Shell Asset Management Co. Buys 1,065 Shares of Sysco Corporation (SYY)
Shell Asset Management Co. increased its stake in Sysco Corporation (NYSE:SYY) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 246,847 shares of the company’s stock after buying an additional 1,065 shares during the period. Shell Asset Management Co.’s holdings in Sysco Corporation were worth $12,424,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of SYY. 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 in 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 in 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 in 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 in the last quarter. Finally, Bank of America Corp DE increased its stake in Sysco Corporation by 18.3% in the first quarter. Bank of America Corp DE now owns 4,745,874 shares of the company’s stock valued at $246,405,000 after buying an additional 733,433 shares in the last quarter. Hedge funds and other institutional investors own 78.49% of the company’s stock.
Sysco Corporation (NYSE:SYY) opened at 51.17 on Friday. The stock has a 50 day moving average of $51.14 and a 200 day moving average of $52.55. The company has a market cap of $27.12 billion, a PE ratio of 24.60 and a beta of 0.52. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07.
Sysco Corporation (NYSE:SYY) last posted its earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The firm had revenue of $14.40 billion for the quarter, compared to the consensus estimate of $14.35 billion. During the same period in the previous year, the firm posted $0.64 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. Equities analysts expect that Sysco Corporation will post $2.76 earnings per share for the current year.
The firm also recently announced 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. 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 2.58%. Sysco Corporation’s dividend payout ratio (DPR) is presently 63.16%.
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SYY has been the topic of several recent research reports. Jefferies Group LLC restated a “hold” rating and set a $51.00 target price on shares of Sysco Corporation in a research report on Friday, August 4th. J P Morgan Chase & Co restated an “overweight” rating and set a $57.00 target price on shares of Sysco Corporation in a research report on Friday, June 23rd. BMO Capital Markets restated a “buy” rating and set a $60.00 target price on shares of Sysco Corporation in a research report on Tuesday, June 27th. Zacks Investment Research upgraded Sysco Corporation from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Tuesday, May 9th. Finally, Royal Bank Of Canada increased their target price on Sysco Corporation from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 9th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $56.02.
In other news, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $49.92, for a total value of $1,497,600.00. Following the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $20,303,712. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Wayne Shurts sold 7,800 shares of the business’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $50.82, for a total transaction of $396,396.00. Following the completion of the sale, the executive vice president now owns 58,776 shares in the company, valued at $2,986,996.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,400 shares of company stock worth $6,494,700. 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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