Cigna Investments Inc. New increased its stake in shares of SYSCO Co. (NYSE:SYY) by 24.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,498 shares of the company’s stock after acquiring an additional 6,219 shares during the period. Cigna Investments Inc. New’s holdings in SYSCO were worth $1,973,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Focused Wealth Management Inc raised its stake in SYSCO by 244.1% in the fourth quarter. Focused Wealth Management Inc now owns 468 shares of the company’s stock valued at $29,000 after buying an additional 332 shares during the period. We Are One Seven LLC bought a new stake in SYSCO in the fourth quarter valued at approximately $50,000. Financial Gravity Companies Inc. bought a new stake in SYSCO in the fourth quarter valued at approximately $51,000. Signet Investment Advisory Group Inc. bought a new stake in SYSCO in the fourth quarter valued at approximately $78,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in SYSCO in the fourth quarter valued at approximately $81,000. Institutional investors and hedge funds own 80.93% of the company’s stock.
Several analysts have issued reports on the company. Zacks Investment Research upgraded SYSCO from a “sell” rating to a “hold” rating in a research note on Monday, January 28th. Loop Capital set a $75.00 price objective on SYSCO and gave the company a “buy” rating in a research note on Friday, December 14th. Credit Suisse Group dropped their price objective on SYSCO from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. Buckingham Research assumed coverage on SYSCO in a research note on Monday, October 22nd. They issued a “buy” rating and a $82.00 price objective on the stock. Finally, Morgan Stanley dropped their price objective on SYSCO from $71.00 to $69.00 and set a “hold” rating on the stock in a research note on Tuesday, November 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $72.92.
SYSCO (NYSE:SYY) last announced its earnings results on Monday, February 4th. The company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The company had revenue of $14.80 billion for the quarter, compared to analyst estimates of $14.75 billion. SYSCO had a return on equity of 71.45% and a net margin of 2.48%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 earnings per share. Equities research analysts predict that SYSCO Co. will post 3.4 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 25th. Stockholders of record on Friday, January 4th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, January 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.33%. This is a positive change from SYSCO’s previous quarterly dividend of $0.36. SYSCO’s dividend payout ratio (DPR) is 49.68%.
In other news, Director Trian Fund Management, L.P. sold 2,215,532 shares of the stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $66.45, for a total transaction of $147,222,101.40. Following the transaction, the director now owns 7,055 shares in the company, valued at $468,804.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Russell T. Libby sold 60,156 shares of the stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $63.40, for a total value of $3,813,890.40. Following the transaction, the insider now owns 62,597 shares in the company, valued at approximately $3,968,649.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,827,484 shares of company stock worth $254,213,821. 7.88% of the stock is owned by corporate insiders.
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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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