Cadence Capital Management LLC Cuts Holdings in Sysco Corporation (SYY)
Cadence Capital Management LLC cut its stake in shares of Sysco Corporation (NYSE:SYY) by 24.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,591 shares of the company’s stock after selling 25,460 shares during the period. Cadence Capital Management LLC’s holdings in Sysco were worth $4,132,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Sysco by 1.6% in the second quarter. Vanguard Group Inc. now owns 38,501,911 shares of the company’s stock valued at $1,937,801,000 after buying an additional 590,968 shares in the last quarter. BlackRock Inc. raised its position in shares of Sysco by 0.3% in the second quarter. BlackRock Inc. now owns 32,291,082 shares of the company’s stock valued at $1,625,211,000 after buying an additional 83,464 shares in the last quarter. State Street Corp raised its position in shares of Sysco by 1.0% in the second quarter. State Street Corp now owns 26,707,981 shares of the company’s stock valued at $1,344,209,000 after buying an additional 272,303 shares in the last quarter. Capital World Investors raised its position in shares of Sysco by 11.7% in the second quarter. Capital World Investors now owns 13,767,000 shares of the company’s stock valued at $692,893,000 after buying an additional 1,445,000 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Sysco by 2.0% in the third quarter. Ameriprise Financial Inc. now owns 10,451,813 shares of the company’s stock valued at $563,890,000 after buying an additional 208,815 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.
SYY has been the subject of a number of analyst reports. Royal Bank Of Canada set a $50.00 price target on shares of Sysco and gave the company a “hold” rating in a research report on Friday, August 11th. Zacks Investment Research downgraded shares of Sysco from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Pivotal Research reiterated a “hold” rating and issued a $53.00 price target on shares of Sysco in a research report on Sunday, November 5th. Wells Fargo & Company reiterated a “buy” rating on shares of Sysco in a research report on Monday, August 14th. Finally, BMO Capital Markets set a $60.00 price target on shares of Sysco and gave the company a “buy” rating in a research report on Thursday, August 3rd. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Sysco presently has an average rating of “Hold” and a consensus price target of $56.42.
In other Sysco news, CEO William J. Delaney III sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $53.16, for a total transaction of $1,594,800.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares in the company, valued at $21,621,501. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Trian Fund Management, L.P. sold 372,314 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $53.09, for a total transaction of $19,766,150.26. Following the transaction, the director now owns 5,529 shares of the company’s stock, valued at $293,534.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,222,381 shares of company stock valued at $119,570,516. Company insiders own 9.60% of the company’s stock.
Shares of Sysco Corporation (SYY) traded up $1.17 on Wednesday, reaching $56.33. 2,316,900 shares of the company’s stock traded hands, compared to its average volume of 2,881,671. Sysco Corporation has a 1-year low of $48.85 and a 1-year high of $57.23. The firm has a market capitalization of $29,810.00, a P/E ratio of 21.54, a P/E/G ratio of 2.46 and a beta of 0.53. The company has a current ratio of 1.40, a quick ratio of 0.88 and a debt-to-equity ratio of 3.77.
Sysco (NYSE:SYY) last announced its quarterly earnings data on Monday, November 6th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.72 by $0.02. Sysco had a net margin of 2.12% and a return on equity of 58.47%. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.43 billion. During the same period in the previous year, the business earned $0.67 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. equities analysts expect that Sysco Corporation will post 2.77 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 5th will be given a dividend of $0.36 per share. This is an increase from Sysco’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 2.56%. The ex-dividend date is Thursday, January 4th. Sysco’s payout ratio is currently 60.27%.
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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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