SVA Plumb Wealth Management LLC Sells 600 Shares of SYSCO Co. (SYY)
SVA Plumb Wealth Management LLC decreased its stake in SYSCO Co. (NYSE:SYY) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,219 shares of the company’s stock after selling 600 shares during the quarter. SVA Plumb Wealth Management LLC’s holdings in SYSCO were worth $1,417,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in SYY. Sontag Advisory LLC purchased a new position in SYSCO during the 4th quarter valued at $25,000. Advisors Preferred LLC purchased a new position in SYSCO during the 1st quarter valued at $26,000. Focused Wealth Management Inc boosted its holdings in SYSCO by 244.1% during the 4th quarter. Focused Wealth Management Inc now owns 468 shares of the company’s stock valued at $29,000 after acquiring an additional 332 shares during the period. Athena Capital Advisors LLC purchased a new position in SYSCO during the 4th quarter valued at $29,000. Finally, Valley National Advisers Inc. boosted its holdings in SYSCO by 60.5% during the 4th quarter. Valley National Advisers Inc. now owns 472 shares of the company’s stock valued at $30,000 after acquiring an additional 178 shares during the period. Hedge funds and other institutional investors own 80.61% of the company’s stock.
A number of equities analysts recently issued reports on the company. Pivotal Research restated a “sell” rating and set a $58.00 price objective (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. Loop Capital boosted their price objective on SYSCO to $80.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Buckingham Research boosted their price objective on SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Morgan Stanley boosted their price objective on SYSCO from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th. Finally, Zacks Investment Research upgraded SYSCO from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $74.46.
SYSCO (NYSE:SYY) last issued its earnings results on Monday, May 6th. The company reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.09. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The business had revenue of $14.66 billion during the quarter, compared to analysts’ expectations of $14.78 billion. During the same period in the prior year, the business earned $0.67 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that SYSCO Co. will post 3.5 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 5th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, April 4th. SYSCO’s dividend payout ratio is 49.68%.
In other SYSCO news, Director Trian Fund Management, L.P. sold 707,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $66.30, for a total value of $46,874,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 7.88% of the stock is currently owned by corporate insiders.
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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