 0.52.

Several institutional investors have recently made changes to their positions in SYY. North Star Investment Management Corp. increased its position in shares of Sysco Corporation by 81.2% in the first quarter. North Star Investment Management Corp. now owns 1,944 shares of the company’s stock worth $101,000 after buying an additional 871 shares in the last quarter. TrimTabs Asset Management LLC raised its position in Sysco Corporation by 88.7% in the first quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock valued at $112,000 after buying an additional 1,016 shares during the period. Arcadia Investment Management Corp MI raised its position in Sysco Corporation by 10.7% in the second quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after buying an additional 225 shares during the period. Acrospire Investment Management LLC raised its position in Sysco Corporation by 84.6% in the second quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after buying an additional 1,100 shares during the period. Finally, Manchester Capital Management LLC raised its position in Sysco Corporation by 13.4% in the second quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after buying an additional 300 shares during the period. 78.49% of the stock is owned by institutional investors and hedge funds.

In related news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $20,303,712. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $50.87, for a total transaction of $793,572.00. Following the completion of the transaction, the insider now directly owns 58,776 shares of the company’s stock, valued at $2,989,935.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 122,400 shares of company stock valued at $6,494,700. 8.81% of the stock is owned by insiders.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s payout ratio is currently 63.16%.

About Sysco Corporation

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.

Earnings History and Estimates for Sysco Corporation (NYSE:SYY)

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