Benin Management CORP cut its position in shares of SYSCO Co. (NYSE:SYY) by 1.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,950 shares of the company’s stock after selling 550 shares during the quarter. SYSCO accounts for 1.2% of Benin Management CORP’s portfolio, making the stock its 18th largest position. Benin Management CORP’s holdings in SYSCO were worth $2,733,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of SYY. NewSquare Capital LLC increased its holdings in SYSCO by 1,680.0% in the fourth quarter. NewSquare Capital LLC now owns 445 shares of the company’s stock worth $38,000 after buying an additional 420 shares during the last quarter. Usca Ria LLC acquired a new position in SYSCO in the third quarter worth approximately $35,000. Garrett Wealth Advisory Group LLC acquired a new position in SYSCO in the third quarter worth approximately $37,000. Focused Wealth Management Inc increased its holdings in SYSCO by 244.1% in the fourth quarter. Focused Wealth Management Inc now owns 468 shares of the company’s stock worth $40,000 after buying an additional 332 shares during the last quarter. Finally, Intercontinental Wealth Advisors LLC increased its holdings in SYSCO by 136.8% in the third quarter. Intercontinental Wealth Advisors LLC now owns 540 shares of the company’s stock worth $43,000 after buying an additional 312 shares during the last quarter. 78.61% of the stock is owned by institutional investors.
In other news, CEO Thomas Bene sold 39,384 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $80.00, for a total value of $3,150,720.00. Following the completion of the sale, the chief executive officer now directly owns 132,929 shares of the company’s stock, valued at $10,634,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert S. Charlton sold 28,948 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $80.43, for a total value of $2,328,287.64. Following the completion of the sale, the executive vice president now directly owns 46,087 shares of the company’s stock, valued at $3,706,777.41. The disclosure for this sale can be found here. In the last quarter, insiders have sold 227,412 shares of company stock worth $18,867,462. Corporate insiders own 5.24% of the company’s stock.
SYSCO (NYSE:SYY) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. SYSCO had a return on equity of 79.60% and a net margin of 2.82%. The company had revenue of $15.30 billion for the quarter, compared to the consensus estimate of $15.53 billion. During the same quarter last year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities analysts expect that SYSCO Co. will post 3.8 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 3rd will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from SYSCO’s previous quarterly dividend of $0.39. SYSCO’s dividend payout ratio (DPR) is 50.70%.
SYY has been the topic of a number of research reports. Piper Jaffray Companies initiated coverage on SYSCO in a report on Thursday, December 12th. They issued an “overweight” rating and a $94.00 price objective on the stock. Bank of America increased their price objective on SYSCO from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. ValuEngine downgraded SYSCO from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. BMO Capital Markets increased their price objective on SYSCO to $88.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, Loop Capital increased their price objective on SYSCO to $86.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. SYSCO has an average rating of “Hold” and an average price target of $79.13.
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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