Delta Asset Management LLC TN decreased its stake in shares of SYSCO Co. (NYSE:SYY) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 447,353 shares of the company’s stock after selling 2,790 shares during the period. SYSCO accounts for about 4.4% of Delta Asset Management LLC TN’s portfolio, making the stock its 6th largest holding. Delta Asset Management LLC TN owned 0.09% of SYSCO worth $31,637,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in SYY. Advisors Preferred LLC bought a new stake in shares of SYSCO during the 1st quarter worth approximately $26,000. Lenox Wealth Management Inc. lifted its holdings in shares of SYSCO by 163.7% during the 1st quarter. Lenox Wealth Management Inc. now owns 480 shares of the company’s stock worth $32,000 after acquiring an additional 298 shares during the period. Sageworth Trust Co bought a new stake in shares of SYSCO during the 1st quarter worth approximately $36,000. Cornerstone Advisors Inc. lifted its holdings in shares of SYSCO by 40.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 577 shares of the company’s stock worth $39,000 after acquiring an additional 166 shares during the period. Finally, WP Advisors LLC bought a new stake in shares of SYSCO during the 1st quarter worth approximately $39,000. 77.71% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on SYY shares. Pivotal Research reaffirmed a “sell” rating and set a $58.00 price target (up previously from $54.00) on shares of SYSCO in a report on Tuesday, May 7th. JPMorgan Chase & Co. cut their price target on shares of SYSCO from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Zacks Investment Research downgraded shares of SYSCO from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a report on Tuesday, June 11th. Consumer Edge started coverage on shares of SYSCO in a report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price target for the company. Finally, Buckingham Research upped their price target on shares of SYSCO from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $73.63.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, May 6th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.09. The business had revenue of $14.66 billion during the quarter, compared to analysts’ expectations of $14.78 billion. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS. On average, analysts predict that SYSCO Co. will post 3.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Thursday, October 3rd. SYSCO’s dividend payout ratio is 49.68%.
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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