Westpac Banking Corp trimmed its holdings in SYSCO Co. (NYSE:SYY) by 0.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 237,792 shares of the company’s stock after selling 1,055 shares during the period. Westpac Banking Corp’s holdings in SYSCO were worth $16,817,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of SYY. Advisors Preferred LLC acquired a new stake in SYSCO in the 1st quarter worth about $26,000. Coastal Capital Group Inc. acquired a new position in shares of SYSCO in the 2nd quarter valued at about $29,000. Lenox Wealth Management Inc. lifted its stake in shares of SYSCO by 163.7% in the 1st quarter. Lenox Wealth Management Inc. now owns 480 shares of the company’s stock valued at $32,000 after purchasing an additional 298 shares in the last quarter. WP Advisors LLC acquired a new position in shares of SYSCO in the 1st quarter valued at about $39,000. Finally, Cornerstone Advisors Inc. lifted its stake in shares of SYSCO by 40.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 577 shares of the company’s stock valued at $39,000 after purchasing an additional 166 shares in the last quarter. 78.30% of the stock is currently owned by hedge funds and other institutional investors.
SYY has been the topic of several research analyst reports. Buckingham Research lifted their price objective on SYSCO from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. JPMorgan Chase & Co. lifted their price objective on SYSCO from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday. Barclays lifted their price objective on SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday. Pivotal Research reaffirmed a “sell” rating and issued a $58.00 price objective (up from $54.00) on shares of SYSCO in a research note on Tuesday, May 7th. Finally, Zacks Investment Research lowered SYSCO from a “buy” rating to a “hold” rating and set a $75.00 price objective on the stock. in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $74.48.
SYSCO (NYSE:SYY) last announced its earnings results on Monday, August 12th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.07 by $0.03. The business had revenue of $15.47 billion for the quarter, compared to the consensus estimate of $15.65 billion. SYSCO had a return on equity of 73.66% and a net margin of 2.65%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. On average, equities analysts expect that SYSCO Co. will post 3.5 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 4th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.56 annualized dividend and a dividend yield of 2.13%. SYSCO’s payout ratio is currently 49.68%.
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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