Retirement Systems of Alabama boosted its position in Sysco Corp. (NYSE:SYY) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 267,176 shares of the company’s stock after buying an additional 166 shares during the period. Retirement Systems of Alabama’s holdings in Sysco Corp. were worth $13,557,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. C M Bidwell & Associates Ltd. bought a new stake in Sysco Corp. during the first quarter worth $4,508,000. Advisor Partners LLC increased its stake in Sysco Corp. by 5.9% in the first quarter. Advisor Partners LLC now owns 7,509 shares of the company’s stock worth $351,000 after buying an additional 419 shares during the last quarter. USS Investment Management Ltd increased its stake in Sysco Corp. by 91.7% in the first quarter. USS Investment Management Ltd now owns 146,165 shares of the company’s stock worth $6,831,000 after buying an additional 69,915 shares during the last quarter. East Coast Asset Management LLC. increased its stake in Sysco Corp. by 4.1% in the first quarter. East Coast Asset Management LLC. now owns 44,697 shares of the company’s stock worth $2,089,000 after buying an additional 1,749 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in Sysco Corp. during the first quarter worth $47,883,000. Hedge funds and other institutional investors own 76.65% of the company’s stock.
Shares of Sysco Corp. (NYSE:SYY) traded down 0.04% during mid-day trading on Friday, hitting $49.01. 3,490,722 shares of the stock traded hands. The firm’s 50-day moving average is $51.10 and its 200-day moving average is $49.56. Sysco Corp. has a 52 week low of $38.84 and a 52 week high of $53.97. The stock has a market cap of $27.21 billion, a price-to-earnings ratio of 29.88 and a beta of 0.56.
Sysco Corp. (NYSE:SYY) last released its earnings results on Monday, August 15th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The firm had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis. On average, analysts forecast that Sysco Corp. will post $2.31 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be given a dividend of $0.31 per share. The ex-dividend date is Wednesday, October 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.53%. Sysco Corp.’s dividend payout ratio (DPR) is presently 75.15%.
A number of equities research analysts have recently weighed in on the stock. Bank of America Corp. set a $54.00 price target on shares of Sysco Corp. and gave the company a “hold” rating in a research note on Saturday, September 17th. Jefferies Group reiterated a “hold” rating and issued a $50.00 price objective on shares of Sysco Corp. in a report on Friday. Argus raised their price objective on shares of Sysco Corp. from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 19th. Barclays PLC started coverage on shares of Sysco Corp. in a report on Friday, September 23rd. They issued an “underweight” rating and a $48.00 price objective for the company. Finally, Vetr upgraded shares of Sysco Corp. from a “strong sell” rating to a “hold” rating and set a $52.00 price objective for the company in a report on Monday, July 18th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $50.45.
In related news, insider William B. Day sold 75,000 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $51.53, for a total transaction of $3,864,750.00. Following the sale, the insider now directly owns 201,283 shares of the company’s stock, valued at $10,372,112.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Joel T. Grade sold 16,398 shares of the stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.00, for a total value of $836,298.00. Following the sale, the chief financial officer now directly owns 59,021 shares in the company, valued at $3,010,071. The disclosure for this sale can be found here. Corporate insiders own 7.77% of the company’s stock.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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