Manning & Napier Advisors LLC increased its stake in Sysco Corporation (NYSE:SYY) by 40.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,660 shares of the company’s stock after buying an additional 35,954 shares during the period. Manning & Napier Advisors LLC’s holdings in Sysco Corporation were worth $6,273,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Sysco Corporation by 2.9% in the first quarter. Vanguard Group Inc. now owns 37,910,943 shares of the company’s stock valued at $1,968,336,000 after buying an additional 1,064,162 shares in the last quarter. BlackRock Inc. boosted its stake in Sysco Corporation by 2,088.2% in the first quarter. BlackRock Inc. now owns 32,207,618 shares of the company’s stock worth $1,672,219,000 after buying an additional 30,735,711 shares during the period. Ameriprise Financial Inc. boosted its stake in Sysco Corporation by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 9,837,807 shares of the company’s stock worth $510,776,000 after buying an additional 118,939 shares during the period. Bank of New York Mellon Corp boosted its stake in Sysco Corporation by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 6,688,003 shares of the company’s stock worth $347,241,000 after buying an additional 385,492 shares during the period. Finally, Bank of Montreal Can boosted its stake in Sysco Corporation by 47.0% in the first quarter. Bank of Montreal Can now owns 6,247,295 shares of the company’s stock worth $324,360,000 after buying an additional 1,996,198 shares during the period. 78.49% of the stock is currently owned by institutional investors.
Sysco Corporation (NYSE:SYY) opened at 51.17 on Friday. Sysco Corporation has a 1-year low of $47.15 and a 1-year high of $57.07. The firm has a 50-day moving average of $51.14 and a 200-day moving average of $52.55. The stock has a market capitalization of $27.12 billion, a price-to-earnings ratio of 24.60 and a beta of 0.52.
Sysco Corporation (NYSE:SYY) last issued its earnings results on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.01. Sysco Corporation had a net margin of 2.06% and a return on equity of 53.25%. The company had revenue of $14.40 billion for the quarter, compared to analyst estimates of $14.35 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts anticipate that Sysco Corporation will post $2.76 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.58%. Sysco Corporation’s dividend payout ratio is presently 63.16%.
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SYY has been the topic of a number of analyst reports. Wells Fargo & Company restated a “buy” rating on shares of Sysco Corporation in a research report on Friday, June 23rd. BMO Capital Markets restated a “buy” rating and set a $60.00 target price on shares of Sysco Corporation in a research report on Tuesday, June 27th. Bank of America Corporation restated a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a research report on Monday, June 26th. Zacks Investment Research upgraded Sysco Corporation from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Friday, July 21st. Finally, J P Morgan Chase & Co restated an “overweight” rating and set a $57.00 target price on shares of Sysco Corporation in a research report on Friday, June 23rd. Ten investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $56.02.
In other news, CEO William J. Delaney III sold 30,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $55.55, for a total value of $1,666,500.00. Following the sale, the chief executive officer now directly owns 406,725 shares in the company, valued at $22,593,573.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wayne Shurts sold 15,600 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $54.25, for a total transaction of $846,300.00. Following the completion of the sale, the insider now owns 58,776 shares in the company, valued at $3,188,598. The disclosure for this sale can be found here. Insiders sold 122,400 shares of company stock worth $6,494,700 over the last quarter. Company insiders own 8.81% of the company’s stock.
About Sysco Corporation
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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