Voya Investment Management LLC lessened its holdings in shares of Sysco Corporation (NYSE:SYY) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,984,731 shares of the company’s stock after selling 140,405 shares during the quarter. Voya Investment Management LLC owned 0.93% of Sysco Corporation worth $250,881,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Sysco Corporation by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 38,501,911 shares of the company’s stock worth $1,937,801,000 after purchasing an additional 590,968 shares during the last quarter. BlackRock Inc. raised its stake in Sysco Corporation by 0.3% during the 2nd quarter. BlackRock Inc. now owns 32,291,082 shares of the company’s stock valued at $1,625,211,000 after acquiring an additional 83,464 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Sysco Corporation by 4.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,242,998 shares of the company’s stock valued at $515,484,000 after acquiring an additional 405,191 shares in the last quarter. FMR LLC raised its stake in Sysco Corporation by 11.2% during the 2nd quarter. FMR LLC now owns 5,286,933 shares of the company’s stock valued at $266,092,000 after acquiring an additional 532,486 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Sysco Corporation by 47.6% during the 2nd quarter. American Century Companies Inc. now owns 5,054,930 shares of the company’s stock valued at $254,415,000 after acquiring an additional 1,629,990 shares in the last quarter. Hedge funds and other institutional investors own 79.92% of the company’s stock.
SYY has been the topic of several recent analyst reports. Zacks Investment Research raised Sysco Corporation from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Tuesday, July 4th. BMO Capital Markets reaffirmed a “buy” rating and set a $60.00 target price on shares of Sysco Corporation in a research note on Tuesday, June 27th. Bank of America Corporation reaffirmed a “buy” rating and set a $61.00 target price on shares of Sysco Corporation in a research note on Monday, June 26th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Sysco Corporation in a research note on Friday, June 23rd. Finally, BidaskClub downgraded Sysco Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Sysco Corporation presently has an average rating of “Hold” and a consensus target price of $56.42.
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Sysco Corporation (NYSE:SYY) opened at 53.78 on Thursday. The stock’s 50 day moving average price is $53.37 and its 200-day moving average price is $52.76. The stock has a market cap of $28.39 billion, a P/E ratio of 25.86 and a beta of 0.52. Sysco Corporation has a one year low of $47.15 and a one year high of $57.07.
Sysco Corporation (NYSE:SYY) last announced its quarterly earnings data on Monday, August 14th. The company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The company had revenue of $14.40 billion during the quarter, compared to analysts’ expectations of $14.35 billion. Sysco Corporation had a return on equity of 53.25% and a net margin of 2.06%. Sysco Corporation’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 EPS. On average, analysts predict that Sysco Corporation will post $2.76 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 6th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, October 5th. Sysco Corporation’s payout ratio is 63.16%.
In related news, EVP Wayne Shurts sold 7,800 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $50.82, for a total value of $396,396.00. Following the completion of the sale, the executive vice president now directly owns 58,776 shares in the company, valued at approximately $2,986,996.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William J. Delaney III sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $51.31, for a total transaction of $1,539,300.00. Following the completion of the sale, the chief executive officer now owns 406,725 shares of the company’s stock, valued at $20,869,059.75. The disclosure for this sale can be found here. Insiders sold a total of 2,111,381 shares of company stock valued at $113,332,388 in the last 90 days. 8.81% of the stock is owned by corporate insiders.
Sysco Corporation Profile
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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