Regal Investment Advisors LLC Increases Position in SYSCO Co. (SYY)
Regal Investment Advisors LLC increased its stake in shares of SYSCO Co. (NYSE:SYY) by 75.8% during the third quarter, HoldingsChannel.com reports. The fund owned 16,017 shares of the company’s stock after acquiring an additional 6,907 shares during the quarter. Regal Investment Advisors LLC’s holdings in SYSCO were worth $1,173,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE increased its holdings in SYSCO by 64.6% in the 2nd quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock valued at $1,206,188,000 after buying an additional 6,929,805 shares during the period. Janus Henderson Group PLC increased its holdings in SYSCO by 1.2% in the 2nd quarter. Janus Henderson Group PLC now owns 5,903,214 shares of the company’s stock valued at $403,131,000 after buying an additional 68,148 shares during the period. Bank of Montreal Can increased its holdings in SYSCO by 14.9% in the 2nd quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock valued at $310,878,000 after buying an additional 590,410 shares during the period. Victory Capital Management Inc. increased its holdings in SYSCO by 2.1% in the 2nd quarter. Victory Capital Management Inc. now owns 4,131,297 shares of the company’s stock valued at $282,126,000 after buying an additional 86,450 shares during the period. Finally, Morgan Stanley increased its holdings in SYSCO by 83.0% in the 2nd quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock valued at $266,109,000 after buying an additional 1,767,298 shares during the period. 80.11% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Richard G. Tilghman sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total value of $369,100.00. Following the sale, the director now owns 66,137 shares in the company, valued at approximately $4,882,233.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian R. Todd sold 9,147 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $73.82, for a total transaction of $675,231.54. Following the completion of the sale, the senior vice president now owns 11,747 shares in the company, valued at approximately $867,163.54. The disclosure for this sale can be found here. Insiders sold a total of 3,969,811 shares of company stock worth $297,370,093 in the last 90 days. 7.88% of the stock is owned by corporate insiders.
SYSCO (NYSE:SYY) last issued its earnings results on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.01). SYSCO had a net margin of 2.52% and a return on equity of 68.81%. The firm had revenue of $15.22 billion during the quarter, compared to analyst estimates of $15.39 billion. During the same quarter in the prior year, the firm posted $0.74 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast that SYSCO Co. will post 3.4 EPS for the current year.
SYY has been the topic of several analyst reports. Pivotal Research reissued a “sell” rating and issued a $62.00 price target on shares of SYSCO in a report on Friday, November 2nd. Argus boosted their price target on shares of SYSCO from $67.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Morgan Stanley boosted their price target on shares of SYSCO from $61.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, July 17th. Royal Bank of Canada set a $67.00 price target on shares of SYSCO and gave the company a “hold” rating in a report on Friday, November 2nd. Finally, Buckingham Research initiated coverage on shares of SYSCO in a report on Monday, October 22nd. They issued a “buy” rating and a $82.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $73.15.
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SYSCO Company Profile
Sysco Corporation, through its subsidiaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, and SYGMA. The company distributes a line of frozen foods, such as meats, seafood, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats and seafood; dairy products; beverage products; imported specialties; and fresh produce.
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