Sysco Corp. (SYY) Stake Held by Huntington National Bank
Huntington National Bank held its position in shares of Sysco Corp. (NYSE:SYY) during the second quarter, Holdings Channel reports. The fund owned 99,308 shares of the company’s stock at the end of the second quarter. Huntington National Bank’s holdings in Sysco Corp. were worth $3,747,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of SYY. Eagle Asset Management Inc. boosted its position 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 in the last quarter. Nuveen Asset Management LLC boosted its position in shares of 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. boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of 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 currently owned by hedge funds and other institutional investors.
Sysco Corp. (NYSE:SYY) traded up 1.18% during midday trading on Wednesday, reaching $49.69. The company had a trading volume of 4,598,652 shares. The company has a market cap of $27.58 billion, a PE ratio of 30.30 and a beta of 0.56. Sysco Corp. has a 52-week low of $38.34 and a 52-week high of $53.97. The company’s 50-day moving average is $51.54 and its 200 day moving average is $49.39.
Sysco Corp. (NYSE:SYY) last posted its quarterly earnings results on Monday, August 15th. The company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. The business had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. During the same period in the prior year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, equities research analysts forecast that Sysco Corp. will post $2.31 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.31 per share. The ex-dividend date is Wednesday, October 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.50%. Sysco Corp.’s dividend payout ratio (DPR) is presently 75.15%.
SYY has been the topic of a number of analyst reports. Argus lifted their price target on Sysco Corp. from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 19th. Vetr raised Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price target on the stock in a research note on Monday, September 12th. Morgan Stanley reissued a “sell” rating on shares of Sysco Corp. in a research note on Monday, June 20th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $57.00 price target (up previously from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Finally, Bank of America Corp. assumed coverage on Sysco Corp. in a research note on Monday, June 20th. They set a “neutral” rating and a $52.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $49.45.
In related news, insider William B. Day sold 75,000 shares of the stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $51.53, for a total value of $3,864,750.00. Following the sale, the insider now directly owns 201,283 shares of the company’s stock, valued at approximately $10,372,112.99. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William J. Delaney III sold 20,114 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $49.51, for a total transaction of $995,844.14. Following the completion of the sale, the chief executive officer now directly owns 422,507 shares in the company, valued at $20,918,321.57. The disclosure for this sale can be found here. Insiders own 7.77% of the company’s stock.
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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