Sysco Corporation (SYY) is Coastline Trust Co’s 10th Largest Position
Coastline Trust Co lowered its position in Sysco Corporation (NYSE:SYY) by 3.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,804 shares of the company’s stock after selling 4,030 shares during the quarter. Sysco accounts for approximately 1.2% of Coastline Trust Co’s holdings, making the stock its 10th biggest holding. Coastline Trust Co’s holdings in Sysco were worth $6,787,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC increased its position in shares of Sysco by 9,055.0% in the 2nd 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. increased its position in shares of Sysco by 47.6% in the 2nd 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 increased its position in shares of Sysco by 11.7% in the 2nd 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. Nordea Investment Management AB increased its position in shares of Sysco by 252.7% in the 2nd 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. Finally, Parnassus Investments CA increased its position in shares of Sysco by 20.3% in the 3rd quarter. Parnassus Investments CA now owns 7,410,401 shares of the company’s stock worth $399,791,000 after purchasing an additional 1,250,005 shares during the last quarter. Hedge funds and other institutional investors own 80.22% of the company’s stock.
In related news, EVP Wayne Shurts sold 7,800 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $54.86, for a total transaction of $427,908.00. Following the completion of the sale, the executive vice president now owns 58,776 shares of the company’s stock, valued at approximately $3,224,451.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Trian Fund Management, L.P. acquired 889,561 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were acquired at an average cost of $53.68 per share, with a total value of $47,751,634.48. Following the transaction, the director now owns 5,529 shares in the company, valued at $296,796.72. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 1,820,067 shares of company stock valued at $98,262,450. Insiders own 9.60% of the company’s stock.
Shares of Sysco Corporation (NYSE:SYY) traded down $0.22 during trading hours on Thursday, hitting $61.62. 2,237,500 shares of the company were exchanged, compared to its average volume of 2,900,958. 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 Corporation has a twelve month low of $48.85 and a twelve month high of $62.79. The company has a market cap of $32,222.12, a P/E ratio of 24.25, a PEG ratio of 2.65 and a beta of 0.54.
Sysco (NYSE:SYY) last announced its quarterly earnings data on Monday, November 6th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm earned $0.67 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. analysts expect that Sysco Corporation will post 2.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 5th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, January 4th. This is an increase from Sysco’s previous quarterly dividend of $0.33. Sysco’s dividend payout ratio is currently 60.00%.
SYY has been the subject of several research analyst reports. Pivotal Research reissued a “hold” rating and issued a $53.00 target price on shares of Sysco in a research report on Sunday, November 5th. BMO Capital Markets reissued an “outperform” rating on shares of Sysco in a research report on Tuesday, September 12th. Zacks Investment Research downgraded shares of Sysco from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, Loop Capital boosted their target price on shares of Sysco to $68.00 and gave the stock a “buy” rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $58.55.
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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