Point72 Asset Management L.P. purchased a new stake in shares of SYSCO Co. (NYSE:SYY) in the 1st quarter, HoldingsChannel reports. The fund purchased 849,473 shares of the company’s stock, valued at approximately $50,934,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. boosted its position in SYSCO by 0.4% during the first quarter. BlackRock Inc. now owns 32,440,586 shares of the company’s stock valued at $1,945,140,000 after purchasing an additional 142,047 shares during the last quarter. American Century Companies Inc. boosted its position in SYSCO by 1.7% during the first quarter. American Century Companies Inc. now owns 6,692,093 shares of the company’s stock valued at $401,258,000 after purchasing an additional 113,917 shares during the last quarter. Geode Capital Management LLC boosted its position in SYSCO by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,569,679 shares of the company’s stock valued at $276,861,000 after purchasing an additional 24,517 shares during the last quarter. Victory Capital Management Inc. boosted its position in SYSCO by 8.3% during the first quarter. Victory Capital Management Inc. now owns 4,044,847 shares of the company’s stock valued at $242,530,000 after purchasing an additional 309,005 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in SYSCO by 1.7% during the fourth quarter. Deutsche Bank AG now owns 2,691,367 shares of the company’s stock valued at $163,438,000 after purchasing an additional 45,042 shares during the last quarter. 80.02% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on SYY shares. Pivotal Research reduced their price target on SYSCO from $61.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, May 2nd. Zacks Investment Research cut SYSCO from a “hold” rating to a “sell” rating in a research report on Thursday, April 12th. Morgan Stanley restated a “hold” rating and issued a $61.00 price objective (down previously from $64.00) on shares of SYSCO in a research note on Tuesday, May 8th. Credit Suisse Group set a $68.00 price objective on SYSCO and gave the company a “hold” rating in a research note on Saturday, May 5th. Finally, Citigroup upped their price objective on SYSCO from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Tuesday, March 27th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $65.64.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, May 7th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. The firm had revenue of $14.35 billion for the quarter, compared to analyst estimates of $14.32 billion. SYSCO had a return on equity of 64.33% and a net margin of 2.23%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 earnings per share. equities research analysts predict that SYSCO Co. will post 2.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 27th. Stockholders of record on Friday, July 6th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, July 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.19%. SYSCO’s dividend payout ratio (DPR) is currently 58.06%.
In other news, Director Richard G. Tilghman sold 5,000 shares of the stock in a transaction that occurred on Monday, April 16th. The stock was sold at an average price of $60.62, for a total transaction of $303,100.00. Following the transaction, the director now owns 85,864 shares in the company, valued at $5,205,075.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul T. Moskowitz sold 30,667 shares of the stock in a transaction that occurred on Wednesday, April 18th. The stock was sold at an average price of $62.50, for a total value of $1,916,687.50. Following the transaction, the insider now owns 58,329 shares in the company, valued at approximately $3,645,562.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,333 shares of company stock worth $4,510,995. 9.60% of the stock is owned by corporate insiders.
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 in the United States, Canada, Bahamas, Mexico, Costa Rica, Panama, the United Kingdom, France, Sweden, Ireland, Belgium, Spain, and Luxembourg.
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