North Star Asset Management Inc. held its position in Sysco Corp. (NYSE:SYY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,166 shares of the company’s stock at the end of the second quarter. North Star Asset Management Inc.’s holdings in Sysco Corp. were worth $770,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cribstone Capital Management LLC bought a new position in shares of Sysco Corp. during the second quarter worth $102,000. Jolley Asset Management LLC raised its position in shares of Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares during the last quarter. Arcadia Investment Management Corp MI raised its position in shares of Sysco Corp. by 54.6% in the second quarter. Arcadia Investment Management Corp MI now owns 2,831 shares of the company’s stock worth $144,000 after buying an additional 1,000 shares during the last quarter. Kistler Tiffany Companies LLC raised its position in shares of Sysco Corp. by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 2,866 shares of the company’s stock worth $145,000 after buying an additional 13 shares during the last quarter. Finally, Integrated Investment Consultants LLC raised its position in shares of Sysco Corp. by 293.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,950 shares of the company’s stock worth $150,000 after buying an additional 2,200 shares during the last quarter. 77.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sysco Corp. (NYSE:SYY) traded up 0.363% during trading on Tuesday, reaching $48.435. 876,109 shares of the company were exchanged. The company has a market capitalization of $26.89 billion, a PE ratio of 29.534 and a beta of 0.52. The firm’s 50 day moving average price is $49.82 and its 200 day moving average price is $49.75. Sysco Corp. has a one year low of $38.84 and a one year high of $53.97.
Sysco Corp. (NYSE:SYY) last posted its quarterly earnings results on Monday, August 15th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 EPS. Equities research analysts forecast that Sysco Corp. will post $2.31 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 7th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Wednesday, October 5th. Sysco Corp.’s payout ratio is 75.15%.
A number of brokerages have weighed in on SYY. Vetr raised shares of Sysco Corp. from a “strong sell” rating to a “hold” rating and set a $52.00 price target on the stock in a research note on Monday, July 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $57.00 price target (up previously from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Morgan Stanley reaffirmed a “sell” rating on shares of Sysco Corp. in a research note on Monday, June 20th. Bank of America Corp. began coverage on shares of Sysco Corp. in a research note on Monday, June 20th. They issued a “neutral” rating and a $52.00 price target on the stock. Finally, Deutsche Bank AG began coverage on shares of Sysco Corp. in a research note on Monday, July 18th. They issued a “hold” rating and a $52.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $50.45.
In related news, CEO William J. Delaney III sold 20,114 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $51.92, for a total value of $1,044,318.88. Following the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at approximately $21,936,563.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William B. Day sold 26,507 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $49.00, for a total value of $1,298,843.00. Following the completion of the transaction, the insider now owns 132,790 shares in the company, valued at $6,506,710. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.
Sysco Corp. Company Profile
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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