PGGM Investments Boosts Stake in SYSCO Co. (SYY)
PGGM Investments increased its stake in SYSCO Co. (NYSE:SYY) by 127.0% during the second quarter, Holdings Channel reports. The institutional investor owned 1,013,891 shares of the company’s stock after buying an additional 567,295 shares during the period. PGGM Investments’ holdings in SYSCO were worth $51,029,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in SYY. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in SYSCO during the second quarter valued at about $2,320,000. Delta Asset Management LLC TN raised its stake in SYSCO by 1.6% in the second quarter. Delta Asset Management LLC TN now owns 472,354 shares of the company’s stock valued at $23,774,000 after buying an additional 7,388 shares during the period. Private Bank & Trust Co. raised its stake in SYSCO 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 during the period. Forsta AP Fonden raised its stake in SYSCO 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 during the period. Finally, Hemenway Trust Co LLC raised its stake in SYSCO 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 during the period. 78.38% of the stock is currently owned by institutional investors and hedge funds.
Shares of SYSCO Co. (NYSE:SYY) traded down 0.867% during trading on Thursday, reaching $50.875. 1,066,680 shares of the company traded hands. SYSCO Co. has a 52 week low of $47.15 and a 52 week high of $57.07. The company has a market capitalization of $27.23 billion, a P/E ratio of 26.819 and a beta of 0.52. The company’s 50-day moving average price is $51.04 and its 200-day moving average price is $52.64.
SYSCO (NYSE:SYY) last released its earnings results on Monday, May 8th. The company reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. SYSCO had a net margin of 1.76% and a return on equity of 39.77%. The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.14 billion. During the same quarter last year, the business earned $0.46 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. Equities research analysts forecast that SYSCO Co. will post $2.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders 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 2.57%. The ex-dividend date of this dividend is Thursday, October 5th. SYSCO’s payout ratio is 69.47%.
Several analysts have recently issued reports on SYY shares. BMO Capital Markets raised shares of SYSCO from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $56.00 to $60.00 in a research report on Thursday, May 4th. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 price target (up previously from $50.00) on shares of SYSCO in a research report on Monday, May 8th. Royal Bank Of Canada boosted their price target on shares of SYSCO from $48.00 to $50.00 and gave the company a “sector perform” rating in a research report on Tuesday, May 9th. Zacks Investment Research raised shares of SYSCO from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Tuesday, May 9th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $57.00 price target (up previously from $53.00) on shares of SYSCO in a research report on Tuesday, May 9th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.02.
In other news, EVP Wayne Shurts sold 7,800 shares of SYSCO stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total transaction of $396,396.00. Following the sale, the executive vice president now owns 58,776 shares in the company, valued at $2,986,996.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William J. Delaney III sold 30,000 shares of SYSCO stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $55.55, for a total transaction of $1,666,500.00. Following the sale, the chief executive officer now owns 406,725 shares in the company, valued at approximately $22,593,573.75. 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. 8.81% of the stock is owned by company insiders.
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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