Successful Portfolios LLC bought a new stake in SYSCO Co. (NYSE:SYY) during the third quarter, Holdings Channel.com reports. The institutional investor bought 2,843 shares of the company’s stock, valued at approximately $226,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of SYY. Burney Co. increased its position in shares of SYSCO by 1.7% in the first quarter. Burney Co. now owns 17,095 shares of the company’s stock valued at $1,141,000 after buying an additional 278 shares in the last quarter. GWM Advisors LLC increased its position in shares of SYSCO by 10.8% in the first quarter. GWM Advisors LLC now owns 14,418 shares of the company’s stock valued at $963,000 after buying an additional 1,405 shares in the last quarter. Westpac Banking Corp increased its position in shares of SYSCO by 7.0% in the first quarter. Westpac Banking Corp now owns 238,847 shares of the company’s stock valued at $15,945,000 after buying an additional 15,588 shares in the last quarter. Koshinski Asset Management Inc. increased its position in shares of SYSCO by 3.5% in the first quarter. Koshinski Asset Management Inc. now owns 6,247 shares of the company’s stock valued at $417,000 after buying an additional 214 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of SYSCO in the first quarter valued at $20,002,000. 78.15% of the stock is currently owned by institutional investors.
SYSCO stock traded up $0.64 during midday trading on Friday, reaching $78.87. 2,876,283 shares of the company were exchanged, compared to its average volume of 2,964,648. The company has a market capitalization of $39.72 billion, a price-to-earnings ratio of 22.22, a P/E/G ratio of 2.13 and a beta of 0.48. The firm’s 50-day simple moving average is $76.73 and its 200-day simple moving average is $72.35. SYSCO Co. has a 1 year low of $59.44 and a 1 year high of $79.74. The company has a debt-to-equity ratio of 3.25, a quick ratio of 0.81 and a current ratio of 1.33.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, October 3rd. SYSCO’s dividend payout ratio (DPR) is 43.94%.
SYY has been the subject of a number of research analyst reports. Barclays raised their price target on SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. lifted their price objective on SYSCO from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Credit Suisse Group lifted their price objective on SYSCO from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Consumer Edge began coverage on SYSCO in a research report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price objective for the company. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of SYSCO in a research report on Monday, August 12th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $74.52.
In other SYSCO news, Director Hans-Joachim Koerber sold 10,000 shares of SYSCO stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $73.35, for a total value of $733,500.00. Following the completion of the sale, the director now owns 52,872 shares in the company, valued at approximately $3,878,161.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Bene sold 39,384 shares of SYSCO stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $78.12, for a total value of $3,076,678.08. Following the completion of the sale, the chief executive officer now owns 132,929 shares of the company’s stock, valued at approximately $10,384,413.48. The disclosure for this sale can be found here. Insiders sold a total of 117,893 shares of company stock valued at $9,180,771 in the last 90 days. 5.24% of the stock is owned by company insiders.
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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