SYSCO Co. (SYY) Stake Lowered by Associated Banc Corp
Associated Banc Corp trimmed its holdings in shares of SYSCO Co. (NYSE:SYY) by 6.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 52,272 shares of the company’s stock after selling 3,552 shares during the quarter. Associated Banc Corp’s holdings in SYSCO were worth $3,175,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SYY. Macquarie Group Ltd. raised its stake in shares of SYSCO by 237.6% during the 2nd quarter. Macquarie Group Ltd. now owns 66,500 shares of the company’s stock worth $3,340,000 after purchasing an additional 46,800 shares during the period. Janus Henderson Group PLC raised its stake in SYSCO by 9,055.0% in the 2nd quarter. Janus Henderson Group PLC now owns 5,707,603 shares of the company’s stock valued at $287,264,000 after acquiring an additional 5,645,259 shares during the period. Peapack Gladstone Financial Corp raised its stake in SYSCO by 12.7% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 151,183 shares of the company’s stock valued at $7,609,000 after acquiring an additional 16,986 shares during the period. Gotham Asset Management LLC bought a new stake in SYSCO in the 2nd quarter valued at about $27,591,000. Finally, State Street Corp raised its stake in SYSCO by 1.0% in the 2nd quarter. State Street Corp now owns 26,707,981 shares of the company’s stock valued at $1,344,209,000 after acquiring an additional 272,303 shares during the period. Institutional investors own 79.35% of the company’s stock.
Shares of SYSCO Co. (SYY) opened at $58.13 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.38 and a debt-to-equity ratio of 3.66. The stock has a market capitalization of $30,443.52, a PE ratio of 25.95, a P/E/G ratio of 1.96 and a beta of 0.56. SYSCO Co. has a 52 week low of $48.85 and a 52 week high of $64.27.
The business also recently announced a quarterly dividend, which was paid on Friday, January 26th. Shareholders of record on Friday, January 5th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Thursday, January 4th. This is a positive change from SYSCO’s previous quarterly dividend of $0.33. SYSCO’s payout ratio is presently 64.29%.
A number of brokerages recently issued reports on SYY. Morgan Stanley upgraded SYSCO from an “underweight” rating to an “equal weight” rating and set a $64.00 price objective on the stock in a research note on Tuesday, January 16th. Zacks Investment Research cut SYSCO from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Jefferies Group set a $67.00 price objective on SYSCO and gave the company a “hold” rating in a research note on Monday, February 5th. BMO Capital Markets set a $74.00 price objective on SYSCO and gave the company a “buy” rating in a research note on Monday, February 5th. Finally, Loop Capital boosted their price objective on SYSCO from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $65.20.
In other SYSCO news, SVP Greg D. Bertrand sold 81,038 shares of SYSCO stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $60.76, for a total transaction of $4,923,868.88. Following the completion of the transaction, the senior vice president now owns 69,721 shares of the company’s stock, valued at approximately $4,236,247.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William W. Goetz sold 11,323 shares of SYSCO stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $62.00, for a total value of $702,026.00. Following the transaction, the senior vice president now directly owns 35,825 shares of the company’s stock, valued at approximately $2,221,150. The disclosure for this sale can be found here. Insiders have sold a total of 144,695 shares of company stock valued at $8,759,223 in the last ninety days. Insiders own 9.60% of the company’s stock.
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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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