Eagle Ridge Investment Management Sells 1,410 Shares of Sysco Corporation (SYY)
Eagle Ridge Investment Management cut its position in Sysco Corporation (NYSE:SYY) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 110,654 shares of the company’s stock after selling 1,410 shares during the period. Eagle Ridge Investment Management’s holdings in Sysco Corporation were worth $5,423,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Tuttle Tactical Management LLC bought a new stake in shares of Sysco Corporation during the second quarter worth about $126,000. Blue Chip Partners Inc. increased its stake in shares of Sysco Corporation by 0.7% in the second quarter. Blue Chip Partners Inc. now owns 2,894 shares of the company’s stock worth $147,000 after buying an additional 19 shares during the last quarter. Farmers National Bank acquired a new stake in shares of Sysco Corporation during the second quarter worth about $157,000. Cypress Capital Management LLC WY acquired a new stake in shares of Sysco Corporation during the second quarter worth about $162,000. Finally, Oakworth Capital Inc. increased its stake in shares of Sysco Corporation by 0.9% in the third quarter. Oakworth Capital Inc. now owns 3,888 shares of the company’s stock worth $191,000 after buying an additional 34 shares during the last quarter. 77.10% of the stock is owned by institutional investors and hedge funds.
Shares of Sysco Corporation (NYSE:SYY) traded up 0.035% during trading on Friday, hitting $54.919. The stock had a trading volume of 429,627 shares. The stock has a 50-day moving average of $55.10 and a 200 day moving average of $51.81. The firm has a market cap of $30.04 billion, a price-to-earnings ratio of 30.376 and a beta of 0.54. Sysco Corporation has a 12-month low of $38.84 and a 12-month high of $57.07.
Sysco Corporation (NYSE:SYY) last released its earnings results on Monday, November 7th. The company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.09. The firm earned $14 billion during the quarter, compared to analyst estimates of $13.88 billion. Sysco Corporation had a return on equity of 35.49% and a net margin of 1.99%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, analysts predict that Sysco Corporation will post $2.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 6th will be paid a $0.33 dividend. This is a positive change from Sysco Corporation’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, January 4th. Sysco Corporation’s dividend payout ratio is presently 72.53%.
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A number of analysts recently issued reports on the company. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Thursday, December 1st. Bank of America set a $54.00 price objective on Sysco Corporation and gave the stock a “hold” rating in a research report on Saturday, September 17th. Pivotal Research raised their price objective on Sysco Corporation from $45.00 to $53.00 and gave the stock a “hold” rating in a research report on Tuesday, November 8th. Barclays PLC assumed coverage on Sysco Corporation in a research report on Friday, September 23rd. They set an “underweight” rating and a $48.00 price objective for the company. Finally, Goldman Sachs Group, Inc. (The) raised Sysco Corporation from a “sell” rating to a “neutral” rating and set a $53.00 price objective for the company in a research report on Friday, December 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $53.88.
In related news, SVP Greg D. Bertrand sold 16,500 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $50.79, for a total value of $838,035.00. Following the completion of the transaction, the senior vice president now directly owns 57,491 shares in the company, valued at $2,919,967.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert S. Charlton sold 33,480 shares of the company’s stock in a transaction on Monday, January 9th. The shares were sold at an average price of $55.67, for a total value of $1,863,831.60. Following the completion of the transaction, the insider now owns 83,390 shares of the company’s stock, valued at $4,642,321.30. The disclosure for this sale can be found here. 8.81% of the stock is owned by corporate insiders.
Sysco Corporation Company Profile
Sysco Corporation (Sysco) is a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company’s segments include Broadline, SYGMA and Other. The Broadline segment includes its Broadline operations located in the Bahamas, Canada, Costa Rica, Ireland, Mexico and the United States.
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