United Services Automobile Association Lowers Holdings in SYSCO Co. (SYY)

United Services Automobile Association lessened its position in shares of SYSCO Co. (NYSE:SYY) by 14.6% in the third quarter, HoldingsChannel reports. The firm owned 539,017 shares of the company’s stock after selling 92,056 shares during the period. United Services Automobile Association’s holdings in SYSCO were worth $39,483,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SYY. Bank of America Corp DE grew its holdings in shares of SYSCO by 64.6% in the 2nd quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock valued at $1,206,188,000 after acquiring an additional 6,929,805 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of SYSCO by 1.2% in the 2nd quarter. Janus Henderson Group PLC now owns 5,903,214 shares of the company’s stock valued at $403,131,000 after acquiring an additional 68,148 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of SYSCO by 2.1% in the 2nd quarter. Victory Capital Management Inc. now owns 4,131,297 shares of the company’s stock valued at $282,126,000 after acquiring an additional 86,450 shares in the last quarter. Morgan Stanley grew its holdings in shares of SYSCO by 83.0% in the 2nd quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock valued at $266,109,000 after acquiring an additional 1,767,298 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of SYSCO by 2.7% in the 2nd quarter. Swiss National Bank now owns 1,974,940 shares of the company’s stock valued at $134,869,000 after acquiring an additional 51,700 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.

In related news, Director Joshua D. Frank sold 816,640 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $75.00, for a total value of $61,248,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joshua D. Frank sold 1,013,666 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $75.09, for a total transaction of $76,116,179.94. Following the completion of the sale, the director now owns 4,005 shares of the company’s stock, valued at $300,735.45. The disclosure for this sale can be found here. Insiders sold a total of 7,700,671 shares of company stock valued at $545,256,301 over the last quarter. 7.88% of the stock is currently owned by company insiders.

SYY has been the subject of several analyst reports. Buckingham Research initiated coverage on SYSCO in a report on Monday, October 22nd. They issued a “buy” rating and a $82.00 price objective for the company. Loop Capital decreased their price objective on SYSCO to $75.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. They noted that the move was a valuation call. ValuEngine upgraded SYSCO from a “hold” rating to a “buy” rating in a report on Monday, August 13th. Argus raised their price objective on SYSCO from $67.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Finally, BMO Capital Markets decreased their price objective on SYSCO from $81.00 to $79.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $73.54.

Shares of NYSE:SYY opened at $67.40 on Friday. SYSCO Co. has a 52-week low of $56.01 and a 52-week high of $75.98. The stock has a market capitalization of $35.03 billion, a P/E ratio of 21.46, a PEG ratio of 1.91 and a beta of 0.56. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.30 and a quick ratio of 0.80.

SYSCO (NYSE:SYY) last issued its earnings results on Monday, November 5th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.01). SYSCO had a net margin of 2.52% and a return on equity of 68.81%. The firm had revenue of $15.22 billion during the quarter, compared to analyst estimates of $15.39 billion. During the same quarter last year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that SYSCO Co. will post 3.4 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Friday, January 4th will be paid a $0.39 dividend. This is an increase from SYSCO’s previous quarterly dividend of $0.36. This represents a $1.56 annualized dividend and a yield of 2.31%. The ex-dividend date is Thursday, January 3rd. SYSCO’s dividend payout ratio (DPR) is 45.86%.

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SYSCO 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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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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