Buckingham Asset Management LLC cut its position in Sysco Corporation (NYSE:SYY) by 17.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,047 shares of the company’s stock after selling 5,699 shares during the quarter. Buckingham Asset Management LLC’s holdings in Sysco Corporation were worth $1,459,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SYY. First Personal Financial Services raised its stake in Sysco Corporation by 293.2% during the 3rd quarter. First Personal Financial Services now owns 1,962 shares of the company’s stock valued at $106,000 after acquiring an additional 1,463 shares during the last quarter. Arcadia Investment Management Corp MI raised its stake in Sysco Corporation by 10.7% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock valued at $118,000 after acquiring an additional 225 shares during the last quarter. Acrospire Investment Management LLC raised its stake in Sysco Corporation by 84.6% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,400 shares of the company’s stock valued at $121,000 after acquiring an additional 1,100 shares during the last quarter. Manchester Capital Management LLC raised its stake in Sysco Corporation by 13.4% during the 2nd quarter. Manchester Capital Management LLC now owns 2,538 shares of the company’s stock valued at $128,000 after acquiring an additional 300 shares during the last quarter. Finally, Kistler Tiffany Companies LLC raised its stake in Sysco Corporation by 0.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,915 shares of the company’s stock valued at $147,000 after acquiring an additional 12 shares during the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on SYY shares. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Friday, July 21st. BMO Capital Markets set a $60.00 price objective on Sysco Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $51.00 price objective on shares of Sysco Corporation in a research note on Friday, August 4th. Royal Bank Of Canada set a $50.00 target price on Sysco Corporation and gave the stock a “hold” rating in a research note on Friday, August 11th. Finally, Pivotal Research set a $53.00 target price on Sysco Corporation and gave the stock a “hold” rating in a research note on Sunday, August 13th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Sysco Corporation presently has an average rating of “Hold” and a consensus price target of $56.42.
Sysco Corporation (SYY) traded up $0.41 during midday trading on Friday, reaching $54.89. The company had a trading volume of 2,739,586 shares, compared to its average volume of 2,917,277. The stock has a market cap of $28,530.00, a P/E ratio of 21.54, a P/E/G ratio of 2.46 and a beta of 0.53. The company has a quick ratio of 0.88, a current ratio of 1.40 and a debt-to-equity ratio of 3.77. Sysco Corporation has a 12-month low of $48.85 and a 12-month high of $57.23.
Sysco Corporation (NYSE:SYY) last announced its earnings results on Monday, November 6th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.02. The firm had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.43 billion. Sysco Corporation had a return on equity of 58.47% and a net margin of 2.12%. Sysco Corporation’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. equities research analysts anticipate that Sysco Corporation will post 2.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.62%. This is a boost from Sysco Corporation’s previous quarterly dividend of $0.33. Sysco Corporation’s dividend payout ratio is 60.27%.
In other news, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $54.71, for a total transaction of $1,641,300.00. Following the sale, the chief executive officer now owns 406,725 shares in the company, valued at $22,251,924.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $51.76, for a total value of $807,456.00. Following the sale, the insider now owns 58,776 shares in the company, valued at approximately $3,042,245.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,275,781 shares of company stock worth $122,319,128. 9.60% of the stock is owned by insiders.
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Sysco Corporation 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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