Sysco Corporation (NYSE:SYY) Shares Sold by Shamrock Asset Management LLC
Shamrock Asset Management LLC cut its position in Sysco Corporation (NYSE:SYY) by 4.3% during the first quarter, Holdings Channel reports. The fund owned 4,772 shares of the company’s stock after selling 214 shares during the period. Shamrock Asset Management LLC’s holdings in Sysco Corporation were worth $248,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of the company. Stonebridge Capital Advisors LLC boosted its stake in shares of Sysco Corporation by 0.6% in the first quarter. Stonebridge Capital Advisors LLC now owns 31,292 shares of the company’s stock worth $1,625,000 after buying an additional 195 shares during the period. Achmea Investment Management B.V. purchased a new stake in shares of Sysco Corporation during the first quarter worth approximately $6,510,000. Bank of Nova Scotia boosted its stake in shares of Sysco Corporation by 886.1% in the first quarter. Bank of Nova Scotia now owns 114,228 shares of the company’s stock worth $5,930,000 after buying an additional 102,644 shares during the period. Summit Global Investments boosted its stake in shares of Sysco Corporation by 8.7% in the first quarter. Summit Global Investments now owns 114,738 shares of the company’s stock worth $5,957,000 after buying an additional 9,157 shares during the period. Finally, OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of 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 worth $533,000 after buying an additional 1,367 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.
Shares of Sysco Corporation (NYSE:SYY) traded up 1.40% on Friday, hitting $51.58. The company had a trading volume of 3,803,719 shares. The stock has a market capitalization of $27.61 billion, a PE ratio of 27.19 and a beta of 0.52. Sysco Corporation has a 52 week low of $47.15 and a 52 week high of $57.07. The firm’s 50 day moving average price is $50.93 and its 200-day moving average price is $52.61.
The business 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 $0.33 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.56%. Sysco Corporation’s payout ratio is currently 69.47%.
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A number of brokerages have commented on SYY. Royal Bank Of Canada set a $50.00 price objective on Sysco Corporation and gave the company a “hold” rating in a research note on Friday. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 price objective on shares of Sysco Corporation in a research note on Friday, August 4th. BMO Capital Markets set a $60.00 price objective on Sysco Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Friday, July 21st. Finally, Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Monday, July 17th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $56.02.
In related news, CEO William J. Delaney III sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $54.22, for a total value of $1,626,600.00. Following the sale, the chief executive officer now 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 is accessible through this link. Also, EVP Wayne Shurts sold 7,800 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $55.30, for a total value of $431,340.00. Following the completion of the sale, the executive vice president now owns 58,776 shares in the company, valued at approximately $3,250,312.80. The disclosure for this sale can be found here. Insiders sold a total of 152,400 shares of company stock worth $8,121,300 in the last 90 days. 8.81% of the stock is currently owned by company insiders.
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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