IHT Wealth Management LLC Decreases Stake in Sysco Corporation (SYY)
IHT Wealth Management LLC decreased its stake in Sysco Corporation (NYSE:SYY) by 5.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,195 shares of the company’s stock after selling 118 shares during the period. IHT Wealth Management LLC’s holdings in Sysco Corporation were worth $113,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of SYY. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in Sysco Corporation by 15.4% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 10,267 shares of the company’s stock valued at $533,000 after buying an additional 1,367 shares during the last quarter. HighTower Advisors LLC raised its stake in Sysco Corporation by 2.0% in the first quarter. HighTower Advisors LLC now owns 76,570 shares of the company’s stock valued at $3,968,000 after buying an additional 1,531 shares during the last quarter. Farmhouse Investment Management LLC acquired a new stake in Sysco Corporation during the first quarter valued at approximately $7,034,000. Barings LLC raised its stake in Sysco Corporation by 58.5% in the first quarter. Barings LLC now owns 74,949 shares of the company’s stock valued at $3,891,000 after buying an additional 27,649 shares during the last quarter. Finally, PVG Asset Management Corp acquired a new stake in Sysco Corporation during the first quarter valued at approximately $478,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sysco Corporation (SYY) traded down 0.48% on Tuesday, hitting $52.23. 521,562 shares of the stock traded hands. The stock’s 50 day moving average price is $51.49 and its 200 day moving average price is $52.71. The stock has a market cap of $27.95 billion, a P/E ratio of 27.53 and a beta of 0.52. Sysco Corporation has a 52-week low of $47.15 and a 52-week high of $57.07.
Sysco Corporation (NYSE:SYY) last released its quarterly earnings results on Monday, May 8th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Sysco Corporation had a net margin of 1.93% and a return on equity of 47.28%. The business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.14 billion. During the same period last year, the business earned $0.46 EPS. The company’s revenue was up 12.7% compared to the same quarter last year. On average, equities analysts expect that Sysco Corporation will post $2.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend 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 recently commented on the stock. Jefferies Group LLC reissued a “hold” rating and set a $51.00 price objective on shares of Sysco Corporation in a research note on Friday. BMO Capital Markets set a $60.00 price objective on shares of Sysco Corporation and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised shares of Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Friday, July 21st. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Monday, July 17th. Finally, Bank of America Corporation reissued a “buy” rating and set a $61.00 price objective on shares of Sysco Corporation in a research note on Monday, June 26th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Sysco Corporation presently has a consensus rating of “Hold” and a consensus target price of $56.02.
In related news, CEO William J. Delaney III sold 30,000 shares of Sysco Corporation stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $54.22, for a total value of $1,626,600.00. Following the completion of the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $22,052,629.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of Sysco Corporation stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $55.32, for a total transaction of $862,992.00. Following the completion of the sale, the insider now owns 58,776 shares of the company’s stock, valued at $3,251,488.32. The disclosure for this sale can be found here. Insiders sold a total of 152,400 shares of company stock worth $8,121,300 over the last 90 days. Company insiders own 8.81% of the company’s stock.
About Sysco Corporation
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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