DekaBank Deutsche Girozentrale grew its stake in SYSCO Co. (NYSE:SYY) by 79.7% during the second quarter, HoldingsChannel reports. The firm owned 819,484 shares of the company’s stock after buying an additional 363,332 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in SYSCO were worth $57,834,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Gulf International Bank UK Ltd boosted its position in SYSCO by 1.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 119,346 shares of the company’s stock worth $7,967,000 after buying an additional 1,566 shares during the period. Brightworth boosted its position in SYSCO by 3.0% during the 2nd quarter. Brightworth now owns 77,258 shares of the company’s stock worth $5,464,000 after buying an additional 2,267 shares during the period. BTIM Corp. boosted its position in SYSCO by 3.0% during the 2nd quarter. BTIM Corp. now owns 785,575 shares of the company’s stock worth $55,556,000 after buying an additional 23,180 shares during the period. Horizon Investments LLC acquired a new stake in SYSCO during the 1st quarter worth approximately $237,000. Finally, Pinnacle Associates Ltd. boosted its position in SYSCO by 7.9% during the 1st quarter. Pinnacle Associates Ltd. now owns 4,750 shares of the company’s stock worth $317,000 after buying an additional 346 shares during the period. Institutional investors own 78.30% of the company’s stock.
Several research firms recently commented on SYY. Loop Capital lifted their target price on shares of SYSCO to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their target price on shares of SYSCO from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. Zacks Investment Research downgraded shares of SYSCO from a “buy” rating to a “hold” rating and set a $75.00 target price on the stock. in a research report on Tuesday, June 11th. Morgan Stanley raised their price target on shares of SYSCO from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Finally, Pivotal Research restated 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $74.48.
SYSCO (NYSE:SYY) last released its quarterly earnings results on Monday, August 12th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.03. The firm had revenue of $15.47 billion during the quarter, compared to analyst estimates of $15.65 billion. SYSCO had a net margin of 2.65% and a return on equity of 73.66%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 EPS. Equities research analysts expect 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. Stockholders of record on Friday, October 4th will be paid a $0.39 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $1.56 annualized dividend and a dividend yield of 2.13%. SYSCO’s dividend payout ratio is currently 49.68%.
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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