Sysco Corp. (SYY) Stake Decreased by First National Trust Co.
First National Trust Co. cut its position in shares of Sysco Corp. (NYSE:SYY) by 40.1% during the second quarter, Holdings Channel reports. The institutional investor owned 20,635 shares of the company’s stock after selling 13,822 shares during the period. First National Trust Co.’s holdings in Sysco Corp. were worth $1,047,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Cribstone Capital Management LLC purchased a new stake in shares of Sysco Corp. during the second quarter worth $102,000. Jolley Asset Management LLC boosted its stake in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock valued at $109,000 after buying an additional 435 shares during the period. Arcadia Investment Management Corp MI boosted its stake in Sysco Corp. by 54.6% in the second quarter. Arcadia Investment Management Corp MI now owns 2,831 shares of the company’s stock valued at $144,000 after buying an additional 1,000 shares during the period. Kistler Tiffany Companies LLC boosted its stake in Sysco Corp. by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 2,866 shares of the company’s stock valued at $145,000 after buying an additional 13 shares during the period. Finally, Integrated Investment Consultants LLC boosted its stake in Sysco Corp. by 293.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,950 shares of the company’s stock valued at $150,000 after buying an additional 2,200 shares during the period. Institutional investors own 76.65% of the company’s stock.
Sysco Corp. (NYSE:SYY) traded down 0.18% during mid-day trading on Monday, hitting $48.92. The company had a trading volume of 3,526,587 shares. Sysco Corp. has a one year low of $38.84 and a one year high of $53.97. The company’s 50 day moving average price is $51.07 and its 200-day moving average price is $49.62. The company has a market cap of $27.16 billion, a PE ratio of 29.83 and a beta of 0.52.
Sysco Corp. (NYSE:SYY) last issued its earnings results on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. Equities research analysts anticipate that Sysco Corp. will post $2.31 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s payout ratio is 75.15%.
Several research firms have recently commented on SYY. Jefferies Group restated a “hold” rating and set a $50.00 price target on shares of Sysco Corp. in a research note on Friday. Barclays PLC began coverage on Sysco Corp. in a research note on Friday, September 23rd. They set an “underweight” rating and a $48.00 price target for the company. Bank of America Corp. set a $54.00 price target on Sysco Corp. and gave the stock a “hold” rating in a research note on Saturday, September 17th. Vetr upgraded Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price target for the company in a research note on Monday, September 12th. Finally, Argus upped 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. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $50.45.
In related news, CEO William J. Delaney III sold 20,114 shares of Sysco Corp. stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $49.51, for a total value of $995,844.14. Following the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at approximately $20,918,321.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William B. Day sold 75,000 shares of Sysco Corp. stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $51.53, for a total value of $3,864,750.00. Following the completion of the transaction, the insider now owns 201,283 shares in the company, valued at $10,372,112.99. The disclosure for this sale can be found here. 7.77% of the stock is owned by corporate insiders.
About Sysco Corp.
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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