Rhumbline Advisers lowered its stake in SYSCO Co. (NYSE:SYY) by 1.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 858,549 shares of the company’s stock after selling 16,562 shares during the quarter. Rhumbline Advisers’ holdings in SYSCO were worth $62,889,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. MUFG Securities EMEA plc bought a new position in SYSCO in the 2nd quarter valued at approximately $14,719,000. Homrich & Berg lifted its position in SYSCO by 12.7% in the 2nd quarter. Homrich & Berg now owns 13,659 shares of the company’s stock valued at $933,000 after acquiring an additional 1,538 shares in the last quarter. Spears Abacus Advisors LLC bought a new position in SYSCO in the 2nd quarter valued at approximately $212,000. NumerixS Investment Technologies Inc bought a new position in SYSCO in the 2nd quarter valued at approximately $1,008,000. Finally, Golub Group LLC lifted its position in SYSCO by 4.6% in the 2nd quarter. Golub Group LLC now owns 34,278 shares of the company’s stock valued at $2,341,000 after acquiring an additional 1,512 shares in the last quarter. Institutional investors own 79.76% of the company’s stock.
Several equities analysts recently issued reports on SYY shares. Pivotal Research reaffirmed a “sell” rating and issued a $62.00 price objective on shares of SYSCO in a research report on Friday, November 2nd. Argus upped their price objective on SYSCO from $67.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Royal Bank of Canada set a $67.00 price objective on SYSCO and gave the company a “hold” rating in a research report on Friday, November 2nd. Buckingham Research started coverage on SYSCO in a research report on Monday, October 22nd. They issued a “buy” rating and a $82.00 price objective on the stock. Finally, ValuEngine cut SYSCO from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $73.54.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, November 5th. The company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.01). The firm had revenue of $15.22 billion for the quarter, compared to the consensus estimate of $15.39 billion. SYSCO had a net margin of 2.52% and a return on equity of 68.81%. SYSCO’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.74 earnings per share. As a group, analysts forecast that SYSCO Co. will post 3.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 25th. Stockholders of record on Friday, January 4th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.36%. This is a boost from SYSCO’s previous quarterly dividend of $0.36. SYSCO’s dividend payout ratio is presently 45.86%.
In other news, Director Richard G. Tilghman sold 5,000 shares of the stock in a transaction on Monday, October 15th. The stock was sold at an average price of $68.62, for a total transaction of $343,100.00. Following the transaction, the director now directly owns 56,393 shares of the company’s stock, valued at approximately $3,869,687.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joshua D. Frank sold 816,640 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $75.00, for a total value of $61,248,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,955,664 shares of company stock worth $296,325,762 over the last three months. Insiders own 7.88% of the company’s stock.
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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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