Sysco Corp. (SYY) Shares Up 1.6%
Sysco Corp. (NYSE:SYY) shot up 1.6% during mid-day trading on Wednesday . The stock traded as high as $51.95 and last traded at $51.92, with a volume of 1,773,106 shares changing hands. The stock had previously closed at $51.08.
Several brokerages recently issued reports on SYY. Credit Suisse Group AG reiterated a “buy” rating on shares of Sysco Corp. in a research note on Tuesday, May 10th. Bank of America Corp. began coverage on shares of Sysco Corp. in a research note on Monday, June 20th. They issued a “neutral” rating and a $52.00 target price for the company. Morgan Stanley reiterated a “sell” rating on shares of Sysco Corp. in a research note on Monday, June 20th. Vetr downgraded shares of Sysco Corp. from a “sell” rating to a “strong sell” rating and set a $44.14 target price for the company. in a research note on Monday, May 9th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $52.00 target price on shares of Sysco Corp. in a research note on Thursday, June 16th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $46.72.
The company has a 50-day moving average of $49.83 and a 200 day moving average of $46.06. The firm has a market cap of $29.30 billion and a P/E ratio of 37.84.
Sysco Corp. (NYSE:SYY) last released 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 firm had revenue of $12 billion for the quarter, compared to analysts’ expectations of $11.87 billion. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 earnings per share. Equities analysts predict that Sysco Corp. will post $2.03 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Investors of record on Friday, July 1st will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Wednesday, June 29th.
In related news, CEO William J. Delaney III sold 20,114 shares of the business’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $48.50, for a total transaction of $975,529.00. Following the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at $20,491,589.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Joel T. Grade sold 16,398 shares of the business’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $51.00, for a total transaction of $836,298.00. Following the transaction, the chief financial officer now owns 59,021 shares in the company, valued at $3,010,071. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. MetLife Securities Inc boosted its position in Sysco Corp. by 53.5% in the fourth quarter. MetLife Securities Inc now owns 24,935 shares of the company’s stock valued at $1,022,000 after buying an additional 8,693 shares during the period. NewFocus Financial Group LLC boosted its position in Sysco Corp. by 1.6% in the fourth quarter. NewFocus Financial Group LLC now owns 30,843 shares of the company’s stock worth $2,900,000 after buying an additional 491 shares during the last quarter. Tredje AP fonden boosted its position in Sysco Corp. by 2.2% in the fourth quarter. Tredje AP fonden now owns 39,050 shares of the company’s stock worth $1,601,000 after buying an additional 855 shares during the last quarter. Private Advisor Group LLC boosted its position in Sysco Corp. by 25.4% in the fourth quarter. Private Advisor Group LLC now owns 39,781 shares of the company’s stock worth $1,631,000 after buying an additional 8,057 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in Sysco Corp. by 4.6% in the fourth quarter. Pinnacle Associates Ltd. now owns 46,302 shares of the company’s stock worth $1,898,000 after buying an additional 2,031 shares during the last quarter.
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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