Coastal Bridge Advisors LLC reduced its holdings in shares of Sysco Co. (NYSE:SYY) by 28.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,609 shares of the company’s stock after selling 1,025 shares during the quarter. Coastal Bridge Advisors LLC’s holdings in Sysco were worth $203,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. BerganKDV Wealth Management LLC lifted its holdings in Sysco by 214.4% during the second quarter. BerganKDV Wealth Management LLC now owns 871 shares of the company’s stock worth $68,000 after acquiring an additional 594 shares during the period. SFE Investment Counsel lifted its holdings in Sysco by 1.4% during the second quarter. SFE Investment Counsel now owns 29,047 shares of the company’s stock worth $2,258,000 after acquiring an additional 399 shares during the period. SeaBridge Investment Advisors LLC lifted its holdings in Sysco by 3.6% during the second quarter. SeaBridge Investment Advisors LLC now owns 32,928 shares of the company’s stock worth $2,560,000 after acquiring an additional 1,132 shares during the period. Marcum Wealth LLC bought a new stake in Sysco during the second quarter worth $291,000. Finally, River Road Asset Management LLC bought a new stake in Sysco during the second quarter worth $20,864,000. Institutional investors and hedge funds own 79.81% of the company’s stock.
In related news, EVP Greg D. Bertrand sold 7,230 shares of the business’s stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $80.00, for a total transaction of $578,400.00. Following the completion of the transaction, the executive vice president now directly owns 32,238 shares in the company, valued at $2,579,040. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.17% of the stock is owned by insiders.
Sysco (NYSE:SYY) last posted its earnings results on Monday, August 9th. The company reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.11. Sysco had a return on equity of 52.19% and a net margin of 1.02%. The business had revenue of $16.14 billion during the quarter, compared to analysts’ expectations of $14.65 billion. During the same period in the previous year, the business earned ($0.29) earnings per share. The firm’s revenue was up 82.0% on a year-over-year basis. Analysts forecast that Sysco Co. will post 3.49 earnings per share for the current year.
The firm also recently announced a dividend, which will be paid on Thursday, September 30th. Investors of record on Thursday, September 16th will be given a dividend of $0.47 per share. This represents a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 15th. Sysco’s payout ratio is 130.56%.
Several analysts have issued reports on SYY shares. UBS Group started coverage on Sysco in a research note on Thursday, July 29th. They issued a “buy” rating and a $89.00 target price on the stock. Barclays boosted their target price on Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 21st. Finally, Morgan Stanley boosted their target price on Sysco from $88.00 to $89.00 and gave the company an “equal weight” rating in a research note on Monday, May 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $85.78.
Sysco Corp. engages in selling, marketing, and distribution of food products to restaurants, healthcare and educational facilities, and lodging establishments. It operates through the following segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other. The U.S. Foodservice Operations consists of U.S.
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