Eagle Asset Management Inc. decreased its stake in Sysco Corporation (NYSE:SYY) by 12.9% during the first quarter, Holdings Channel reports. The fund owned 400,391 shares of the company’s stock after selling 59,478 shares during the period. Eagle Asset Management Inc. owned approximately 0.07% of Sysco Corporation worth $20,788,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of SYY. Kistler Tiffany Companies LLC increased its stake in Sysco Corporation by 0.4% in the first quarter. Kistler Tiffany Companies LLC now owns 2,903 shares of the company’s stock valued at $151,000 after buying an additional 13 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Sysco Corporation by 1.2% in the first quarter. Sequoia Financial Advisors LLC now owns 4,198 shares of the company’s stock valued at $218,000 after buying an additional 50 shares during the last quarter. Curbstone Financial Management Corp increased its stake in Sysco Corporation by 0.6% in the first quarter. Curbstone Financial Management Corp now owns 17,230 shares of the company’s stock valued at $895,000 after buying an additional 100 shares during the last quarter. Parsons Capital Management Inc. RI increased its stake in Sysco Corporation by 0.3% in the first quarter. Parsons Capital Management Inc. RI now owns 31,451 shares of the company’s stock valued at $1,633,000 after buying an additional 100 shares during the last quarter. Finally, Usca Ria LLC increased its stake in Sysco Corporation by 0.8% in the first quarter. Usca Ria LLC now owns 12,500 shares of the company’s stock valued at $649,000 after buying an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 78.91% of the company’s stock.
Shares of Sysco Corporation (NYSE:SYY) opened at 54.38 on Friday. The company has a 50 day moving average price of $54.57 and a 200 day moving average price of $53.66. The company has a market cap of $29.10 billion, a PE ratio of 28.67 and a beta of 0.53. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07.
Sysco Corporation (NYSE:SYY) last posted its quarterly earnings data on Monday, May 8th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.51. The business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $13.14 billion. Sysco Corporation had a return on equity of 47.28% and a net margin of 1.93%. Sysco Corporation’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company earned $0.46 earnings per share. On average, equities analysts expect that Sysco Corporation will post $2.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, July 7th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.43%. Sysco Corporation’s payout ratio is presently 69.47%.
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Several analysts have issued reports on the company. BidaskClub downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Guggenheim restated a “neutral” rating on shares of Sysco Corporation in a report on Tuesday, April 11th. Loop Capital assumed coverage on Sysco Corporation in a report on Monday, May 15th. They set a “buy” rating and a $61.00 price objective on the stock. Royal Bank Of Canada boosted their price objective on Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 9th. Finally, Barclays PLC restated an “equal weight” rating and set a $57.00 price objective (up previously from $53.00) on shares of Sysco Corporation in a report on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $56.30.
In related news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction dated Wednesday, April 12th. The stock was sold at an average price of $51.96, for a total transaction of $1,558,800.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at $21,133,431. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $51.66, for a total value of $805,896.00. Following the transaction, the insider now owns 43,176 shares of the company’s stock, valued at $2,230,472.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,600 shares of company stock valued at $7,798,428. 8.81% of the stock is owned by corporate insiders.
Sysco Corporation Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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