Profund Advisors LLC lifted its position in shares of SYSCO Co. (NYSE:SYY) by 18.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,658 shares of the company’s stock after purchasing an additional 2,451 shares during the quarter. Profund Advisors LLC’s holdings in SYSCO were worth $1,107,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of SYY. Dimensional Fund Advisors LP grew its stake in shares of SYSCO by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,401,640 shares of the company’s stock worth $87,825,000 after purchasing an additional 54,838 shares during the period. Geode Capital Management LLC grew its stake in SYSCO by 20.5% in the 4th quarter. Geode Capital Management LLC now owns 6,331,895 shares of the company’s stock valued at $396,070,000 after acquiring an additional 1,076,459 shares during the period. Cornerstone Advisors Inc. grew its stake in 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 acquiring an additional 166 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in SYSCO in the 1st quarter valued at $13,573,000. Finally, Sumitomo Mitsui Asset Management Company LTD grew its stake in SYSCO by 3.7% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 35,782 shares of the company’s stock valued at $2,388,000 after acquiring an additional 1,262 shares during the period. 78.15% of the stock is currently owned by institutional investors and hedge funds.
In other SYSCO news, Director Hans-Joachim Koerber sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $73.35, for a total value of $733,500.00. Following the transaction, the director now owns 52,872 shares in the company, valued at approximately $3,878,161.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.88% of the company’s stock.
SYSCO (NYSE:SYY) last announced its quarterly earnings data on Monday, August 12th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.03. The company had revenue of $15.47 billion for the quarter, compared to analyst estimates of $15.65 billion. SYSCO had a return on equity of 76.80% and a net margin of 2.79%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS. Sell-side analysts predict that SYSCO Co. will post 3.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 4th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.01%. SYSCO’s payout ratio is currently 43.94%.
SYY has been the topic of a number of research analyst reports. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research note on Monday, August 12th. Credit Suisse Group lifted their price target on shares of SYSCO from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Barclays lifted their price target on shares of SYSCO from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 13th. ValuEngine raised shares of SYSCO from a “hold” rating to a “buy” rating in a research note on Wednesday, May 29th. Finally, Consumer Edge initiated coverage on shares of SYSCO in a research note on Wednesday, July 17th. They issued an “underweight” rating and a $71.75 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $73.60.
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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