Delta Asset Management LLC TN boosted its stake in Sysco Corporation (NYSE:SYY) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 472,354 shares of the company’s stock after buying an additional 7,388 shares during the period. Sysco Corporation makes up 3.7% of Delta Asset Management LLC TN’s holdings, making the stock its 10th largest position. Delta Asset Management LLC TN’s holdings in Sysco Corporation were worth $23,774,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SYY. Private Bank & Trust Co. raised its stake in shares of Sysco Corporation by 27.4% in the second quarter. Private Bank & Trust Co. now owns 16,284 shares of the company’s stock valued at $820,000 after buying an additional 3,500 shares in the last quarter. Forsta AP Fonden raised its stake in shares of Sysco Corporation by 8.7% in the second quarter. Forsta AP Fonden now owns 152,184 shares of the company’s stock valued at $7,659,000 after buying an additional 12,200 shares in the last quarter. Hemenway Trust Co LLC raised its stake in shares of Sysco Corporation by 11.8% in the second quarter. Hemenway Trust Co LLC now owns 12,115 shares of the company’s stock valued at $610,000 after buying an additional 1,280 shares in the last quarter. Farmers & Merchants Investments Inc. raised its position in Sysco Corporation by 3.3% in the second quarter. Farmers & Merchants Investments Inc. now owns 209,620 shares of the company’s stock valued at $10,550,000 after buying an additional 6,778 shares during the period. Finally, Sabal Trust CO raised its position in Sysco Corporation by 1.0% in the second quarter. Sabal Trust CO now owns 450,786 shares of the company’s stock valued at $22,689,000 after buying an additional 4,285 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

Shares of Sysco Corporation (NYSE SYY) traded down 1.085% during midday trading on Wednesday, hitting $51.515. The stock had a trading volume of 1,397,367 shares. The firm has a market capitalization of $27.57 billion, a PE ratio of 27.156 and a beta of 0.52. The company’s 50 day moving average price is $51.23 and its 200-day moving average price is $52.70. Sysco Corporation has a 1-year low of $47.15 and a 1-year 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 the Thomson Reuters’ consensus estimate of $0.51. The firm had revenue of $13.52 billion for 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%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. Equities analysts predict that Sysco Corporation will post $2.47 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.53%. Sysco Corporation’s payout ratio is presently 69.47%.

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Several research firms have weighed in on SYY. Jefferies Group LLC restated a “hold” rating and set a $51.00 target price on shares of Sysco Corporation in a report on Friday, August 4th. BMO Capital Markets set a $60.00 target price on Sysco Corporation and gave the company a “buy” rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Friday, July 21st. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a report on Monday, July 17th. Finally, Bank of America Corporation restated a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a report on Monday, June 26th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $56.02.

In other Sysco Corporation news, insider Wayne Shurts sold 15,600 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $55.32, for a total transaction of $862,992.00. Following the transaction, the insider now owns 58,776 shares in the company, valued at approximately $3,251,488.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $49.92, for a total transaction of $1,497,600.00. Following the transaction, the chief executive officer now owns 406,725 shares in the company, valued at approximately $20,303,712. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 152,400 shares of company stock worth $8,121,300. Company insiders own 8.81% of the company’s stock.

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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Institutional Ownership by Quarter for Sysco Corporation (NYSE:SYY)

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