Great Lakes Advisors LLC reduced its holdings in SYSCO Co. (NYSE:SYY) by 8.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 97,317 shares of the company’s stock after selling 8,491 shares during the quarter. Great Lakes Advisors LLC’s holdings in SYSCO were worth $7,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Homrich & Berg boosted its stake in SYSCO by 12.7% during the 2nd quarter. Homrich & Berg now owns 13,659 shares of the company’s stock valued at $933,000 after purchasing an additional 1,538 shares in the last quarter. Spears Abacus Advisors LLC bought a new position in SYSCO during the 2nd quarter valued at $212,000. NumerixS Investment Technologies Inc bought a new position in SYSCO during the 2nd quarter valued at $1,008,000. Northwest Bancshares Inc. bought a new position in SYSCO during the 3rd quarter valued at $277,000. Finally, Golub Group LLC boosted its stake in SYSCO by 4.6% during the 2nd quarter. Golub Group LLC now owns 34,278 shares of the company’s stock valued at $2,341,000 after purchasing an additional 1,512 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.
A number of equities analysts have issued reports on SYY shares. Buckingham Research started coverage on SYSCO in a research note on Monday, October 22nd. They set a “buy” rating and a $82.00 price target for the company. Loop Capital decreased their price target on SYSCO to $75.00 and set a “buy” rating for the company in a research note on Tuesday, November 6th. They noted that the move was a valuation call. ValuEngine raised SYSCO from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Argus raised their price objective on SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Finally, BMO Capital Markets reduced their price objective on SYSCO from $81.00 to $79.00 and set a “buy” rating for the company in a research note on Tuesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $73.54.
SYSCO (NYSE:SYY) last released its quarterly earnings data on Monday, November 5th. The company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.01). The company had revenue of $15.22 billion for the quarter, compared to the consensus estimate of $15.39 billion. SYSCO had a return on equity of 68.81% and a net margin of 2.52%. The business’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 earnings per share. Equities research analysts forecast that SYSCO Co. will post 3.4 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 25th. Stockholders of record on Friday, January 4th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, January 3rd. This is a positive change from SYSCO’s previous quarterly dividend of $0.36. This represents a $1.56 annualized dividend and a dividend yield of 2.31%. SYSCO’s dividend payout ratio (DPR) is currently 45.86%.
In other news, Director Joshua D. Frank sold 816,640 shares of the firm’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $75.00, for a total value of $61,248,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 2,115,358 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $74.81, for a total value of $158,249,931.98. Following the completion of the sale, the director now directly owns 4,005 shares of the company’s stock, valued at approximately $299,614.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,700,671 shares of company stock valued at $545,256,301. 7.88% of the stock is currently owned by insiders.
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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