Cornerstone Investment Partners LLC Increases Position in SYSCO Co. (NYSE:SYY)

Cornerstone Investment Partners LLC increased its stake in shares of SYSCO Co. (NYSE:SYY) by 40.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,415 shares of the company’s stock after buying an additional 4,735 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in SYSCO were worth $897,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BHK Investment Advisors LLC purchased a new stake in shares of SYSCO during the second quarter valued at $354,000. Dearborn Partners LLC grew its holdings in shares of SYSCO by 9.4% during the second quarter. Dearborn Partners LLC now owns 8,384 shares of the company’s stock valued at $458,000 after buying an additional 721 shares during the last quarter. Institute for Wealth Management LLC. purchased a new stake in shares of SYSCO during the second quarter valued at $225,000. Community Bank N.A. grew its holdings in shares of SYSCO by 8.2% during the second quarter. Community Bank N.A. now owns 36,407 shares of the company’s stock valued at $1,990,000 after buying an additional 2,762 shares during the last quarter. Finally, Sage Rhino Capital LLC lifted its position in SYSCO by 13.4% during the second quarter. Sage Rhino Capital LLC now owns 7,783 shares of the company’s stock valued at $425,000 after purchasing an additional 921 shares during the period. 79.35% of the stock is currently owned by hedge funds and other institutional investors.

In other SYSCO news, Director Trian Fund Management, L.P. acquired 703,700 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was bought at an average price of $51.38 per share, with a total value of $36,156,106.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Joshua D. Frank acquired 600,000 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were acquired at an average cost of $47.42 per share, with a total value of $28,452,000.00. The disclosure for this purchase can be found here. 5.24% of the stock is owned by corporate insiders.

A number of research firms recently issued reports on SYY. BMO Capital Markets downgraded shares of SYSCO from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $88.00 to $51.00 in a research report on Thursday, April 23rd. Credit Suisse Group decreased their target price on shares of SYSCO from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Zacks Investment Research downgraded shares of SYSCO from a “hold” rating to a “sell” rating and set a $62.00 price objective for the company. in a research report on Saturday, May 2nd. Wells Fargo & Co upgraded shares of SYSCO from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $50.00 to $70.00 in a research report on Friday, June 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of SYSCO from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. SYSCO has a consensus rating of “Hold” and a consensus price target of $69.36.

Shares of SYY traded down $0.74 during mid-day trading on Friday, hitting $52.85. 3,070,070 shares of the company were exchanged, compared to its average volume of 2,432,736. SYSCO Co. has a 1-year low of $26.00 and a 1-year high of $85.98. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.93 and a current ratio of 1.49. The company has a 50 day moving average of $54.03 and a 200-day moving average of $58.98. The stock has a market cap of $26.83 billion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12.

SYSCO (NYSE:SYY) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.08). SYSCO had a return on equity of 73.70% and a net margin of 2.30%. The company had revenue of $13.70 billion for the quarter, compared to analyst estimates of $14.04 billion. During the same quarter last year, the company earned $0.79 EPS. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. Research analysts anticipate that SYSCO Co. will post 1.97 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Thursday, July 2nd were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $1.80 annualized dividend and a dividend yield of 3.41%. SYSCO’s dividend payout ratio (DPR) is presently 50.70%.

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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