Wedge Capital Management L L P NC Buys 251,890 Shares of Sysco Corp. (SYY)
Wedge Capital Management L L P NC raised its position in shares of Sysco Corp. (NYSE:SYY) by 121.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 458,957 shares of the company’s stock after buying an additional 251,890 shares during the period. Wedge Capital Management L L P NC’s holdings in Sysco Corp. were worth $13,291,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Moody Lynn & Lieberson LLC increased its position in shares of Sysco Corp. by 28.1% in the second quarter. Moody Lynn & Lieberson LLC now owns 212,158 shares of the company’s stock worth $10,765,000 after buying an additional 46,580 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Sysco Corp. during the second quarter worth approximately $211,000. DT Investment Partners LLC increased its position in shares of Sysco Corp. by 17.1% in the second quarter. DT Investment Partners LLC now owns 29,783 shares of the company’s stock worth $1,511,000 after buying an additional 4,344 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in shares of Sysco Corp. by 207.9% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 308,273 shares of the company’s stock worth $15,626,000 after buying an additional 208,151 shares in the last quarter. Finally, SL Advisors LLC acquired a new position in shares of Sysco Corp. during the second quarter worth approximately $1,349,000. 76.66% of the stock is owned by hedge funds and other institutional investors.
Sysco Corp. (NYSE:SYY) traded down 1.11% during mid-day trading on Friday, reaching $48.32. The company had a trading volume of 3,737,306 shares. The stock has a market capitalization of $26.82 billion, a price-to-earnings ratio of 29.46 and a beta of 0.51. The company’s 50 day moving average is $49.93 and its 200 day moving average is $49.69. Sysco Corp. has a 52-week low of $38.84 and a 52-week high of $53.97.
Sysco Corp. (NYSE:SYY) last posted its quarterly earnings data on Monday, August 15th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $13.65 billion for the quarter, compared to analyst estimates of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. Equities analysts predict that Sysco Corp. will post $2.31 earnings per share for the current 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 dividend on an annualized basis and a dividend yield of 2.57%. Sysco Corp.’s payout ratio is presently 75.15%.
A number of research analysts recently commented on the company. Jefferies Group reissued a “hold” rating and issued a $50.00 price target on shares of Sysco Corp. in a report on Friday, September 30th. Barclays PLC started coverage on Sysco Corp. in a report on Friday, September 23rd. They set an “underweight” rating and a $48.00 target price on the stock. Bank of America Corp. set a $54.00 target price on Sysco Corp. and gave the stock a “hold” rating in a report on Saturday, September 17th. Vetr raised Sysco Corp. from a “sell” rating to a “hold” rating and set a $50.25 target price on the stock in a report on Monday, September 12th. Finally, Argus increased their target price on Sysco Corp. from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 19th. Three equities 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 company. Sysco Corp. has a consensus rating of “Hold” and a consensus target price of $50.45.
In related news, insider William B. Day sold 26,507 shares of Sysco Corp. stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $49.00, for a total transaction of $1,298,843.00. Following the sale, the insider now directly owns 132,790 shares of the company’s stock, valued at $6,506,710. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider William B. Day sold 20,000 shares of Sysco Corp. stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $51.89, for a total value of $1,037,800.00. Following the sale, the insider now directly owns 106,283 shares in the company, valued at $5,515,024.87. The disclosure for this sale can be found here. 8.81% of the stock is 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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