Pinebridge Investments L.P. boosted its position in Sysco Corporation (NYSE:SYY) by 3.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 40,328 shares of the company’s stock after purchasing an additional 1,390 shares during the period. Pinebridge Investments L.P.’s holdings in Sysco were worth $2,175,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. First Personal Financial Services raised its holdings in Sysco by 293.2% in 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 period. Arcadia Investment Management Corp MI raised its holdings in Sysco by 10.7% in 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 period. Acrospire Investment Management LLC raised its holdings in Sysco by 84.6% in 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 period. Manchester Capital Management LLC raised its holdings in Sysco by 13.4% in 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 period. Finally, Advisors Asset Management Inc. raised its holdings in Sysco by 465.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,783 shares of the company’s stock valued at $150,000 after acquiring an additional 2,291 shares during the period. Institutional investors and hedge funds own 80.22% of the company’s stock.
In other Sysco news, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $53.16, for a total value of $1,594,800.00. Following the sale, the chief executive officer now owns 406,725 shares in the company, valued at $21,621,501. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul T. Moskowitz sold 16,667 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $54.12, for a total transaction of $902,018.04. Following the completion of the sale, the insider now owns 61,936 shares in the company, valued at approximately $3,351,976.32. The disclosure for this sale can be found here. Insiders have sold a total of 2,237,981 shares of company stock worth $120,454,412 in the last quarter. 9.60% of the stock is currently owned by company insiders.
Sysco (NYSE:SYY) last posted its quarterly earnings results on Monday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.02. The business had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.43 billion. Sysco had a net margin of 2.12% and a return on equity of 58.47%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $0.67 EPS. equities research analysts predict that Sysco Corporation will post 2.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 5th will be given a dividend of $0.36 per share. This is a positive change from Sysco’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, January 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.42%. Sysco’s dividend payout ratio (DPR) is currently 60.00%.
Several research analysts have recently commented on SYY shares. Zacks Investment Research raised shares of Sysco from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Tuesday, October 10th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco in a report on Monday, August 14th. Pivotal Research reaffirmed a “hold” rating and set a $53.00 target price on shares of Sysco in a report on Sunday, November 5th. Royal Bank Of Canada set a $50.00 target price on shares of Sysco and gave the stock a “hold” rating in a report on Friday, August 11th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Sysco in a report on Tuesday, September 12th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. Sysco has a consensus rating of “Hold” and a consensus price target of $56.42.
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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