Eaton Vance Management Raises Stake in Sysco Co. (NYSE:SYY)

Eaton Vance Management boosted its position in Sysco Co. (NYSE:SYY) by 0.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,082,114 shares of the company’s stock after buying an additional 1,222 shares during the period. Eaton Vance Management owned approximately 0.41% of Sysco worth $163,945,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wedbush Securities Inc. boosted its position in Sysco by 1.7% in the 1st quarter. Wedbush Securities Inc. now owns 7,601 shares of the company’s stock worth $598,000 after purchasing an additional 129 shares in the last quarter. Allworth Financial LP boosted its position in Sysco by 2.9% in the 1st quarter. Allworth Financial LP now owns 4,600 shares of the company’s stock worth $362,000 after purchasing an additional 129 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in Sysco by 17.8% in the 4th quarter. Prestige Wealth Management Group LLC now owns 920 shares of the company’s stock worth $69,000 after purchasing an additional 139 shares in the last quarter. SeaBridge Investment Advisors LLC boosted its position in Sysco by 0.4% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 31,796 shares of the company’s stock worth $2,504,000 after purchasing an additional 140 shares in the last quarter. Finally, Octavia Wealth Advisors LLC raised its stake in shares of Sysco by 2.0% during the 1st quarter. Octavia Wealth Advisors LLC now owns 7,310 shares of the company’s stock worth $579,000 after buying an additional 142 shares during the period. Hedge funds and other institutional investors own 79.10% of the company’s stock.

NYSE SYY opened at $73.27 on Thursday. The stock has a market cap of $37.48 billion, a PE ratio of -146.54, a PEG ratio of 2.38 and a beta of 1.44. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 8.41. Sysco Co. has a twelve month low of $50.90 and a twelve month high of $86.73. The business’s fifty day simple moving average is $77.94.

Sysco (NYSE:SYY) last released its quarterly earnings results on Tuesday, May 4th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. The business had revenue of $11.82 billion during the quarter, compared to analysts’ expectations of $12.02 billion. Sysco had a positive return on equity of 17.14% and a negative net margin of 0.56%. The company’s revenue was down 13.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 EPS. Analysts expect that Sysco Co. will post 1.31 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 23rd. Investors of record on Friday, July 2nd will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.57%. This is a boost from Sysco’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, July 1st. Sysco’s dividend payout ratio (DPR) is 93.53%.

SYY has been the subject of several research analyst reports. Wells Fargo & Company upped their target price on Sysco from $89.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 27th. JPMorgan Chase & Co. increased their price objective on Sysco from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, April 12th. They noted that the move was a valuation call. Barclays increased their price objective on Sysco from $80.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 21st. Finally, Morgan Stanley increased their price objective on Sysco from $88.00 to $89.00 and gave the company an “equal weight” rating in a research note on Monday, May 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $85.38.

In related news, Director Joshua D. Frank sold 160,000 shares of the firm’s stock in a transaction dated Tuesday, May 25th. The stock was sold at an average price of $81.73, for a total transaction of $13,076,800.00. Following the completion of the transaction, the director now directly owns 4,840 shares in the company, valued at approximately $395,573.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joshua D. Frank sold 650,000 shares of the firm’s stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $79.56, for a total value of $51,714,000.00. Following the transaction, the director now owns 4,840 shares of the company’s stock, valued at $385,070.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,167,884 shares of company stock valued at $93,808,035 over the last 90 days. 5.17% of the stock is currently owned by company insiders.

About Sysco

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 in the United States, Canada, the United Kingdom, France, and internationally. It operates through three segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other.

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Institutional Ownership by Quarter for Sysco (NYSE:SYY)

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