Concert Wealth Management Inc. Invests $367,000 in Sysco Corp. (SYY)
Concert Wealth Management Inc. acquired a new stake in Sysco Corp. (NYSE:SYY) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 7,241 shares of the company’s stock, valued at approximately $367,000.
A number of other large investors also recently modified their holdings of SYY. Bank of Montreal Can bought a new stake in shares of Sysco Corp. during the second quarter valued at about $81,306,000. Canada Pension Plan Investment Board increased its stake in shares of Sysco Corp. by 660.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,196,167 shares of the company’s stock valued at $55,897,000 after buying an additional 1,038,830 shares during the period. Smith Asset Management Group LP increased its stake in shares of Sysco Corp. by 205.9% in the second quarter. Smith Asset Management Group LP now owns 1,512,098 shares of the company’s stock valued at $76,724,000 after buying an additional 1,017,793 shares during the period. Old Mutual Global Investors UK Ltd. increased its stake in shares of Sysco Corp. by 286.7% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 1,037,328 shares of the company’s stock valued at $52,634,000 after buying an additional 769,048 shares during the period. Finally, Panagora Asset Management Inc. increased its stake 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 valued at $38,372,000 after buying an additional 762,376 shares during the period. Hedge funds and other institutional investors own 76.66% of the company’s stock.
Sysco Corp. (NYSE:SYY) traded down 1.11% during mid-day trading on Friday, hitting $48.32. 3,737,306 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $50.05 and its 200-day moving average price is $49.67. The stock has a market cap of $26.82 billion, a PE ratio of 29.46 and a beta of 0.51. Sysco Corp. has a 12 month low of $38.84 and a 12 month high of $53.97.
Sysco Corp. (NYSE:SYY) last released its quarterly earnings data on Monday, August 15th. The company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company earned $13.65 billion during the quarter, compared to the consensus estimate of $13.68 billion. Sysco Corp. had a net margin of 1.89% and a return on equity of 28.67%. Sysco Corp.’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period last year, the firm earned $0.52 EPS. Equities analysts expect that Sysco Corp. will post $2.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.57%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s dividend payout ratio is presently 75.15%.
A number of research firms have recently weighed in on SYY. Jefferies Group reiterated a “hold” rating and issued a $50.00 price target on shares of Sysco Corp. in a research report on Friday, September 30th. Barclays PLC began coverage on shares of Sysco Corp. in a research report on Friday, September 23rd. They issued an “underweight” rating and a $48.00 price target for the company. Bank of America Corp. set a $54.00 price target on shares of Sysco Corp. and gave the company a “hold” rating in a research report on Saturday, September 17th. Vetr upgraded shares of Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 price target for the company in a research report on Monday, September 12th. Finally, Argus lifted their price target on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 19th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $50.45.
In other Sysco Corp. news, insider William B. Day sold 26,507 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $49.00, for a total value of $1,298,843.00. Following the sale, the insider now directly owns 132,790 shares in the company, valued at approximately $6,506,710. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William B. Day sold 75,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $51.53, for a total transaction of $3,864,750.00. Following the completion of the sale, 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. 8.81% of the stock is currently owned by company 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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