Insider Selling: Sysco Corporation (SYY) CEO Sells $10,752,000.00 in Stock
Sysco Corporation (NYSE:SYY) CEO William J. Delaney III sold 200,000 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $53.76, for a total transaction of $10,752,000.00. Following the completion of the sale, the chief executive officer now directly owns 576,725 shares of the company’s stock, valued at $31,004,736. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Sysco Corporation (NYSE:SYY) opened at 53.37 on Friday. The firm has a market cap of $28.17 billion, a P/E ratio of 25.66 and a beta of 0.52. Sysco Corporation has a 12-month low of $47.15 and a 12-month high of $57.07. The stock’s 50 day moving average is $52.31 and its 200 day moving average is $52.57.
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 the consensus estimate of $0.71 by $0.01. The firm 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 firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 earnings per share. On average, equities research analysts expect that Sysco Corporation will post $2.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 6th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.47%. The ex-dividend date is Thursday, October 5th. Sysco Corporation’s payout ratio is 63.16%.
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Several research firms have commented on SYY. BidaskClub lowered shares of Sysco Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. BMO Capital Markets reissued an “outperform” rating on shares of Sysco Corporation in a research report on Tuesday, September 12th. Wells Fargo & Company reissued a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. J P Morgan Chase & Co reissued an “overweight” rating and set a $57.00 price target on shares of Sysco Corporation in a research report on Friday, June 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $51.00 price target on shares of Sysco Corporation in a research report on Friday, August 4th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Sysco Corporation currently has a consensus rating of “Hold” and a consensus target price of $56.17.
A number of hedge funds have recently bought and sold shares of SYY. BlackRock Inc. lifted its stake in Sysco Corporation by 2,088.2% during the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after purchasing an additional 30,735,711 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Sysco Corporation by 9,055.0% during the second quarter. Janus Henderson Group PLC now owns 5,707,603 shares of the company’s stock worth $287,264,000 after purchasing an additional 5,645,259 shares during the last quarter. American Century Companies Inc. lifted its stake in Sysco Corporation by 47.6% during the second quarter. American Century Companies Inc. now owns 5,054,930 shares of the company’s stock worth $254,415,000 after purchasing an additional 1,629,990 shares during the last quarter. Capital World Investors lifted its stake in Sysco Corporation by 11.7% during the second quarter. Capital World Investors now owns 13,767,000 shares of the company’s stock worth $692,893,000 after purchasing an additional 1,445,000 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Sysco Corporation by 252.7% during the second quarter. Nordea Investment Management AB now owns 1,928,089 shares of the company’s stock worth $97,041,000 after purchasing an additional 1,381,441 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.
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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