Butensky & Cohen Financial Security Inc. reduced its stake in SYSCO Co. (NYSE:SYY) by 11.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,747 shares of the company’s stock after selling 3,760 shares during the quarter. SYSCO makes up approximately 1.6% of Butensky & Cohen Financial Security Inc.’s investment portfolio, making the stock its 25th largest position. Butensky & Cohen Financial Security Inc.’s holdings in SYSCO were worth $2,032,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently modified their holdings of SYY. Wendell David Associates Inc. grew its holdings 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 purchasing an additional 800 shares during the period. Montecito Bank & Trust grew its holdings in shares of SYSCO by 41.1% during the 3rd quarter. Montecito Bank & Trust now owns 8,870 shares of the company’s stock worth $650,000 after purchasing an additional 2,584 shares during the period. DNB Asset Management AS lifted its stake in SYSCO by 2.9% during the 3rd quarter. DNB Asset Management AS now owns 82,680 shares of the company’s stock worth $6,056,000 after acquiring an additional 2,322 shares in the last quarter. Manning & Napier Group LLC lifted its stake in SYSCO by 12.1% during the 3rd quarter. Manning & Napier Group LLC now owns 130,279 shares of the company’s stock worth $9,542,000 after acquiring an additional 14,016 shares in the last quarter. Finally, Daiwa SB Investments Ltd. acquired a new position in SYSCO during the 3rd quarter worth about $132,000. Institutional investors own 80.22% of the company’s stock.
SYY traded up $0.33 during mid-day trading on Friday, hitting $68.82. 159,858 shares of the stock were exchanged, compared to its average volume of 2,700,627. The company has a current ratio of 1.21, a quick ratio of 0.74 and a debt-to-equity ratio of 3.01. The firm has a market cap of $38.07 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 1.98 and a beta of 0.56. SYSCO Co. has a 1-year low of $52.30 and a 1-year high of $75.98.
SYSCO (NYSE:SYY) last posted its quarterly earnings results on Monday, August 13th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. The company had revenue of $15.32 billion for the quarter, compared to analyst estimates of $15.30 billion. SYSCO had a return on equity of 68.15% and a net margin of 2.44%. SYSCO’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.72 EPS. On average, research analysts forecast that SYSCO Co. will post 3.49 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 5th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Thursday, October 4th. SYSCO’s dividend payout ratio is currently 45.86%.
Several research firms recently issued reports on SYY. Pivotal Research increased their target price on SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a research note on Saturday, August 18th. Loop Capital increased their target price on SYSCO to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Argus increased their target price on SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. BMO Capital Markets increased their target price on SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 14th. Finally, Morgan Stanley increased their target price on SYSCO from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $72.42.
In other SYSCO news, Director Richard G. Tilghman sold 5,000 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $73.71, for a total value of $368,550.00. Following the sale, the director now owns 61,137 shares of the company’s stock, valued at approximately $4,506,408.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $74.81, for a total value of $158,249,931.98. Following the completion of the sale, the director now directly owns 4,005 shares in the company, valued at approximately $299,614.05. The disclosure for this sale can be found here. Insiders sold a total of 3,969,811 shares of company stock worth $297,380,043 in the last ninety days. 9.60% of the stock is owned by corporate insiders.
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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