Steward Partners Investment Advisory LLC bought a new stake in Sysco Corporation (NYSE:SYY) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,432 shares of the company’s stock, valued at approximately $886,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYY. Visionary Asset Management Inc. purchased a new position in Sysco during the third quarter worth approximately $207,000. Garde Capital Inc. purchased a new position in Sysco during the third quarter worth approximately $777,000. Smith Shellnut Wilson LLC ADV lifted its position in Sysco by 53.0% during the third quarter. Smith Shellnut Wilson LLC ADV now owns 13,125 shares of the company’s stock worth $708,000 after buying an additional 4,546 shares in the last quarter. Americafirst Capital Management LLC lifted its position in Sysco by 237.7% during the third quarter. Americafirst Capital Management LLC now owns 32,225 shares of the company’s stock worth $1,739,000 after buying an additional 22,682 shares in the last quarter. Finally, Belpointe Asset Management LLC purchased a new position in Sysco during the third quarter worth approximately $434,000. Institutional investors and hedge funds own 80.22% of the company’s stock.
In other news, CEO William J. Delaney III sold 150,000 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $54.05, for a total value of $8,107,500.00. Following the completion of the sale, the chief executive officer now directly owns 526,725 shares of the company’s stock, valued at approximately $28,469,486.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wayne Shurts sold 7,800 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $61.76, for a total value of $481,728.00. Following the completion of the sale, the executive vice president now directly owns 55,235 shares of the company’s stock, valued at $3,411,313.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,827,867 shares of company stock valued at $98,744,178. 9.60% of the stock is currently owned by company insiders.
Sysco (NYSE:SYY) last released its earnings results on Monday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.02. The firm had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.43 billion. Sysco had a return on equity of 58.47% and a net margin of 2.12%. Sysco’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $0.67 earnings per share. analysts expect that Sysco Corporation will post 2.78 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 5th will be issued a $0.36 dividend. The ex-dividend date is Thursday, January 4th. This is a positive change from Sysco’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a yield of 2.36%. Sysco’s dividend payout ratio (DPR) is 60.00%.
A number of brokerages recently commented on SYY. BMO Capital Markets set a $66.00 price objective on Sysco and gave the stock a “buy” rating in a research report on Friday, December 8th. Pivotal Research lifted their price objective on Sysco from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Loop Capital raised their target price on Sysco to $68.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Finally, Zacks Investment Research raised Sysco from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Tuesday, October 10th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $58.55.
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Sysco Company 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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