Pitcairn Co. Raises Position in Sysco Corp. (SYY)
Pitcairn Co. increased its position in shares of Sysco Corp. (NYSE:SYY) by 43.1% during the second quarter, Holdings Channel reports. The firm owned 19,342 shares of the company’s stock after buying an additional 5,825 shares during the period. Pitcairn Co.’s holdings in Sysco Corp. were worth $982,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in SYY. Eagle Asset Management Inc. boosted its stake in shares of Sysco Corp. by 5.7% in the second quarter. Eagle Asset Management Inc. now owns 1,767,902 shares of the company’s stock worth $89,703,000 after buying an additional 95,309 shares during the period. Nuveen Asset Management LLC raised its position in Sysco Corp. by 1,825.0% in the first quarter. Nuveen Asset Management LLC now owns 688,095 shares of the company’s stock worth $32,155,000 after buying an additional 652,350 shares in the last quarter. Panagora Asset Management Inc. raised its position in Sysco Corp. by 1,297.1% in the first quarter. Panagora Asset Management Inc. now owns 821,152 shares of the company’s stock worth $38,372,000 after buying an additional 762,376 shares in the last quarter. Euclid Advisors LLC raised its position in Sysco Corp. by 1,894.8% in the first quarter. Euclid Advisors LLC now owns 621,764 shares of the company’s stock worth $29,055,000 after buying an additional 590,594 shares in the last quarter. Finally, IFP Advisors Inc raised its position in Sysco Corp. by 12.0% in the first quarter. IFP Advisors Inc now owns 37,211 shares of the company’s stock worth $1,739,000 after buying an additional 3,973 shares in the last quarter. 76.65% of the stock is owned by hedge funds and other institutional investors.
Shares of Sysco Corp. (NYSE:SYY) traded up 1.18% during mid-day trading on Wednesday, hitting $49.69. 4,598,652 shares of the company’s stock traded hands. Sysco Corp. has a 1-year low of $38.34 and a 1-year high of $53.97. The stock has a market cap of $27.58 billion, a P/E ratio of 30.30 and a beta of 0.56. The stock has a 50 day moving average price of $51.54 and a 200-day moving average price of $49.39.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings data on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. Equities research analysts anticipate that Sysco Corp. will post $2.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.50%. Sysco Corp.’s dividend payout ratio is currently 75.15%.
SYY has been the topic of a number of recent research reports. Argus lifted their price objective on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 19th. Bank of America Corp. set a $54.00 price objective on shares of Sysco Corp. and gave the company a “hold” rating in a research note on Saturday. Vetr upgraded shares of Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price objective on the stock in a research note on Monday, September 12th. Deutsche Bank AG initiated coverage on shares of Sysco Corp. in a research note on Monday, July 18th. They issued a “hold” rating and a $52.00 price objective on the stock. Finally, BMO Capital Markets restated a “hold” rating and issued a $52.00 price objective on shares of Sysco Corp. in a research note on Thursday, June 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $49.45.
In other news, CFO Joel T. Grade sold 16,368 shares of Sysco Corp. stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $52.01, for a total value of $851,299.68. Following the transaction, the chief financial officer now directly owns 60,031 shares of the company’s stock, valued at $3,122,212.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William J. Delaney III sold 20,114 shares of Sysco Corp. stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $51.96, for a total transaction of $1,045,123.44. Following the completion of the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at $21,953,463.72. The disclosure for this sale can be found here. 7.77% of the stock is currently owned by insiders.
Sysco Corp. Company Profile
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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