Elgethun Capital Management boosted its position in Sysco Corporation (NYSE:SYY) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,367 shares of the company’s stock after buying an additional 15 shares during the period. Elgethun Capital Management’s holdings in Sysco Corporation were worth $434,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SYY. Bank of Montreal Can increased its stake in Sysco Corporation by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock worth $324,360,000 after buying an additional 1,996,198 shares during the period. Victory Capital Management Inc. increased its stake in Sysco Corporation by 86.7% in the first quarter. Victory Capital Management Inc. now owns 2,426,247 shares of the company’s stock worth $125,971,000 after buying an additional 1,126,573 shares during the period. Hermes Investment Management Ltd. purchased a new stake in Sysco Corporation during the first quarter worth $41,568,000. American Century Companies Inc. increased its stake in Sysco Corporation by 21.1% in the first quarter. American Century Companies Inc. now owns 3,424,940 shares of the company’s stock worth $177,823,000 after buying an additional 596,224 shares during the period. Finally, Nordea Investment Management AB increased its stake in Sysco Corporation by 1,820.2% in the first quarter. Nordea Investment Management AB now owns 546,648 shares of the company’s stock worth $28,382,000 after buying an additional 518,179 shares during the period. Hedge funds and other institutional investors own 78.62% of the company’s stock.
Shares of Sysco Corporation (SYY) opened at 50.72 on Tuesday. The firm’s 50-day moving average is $53.93 and its 200 day moving average is $53.50. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The firm has a market capitalization of $27.15 billion, a P/E ratio of 26.74 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last announced its quarterly earnings results on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.14 billion. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. Equities research analysts forecast that Sysco Corporation will post $2.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 7th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, July 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.60%. Sysco Corporation’s dividend payout ratio is 69.47%.
SYY has been the subject of a number of research analyst reports. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. BMO Capital Markets upgraded Sysco Corporation from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $56.00 to $60.00 in a research report on Thursday, May 4th. Zacks Investment Research downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, May 10th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $57.00 price objective on shares of Sysco Corporation in a research report on Friday, June 23rd. Finally, Bank of America Corporation reiterated a “buy” rating and set a $61.00 price objective on shares of Sysco Corporation in a research report on Monday, June 26th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.95.
In other news, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $54.22, for a total transaction of $1,626,600.00. Following the transaction, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at $22,052,629.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Wayne Shurts sold 15,600 shares of Sysco Corporation stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $55.32, for a total transaction of $862,992.00. Following the transaction, the insider now directly owns 58,776 shares in the company, valued at $3,251,488.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,000 shares of company stock worth $6,931,332. Insiders own 8.81% of the company’s stock.
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.
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