Sysco Corp. (SYY) Trading Down 1%
Shares of Sysco Corp. (NYSE:SYY) fell 1% during mid-day trading on Tuesday . The stock traded as low as $51.00 and last traded at $51.14, with a volume of 3,344,132 shares. The stock had previously closed at $51.64.
Several brokerages recently issued reports on SYY. Morgan Stanley reissued a “sell” rating on shares of Sysco Corp. in a report on Monday, June 20th. Bank of America Corp. started coverage on Sysco Corp. in a report on Monday, June 20th. They issued a “neutral” rating and a $52.00 price target on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $52.00 target price on shares of Sysco Corp. in a research note on Thursday, June 16th. Vetr raised Sysco Corp. from a “strong sell” rating to a “sell” rating and set a $44.14 target price on the stock in a research note on Tuesday, May 17th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Sysco Corp. in a research note on Tuesday, May 10th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Sysco Corp. currently has an average rating of “Hold” and a consensus target price of $46.72.
The firm has a market capitalization of $28.78 billion and a price-to-earnings ratio of 37.18. The company’s 50 day moving average is $49.63 and its 200-day moving average is $45.98.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.04. The company earned $12 billion during the quarter, compared to the consensus estimate of $11.87 billion. During the same period in the previous year, the firm posted $0.40 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts predict that Sysco Corp. will post $2.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Stockholders of record on Friday, July 1st will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Wednesday, June 29th.
In other Sysco Corp. news, Director Jackie M. Ward acquired 6,200 shares of the business’s stock in a transaction dated Monday, June 13th. The shares were acquired at an average price of $48.63 per share, with a total value of $301,506.00. Following the completion of the transaction, the director now directly owns 124,118 shares in the company, valued at approximately $6,035,858.34. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Joel T. Grade sold 16,398 shares of the business’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.00, for a total transaction of $836,298.00. Following the completion of the sale, the chief financial officer now directly owns 59,021 shares in the company, valued at approximately $3,010,071. The disclosure for this sale can be found here.
Several hedge funds have made changes to their positions in the company. Wells Fargo & Company MN raised its stake in shares of Sysco Corp. by 0.8% in the fourth quarter. Wells Fargo & Company MN now owns 9,877,282 shares of the company’s stock worth $404,968,000 after buying an additional 78,645 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Sysco Corp. by 14.4% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 7,051,196 shares of the company’s stock worth $289,099,000 after buying an additional 888,638 shares in the last quarter. Morgan Stanley raised its stake in shares of Sysco Corp. by 14.2% in the fourth quarter. Morgan Stanley now owns 3,374,547 shares of the company’s stock worth $138,356,000 after buying an additional 419,698 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its stake in shares of Sysco Corp. by 2.2% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 2,538,594 shares of the company’s stock worth $104,082,000 after buying an additional 54,771 shares in the last quarter. Finally, TD Asset Management Inc. raised its stake in shares of Sysco Corp. by 0.4% in the fourth quarter. TD Asset Management Inc. now owns 1,490,593 shares of the company’s stock worth $61,114,000 after buying an additional 6,300 shares in the last quarter.
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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