DNB Asset Management AS raised its position in shares of SYSCO Co. (NYSE:SYY) by 2.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 82,680 shares of the company’s stock after purchasing an additional 2,322 shares during the period. DNB Asset Management AS’s holdings in SYSCO were worth $6,056,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of SYSCO by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,305,931 shares of the company’s stock worth $78,304,000 after acquiring an additional 24,824 shares during the period. A.R.T. Advisors LLC lifted its stake in shares of SYSCO by 100.0% in the 1st quarter. A.R.T. Advisors LLC now owns 39,006 shares of the company’s stock worth $2,338,000 after acquiring an additional 19,500 shares during the period. Natixis acquired a new stake in shares of SYSCO in the 1st quarter worth approximately $4,220,000. Hancock Holding Co. acquired a new stake in shares of SYSCO in the 1st quarter worth approximately $814,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of SYSCO by 8.2% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 80,091 shares of the company’s stock worth $4,793,000 after acquiring an additional 6,062 shares during the period. 80.22% of the stock is owned by hedge funds and other institutional investors.
NYSE SYY opened at $68.82 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. SYSCO Co. has a 12 month low of $52.30 and a 12 month high of $75.98. The company has a market capitalization of $38.07 billion, a P/E ratio of 21.92, a price-to-earnings-growth ratio of 1.98 and a beta of 0.56.
SYSCO (NYSE:SYY) last released its earnings results on Monday, August 13th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. SYSCO had a net margin of 2.44% and a return on equity of 68.15%. The business had revenue of $15.32 billion for the quarter, compared to the consensus estimate of $15.30 billion. During the same period in the previous year, the firm earned $0.72 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts expect that SYSCO Co. will post 3.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 26th. Investors of record on Friday, October 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.09%. SYSCO’s payout ratio is currently 45.86%.
In related news, Director Joshua D. Frank sold 1,013,666 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $75.09, for a total value of $76,116,179.94. Following the sale, the director now directly owns 4,005 shares in the company, valued at approximately $300,735.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard G. Tilghman sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $73.71, for a total transaction of $368,550.00. Following the completion of the sale, the director now owns 61,137 shares in the company, valued at $4,506,408.27. 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 over the last quarter. Insiders own 9.60% of the company’s stock.
SYY has been the subject of a number of research analyst reports. Wells Fargo & Co upped their price target on shares of SYSCO from $71.00 to $80.00 and gave the stock a “$70.32” rating in a research note on Wednesday, July 18th. They noted that the move was a valuation call. Loop Capital upped their price target on shares of SYSCO to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, August 14th. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Argus upped their price target on shares of SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Finally, Morgan Stanley upped their price target on shares of SYSCO from $61.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $72.42.
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.
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