Sysco Corp. (SYY) Reaches New 52-Week High at $52.31
Sysco Corp. (NYSE:SYY) hit a new 52-week high during trading on Thursday . The stock traded as high as $52.31 and last traded at $52.07, with a volume of 1,358,372 shares trading hands. The stock had previously closed at $52.03.
Several equities research analysts have commented on the stock. Pivotal Research upgraded shares of Sysco Corp. from a “sell” rating to a “hold” rating and raised their price target for the company from $34.00 to $45.00 in a research note on Tuesday, May 3rd. Macquarie reiterated a “buy” rating and issued a $55.00 price objective (up from $52.00) on shares of Sysco Corp. in a report on Tuesday, May 3rd. Goldman Sachs Group Inc. increased their price objective on shares of Sysco Corp. from $39.00 to $43.00 and gave the company a “sell” rating in a report on Tuesday, May 3rd. Credit Suisse Group AG reiterated a “buy” rating on shares of Sysco Corp. in a report on Sunday, March 27th. Finally, Argus increased their price objective on shares of Sysco Corp. from $50.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, May 5th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $46.72.
The stock has a market capitalization of $29.27 billion and a PE ratio of 37.8068. The company has a 50-day moving average price of $49.73 and a 200-day moving average price of $46.02.
Sysco Corp. (NYSE:SYY) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. During the same period in the prior year, the business earned $0.40 earnings per share. The firm had revenue of $12 billion for the quarter, compared to the consensus estimate of $11.87 billion. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that Sysco Corp. will post $2.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 22nd. Investors of record on Friday, July 1st will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Wednesday, June 29th.
In other Sysco Corp. news, CEO William J. Delaney III sold 20,115 shares of the business’s stock in a transaction dated Friday, April 15th. The shares were sold at an average price of $46.45, for a total value of $934,341.75. Following the completion of the transaction, the chief executive officer now directly owns 422,508 shares of the company’s stock, valued at $19,625,496.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Hans-Joachim Koerber sold 10,000 shares of the business’s stock in a transaction dated Friday, April 15th. The stock was sold at an average price of $46.49, for a total transaction of $464,900.00. Following the completion of the transaction, the director now directly owns 52,496 shares of the company’s stock, valued at $2,440,539.04. The disclosure for this sale can be found here.
Several institutional investors recently made changes to their positions in the company. TrimTabs Asset Management LLC bought a new position in shares of Sysco Corp. during the fourth quarter worth $2,269,000. Diamond Hill Capital Management Inc. increased its position 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. Eaton Vance Management increased its position in shares of Sysco Corp. by 12.8% in the fourth quarter. Eaton Vance Management now owns 547,992 shares of the company’s stock worth $22,468,000 after buying an additional 62,174 shares in the last quarter. Suntrust Banks Inc. increased its position in shares of Sysco Corp. by 6.9% in the fourth quarter. Suntrust Banks Inc. now owns 198,441 shares of the company’s stock worth $8,134,000 after buying an additional 12,838 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH increased its position 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.
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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