Sysco Corporation (SYY) Stake Lessened by Canandaigua National Bank & Trust Co.
Canandaigua National Bank & Trust Co. decreased its holdings in Sysco Corporation (NYSE:SYY) by 7.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,515 shares of the company’s stock after selling 891 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Sysco Corporation were worth $529,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. TrimTabs Asset Management LLC grew its stake in shares of Sysco Corporation by 88.7% in the first quarter. TrimTabs Asset Management LLC now owns 2,162 shares of the company’s stock worth $112,000 after purchasing an additional 1,016 shares in the last quarter. Arcadia Investment Management Corp MI grew its stake in shares of Sysco Corporation by 10.7% in the second quarter. Arcadia Investment Management Corp MI now owns 2,336 shares of the company’s stock worth $118,000 after purchasing an additional 225 shares in the last quarter. Kistler Tiffany Companies LLC grew its stake in shares of Sysco Corporation by 0.4% in the first quarter. Kistler Tiffany Companies LLC now owns 2,903 shares of the company’s stock worth $151,000 after purchasing an additional 13 shares in the last quarter. Blue Chip Partners Inc. grew its stake in shares of Sysco Corporation by 0.6% in the first quarter. Blue Chip Partners Inc. now owns 2,949 shares of the company’s stock worth $153,000 after purchasing an additional 19 shares in the last quarter. Finally, AT Bancorp bought a new position in shares of Sysco Corporation in the second quarter worth $154,000. 79.91% of the stock is owned by institutional investors.
SYY has been the subject of several recent analyst reports. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Tuesday, July 4th. BMO Capital Markets reissued a “buy” rating and issued a $60.00 price target on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reissued a “buy” rating and issued a $61.00 price target on shares of Sysco Corporation in a research note on Monday, June 26th. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Finally, Royal Bank Of Canada set a $50.00 price target on Sysco Corporation and gave the stock a “hold” rating in a research note on Friday, August 11th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $56.17.
In other news, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $53.16, for a total value of $1,594,800.00. Following the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at approximately $21,621,501. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $50.87, for a total value of $793,572.00. Following the completion of the transaction, the insider now owns 58,776 shares in the company, valued at $2,989,935.12. The disclosure for this sale can be found here. Insiders sold a total of 524,714 shares of company stock valued at $27,628,142 over the last three months. Insiders own 8.81% of the company’s stock.
Shares of Sysco Corporation (NYSE:SYY) opened at 53.66 on Monday. The firm has a market cap of $28.33 billion, a price-to-earnings ratio of 25.80 and a beta of 0.52. The stock has a 50 day moving average price of $52.22 and a 200 day moving average price of $52.56. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07.
Sysco Corporation (NYSE:SYY) last released its earnings results on Monday, August 14th. The company reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The company had revenue of $14.40 billion during the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the firm earned $0.64 EPS. On average, equities research analysts forecast that Sysco Corporation will post $2.76 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.46%. Sysco Corporation’s dividend payout ratio (DPR) is currently 63.16%.
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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