PVG Asset Management Corp Takes Position in Sysco Corporation (SYY)
PVG Asset Management Corp acquired a new stake in Sysco Corporation (NYSE:SYY) during the first quarter, Holdings Channel reports. The institutional investor acquired 9,200 shares of the company’s stock, valued at approximately $478,000.
Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares during the last quarter. BlackRock Inc. increased its stake in Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock valued at $1,672,219,000 after buying an additional 30,735,711 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Sysco Corporation by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock valued at $510,776,000 after buying an additional 118,939 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Sysco Corporation by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock valued at $347,241,000 after buying an additional 385,492 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in Sysco Corporation by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock valued at $324,360,000 after buying an additional 1,996,198 shares during the last quarter. Institutional investors and hedge funds own 78.48% of the company’s stock.
Sysco Corporation (NYSE SYY) traded up 0.44% on Friday, reaching $52.33. 2,286,819 shares of the company were exchanged. The stock has a market capitalization of $28.01 billion, a price-to-earnings ratio of 27.59 and a beta of 0.52. The stock has a 50-day moving average price of $51.49 and a 200 day moving average price of $52.71. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07.
Sysco Corporation (NYSE:SYY) last issued its quarterly earnings results on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.51. The firm had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.14 billion. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. Sysco Corporation’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. Analysts forecast that Sysco Corporation will post $2.47 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s dividend payout ratio is currently 69.47%.
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Several equities research analysts have recently commented on SYY shares. Jefferies Group LLC reiterated a “hold” rating and set a $51.00 price objective on shares of Sysco Corporation in a research note on Friday. J P Morgan Chase & Co reiterated an “overweight” rating and set a $57.00 price objective on shares of Sysco Corporation in a research note on Friday, June 23rd. BMO Capital Markets reiterated a “buy” rating and set a $60.00 price objective on shares of Sysco Corporation in a research note on Tuesday, June 27th. Zacks Investment Research upgraded shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Tuesday, May 9th. Finally, Royal Bank Of Canada lifted their price objective on shares of Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 9th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $56.02.
In other news, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $55.55, for a total value of $1,666,500.00. Following the completion of the sale, the chief executive officer now owns 406,725 shares in the company, valued at approximately $22,593,573.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $54.25, for a total transaction of $846,300.00. Following the completion of the sale, the insider now owns 58,776 shares of the company’s stock, valued at approximately $3,188,598. The disclosure for this sale can be found here. In the last quarter, insiders have sold 152,400 shares of company stock valued at $8,121,300. 8.81% of the stock is owned by company 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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