Cypress Asset Management Inc. TX cut its position in shares of SYSCO Co. (NYSE:SYY) by 17.7% during the second quarter, Holdings Channel reports. The fund owned 20,264 shares of the company’s stock after selling 4,364 shares during the period. Cypress Asset Management Inc. TX’s holdings in SYSCO were worth $1,020,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Howe & Rusling Inc. raised its position in SYSCO by 81.1% in the first quarter. Howe & Rusling Inc. now owns 2,595 shares of the company’s stock worth $135,000 after buying an additional 1,162 shares during the last quarter. Pinnacle Bank bought a new position in SYSCO during the first quarter worth about $217,000. Americafirst Capital Management LLC bought a new position in SYSCO during the first quarter worth about $320,000. Doyle Wealth Management bought a new position in SYSCO during the first quarter worth about $252,000. Finally, Cribstone Capital Management LLC raised its position in SYSCO by 94.7% in the first quarter. Cribstone Capital Management LLC now owns 3,584 shares of the company’s stock worth $186,000 after buying an additional 1,743 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.
SYSCO Co. (NYSE:SYY) traded down 0.869% during mid-day trading on Thursday, hitting $50.874. The company had a trading volume of 1,067,770 shares. The stock’s 50 day moving average price is $51.04 and its 200 day moving average price is $52.64. SYSCO Co. has a 52-week low of $47.15 and a 52-week high of $57.07. The firm has a market cap of $27.23 billion, a P/E ratio of 26.818 and a beta of 0.52.
SYSCO (NYSE:SYY) last issued its quarterly earnings results on Monday, May 8th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. The firm had revenue of $13.52 billion during the quarter, compared to analyst estimates of $13.14 billion. SYSCO had a return on equity of 39.77% and a net margin of 1.76%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS. On average, equities research analysts predict that SYSCO Co. will post $2.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Thursday, October 5th. SYSCO’s payout ratio is currently 69.47%.
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A number of research analysts have recently issued reports on the company. BidaskClub lowered SYSCO from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Zacks Investment Research lowered SYSCO from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. Barclays PLC reissued an “equal weight” rating and issued a $57.00 target price (up previously from $53.00) on shares of SYSCO in a report on Tuesday, May 9th. Royal Bank Of Canada boosted their target price on SYSCO from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Tuesday, May 9th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $51.00 target price (up previously from $50.00) on shares of SYSCO in a report on Monday, May 8th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. SYSCO presently has a consensus rating of “Hold” and a consensus price target of $56.02.
In other SYSCO news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $54.22, for a total transaction of $1,626,600.00. Following the completion of the transaction, the chief executive officer now directly owns 406,725 shares of the company’s stock, valued at approximately $22,052,629.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $50.87, for a total value of $793,572.00. Following the transaction, the insider now directly owns 58,776 shares of the company’s stock, valued at $2,989,935.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 152,400 shares of company stock valued at $8,121,300. 8.81% of the stock is currently owned by corporate insiders.
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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