Keating Investment Counselors Inc. Reduces Holdings in SYSCO Co. (SYY)

Keating Investment Counselors Inc. cut its holdings in SYSCO Co. (NYSE:SYY) by 12.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 50,720 shares of the company’s stock after selling 7,315 shares during the quarter. SYSCO accounts for about 1.6% of Keating Investment Counselors Inc.’s portfolio, making the stock its 27th biggest position. Keating Investment Counselors Inc.’s holdings in SYSCO were worth $3,715,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Spectrum Management Group Inc. raised its position in SYSCO by 4.0% in the third quarter. Spectrum Management Group Inc. now owns 23,265 shares of the company’s stock worth $1,704,000 after acquiring an additional 895 shares in the last quarter. Farmers & Merchants Investments Inc. raised its holdings in SYSCO by 0.8% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 205,439 shares of the company’s stock worth $15,048,000 after buying an additional 1,586 shares during the period. Arizona State Retirement System raised its holdings in SYSCO by 0.7% during the 3rd quarter. Arizona State Retirement System now owns 152,409 shares of the company’s stock worth $11,164,000 after buying an additional 1,093 shares during the period. GWM Advisors LLC raised its holdings in SYSCO by 8.7% during the 3rd quarter. GWM Advisors LLC now owns 13,545 shares of the company’s stock worth $992,000 after buying an additional 1,087 shares during the period. Finally, Moody Lynn & Lieberson LLC raised its holdings in SYSCO by 4.9% during the 3rd quarter. Moody Lynn & Lieberson LLC now owns 181,051 shares of the company’s stock worth $13,262,000 after buying an additional 8,403 shares during the period. Hedge funds and other institutional investors own 80.16% of the company’s stock.

NYSE:SYY opened at $72.01 on Wednesday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.74 and a current ratio of 1.21. SYSCO Co. has a fifty-two week low of $52.30 and a fifty-two week high of $75.98. The stock has a market cap of $36.34 billion, a price-to-earnings ratio of 22.93, a price-to-earnings-growth ratio of 1.91 and a beta of 0.56.

SYSCO (NYSE:SYY) last released its earnings results on Monday, August 13th. The company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. SYSCO had a return on equity of 68.15% and a net margin of 2.44%. The company had revenue of $15.32 billion for the quarter, compared to analysts’ expectations of $15.30 billion. During the same quarter in the previous year, the business posted $0.72 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities analysts forecast that SYSCO Co. will post 3.48 earnings per share for the current fiscal year.

In other SYSCO news, Director Richard G. Tilghman sold 5,000 shares of SYSCO stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total transaction of $369,100.00. Following the transaction, the director now owns 66,137 shares of the company’s stock, valued at approximately $4,882,233.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joshua D. Frank sold 1,013,666 shares of SYSCO stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $75.09, for a total value of $76,116,179.94. Following the transaction, the director now directly owns 4,005 shares in the company, valued at approximately $300,735.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,969,811 shares of company stock worth $297,370,093. Company insiders own 7.88% of the company’s stock.

Several research firms have issued reports on SYY. BMO Capital Markets boosted their price objective on SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a report on Tuesday, August 14th. Wells Fargo & Co boosted their price objective on SYSCO from $71.00 to $80.00 and gave the stock a “$70.32” rating in a report on Wednesday, July 18th. They noted that the move was a valuation call. Loop Capital boosted their price objective on SYSCO to $80.00 and gave the stock a “buy” rating in a report on Tuesday, August 14th. ValuEngine upgraded SYSCO from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Finally, Morgan Stanley boosted their price objective on SYSCO from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $73.15.

About SYSCO

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. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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