Sysco Corp. (SYY) Trading 1.1% Higher
Sysco Corp. (NYSE:SYY) traded up 1.1% on Tuesday . The company traded as high as $51.58 and last traded at $51.29, with a volume of 3,369,636 shares traded. The stock had previously closed at $50.73.
A number of equities research analysts have recently weighed in on the company. Credit Suisse Group AG lifted their price objective on Sysco Corp. from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, May 5th. Cleveland Research upgraded Sysco Corp. from an “underperform” rating to a “neutral” rating in a research report on Friday, March 11th. Jefferies Group reiterated a “hold” rating and issued a $46.00 price objective on shares of Sysco Corp. in a research report on Tuesday, March 15th. Macquarie reiterated a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Sysco Corp. in a research report on Tuesday, May 3rd. Finally, Argus lifted their price objective on Sysco Corp. from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, May 5th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Sysco Corp. has an average rating of “Hold” and an average price target of $46.72.
The company has a market capitalization of $28.89 billion and a price-to-earnings ratio of 37.31. The stock’s 50-day moving average price is $49.31 and its 200 day moving average price is $45.68.
Sysco Corp. (NYSE:SYY) last issued its quarterly earnings results on Monday, May 2nd. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.04. The business earned $12 billion during the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that Sysco Corp. will post $2.03 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Stockholders of record on Friday, July 1st will be issued a $0.31 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $1.24 annualized dividend and a dividend yield of 2.42%.
In other news, Director Hans-Joachim Koerber sold 10,000 shares of the stock in a transaction that occurred on Friday, April 15th. The stock was sold at an average price of $46.49, for a total value of $464,900.00. Following the sale, the director now directly owns 52,496 shares in the company, valued at $2,440,539.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jackie M. Ward purchased 6,200 shares of Sysco Corp. stock in a transaction dated Monday, June 13th. The stock was acquired at an average price of $48.63 per share, for a total transaction of $301,506.00. Following the completion of the acquisition, the director now owns 124,118 shares of the company’s stock, valued at approximately $6,035,858.34. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors have recently made changes to their positions in the company. First Trust Advisors LP boosted its position in shares of Sysco Corp. by 119.7% in the fourth quarter. First Trust Advisors LP now owns 3,702,249 shares of the company’s stock valued at $151,792,000 after buying an additional 2,017,160 shares during the period. Diamond Hill Capital Management Inc. boosted its position in shares of Sysco Corp. by 14.4% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 7,051,196 shares of the company’s stock valued at $289,099,000 after buying an additional 888,638 shares during the period. Morgan Stanley boosted its position in shares of Sysco Corp. by 14.2% in the fourth quarter. Morgan Stanley now owns 3,374,547 shares of the company’s stock valued at $138,356,000 after buying an additional 419,698 shares during the period. Sei Investments Co. boosted its position in shares of Sysco Corp. by 41.1% in the fourth quarter. Sei Investments Co. now owns 664,209 shares of the company’s stock valued at $27,233,000 after buying an additional 193,504 shares during the period. Finally, Chemung Canal Trust Co. boosted its position in shares of Sysco Corp. by 728.5% in the fourth quarter. Chemung Canal Trust Co. now owns 148,188 shares of the company’s stock valued at $6,076,000 after buying an additional 130,301 shares during the period.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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