Point72 Asset Management L.P. Takes $50.93 Million Position in SYSCO Co. (SYY)

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.

NYSE:SYY opened at $65.89 on Thursday. The company has a debt-to-equity ratio of 3.76, a quick ratio of 0.90 and a current ratio of 1.44. The company has a market capitalization of $34.60 billion, a price-to-earnings ratio of 26.57, a price-to-earnings-growth ratio of 2.13 and a beta of 0.57. SYSCO Co. has a 12-month low of $48.85 and a 12-month high of $66.63.

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.

Want to see what other hedge funds are holding SYY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SYSCO Co. (NYSE:SYY).

Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

Receive News & Ratings for SYSCO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYSCO and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply