Douglass Winthrop Advisors LLC cut its stake in shares of SYSCO Co. (NYSE:SYY) by 18.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,835 shares of the company’s stock after selling 2,600 shares during the quarter. Douglass Winthrop Advisors LLC’s holdings in SYSCO were worth $867,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sumitomo Life Insurance Co. lifted its position in SYSCO by 4.1% during the second quarter. Sumitomo Life Insurance Co. now owns 19,123 shares of the company’s stock valued at $1,306,000 after purchasing an additional 758 shares during the period. Eastern Bank lifted its position in SYSCO by 0.4% during the second quarter. Eastern Bank now owns 212,281 shares of the company’s stock valued at $14,497,000 after purchasing an additional 773 shares during the period. World Asset Management Inc raised its position in shares of SYSCO by 2.1% in the second quarter. World Asset Management Inc now owns 38,744 shares of the company’s stock worth $2,646,000 after acquiring an additional 800 shares during the period. Wendell David Associates Inc. raised its position in shares of SYSCO by 0.9% in the third quarter. Wendell David Associates Inc. now owns 89,235 shares of the company’s stock worth $6,536,000 after acquiring an additional 800 shares during the period. Finally, CIBC World Markets Inc. raised its position in shares of SYSCO by 19.7% in the second quarter. CIBC World Markets Inc. now owns 4,876 shares of the company’s stock worth $333,000 after acquiring an additional 803 shares during the period. 80.22% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. Pivotal Research upped their price objective on shares of SYSCO from $58.00 to $62.00 and gave the stock a “sell” rating in a research report on Saturday, August 18th. Argus upped their price objective on shares of SYSCO from $67.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Loop Capital upped their price objective on shares of SYSCO to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, August 14th. BMO Capital Markets upped their price objective on shares of SYSCO from $74.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 14th. Finally, Morgan Stanley upped their price objective on shares of SYSCO from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $72.42.
SYSCO (NYSE:SYY) last released its earnings results on Monday, August 13th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. The business had revenue of $15.32 billion during the quarter, compared to analysts’ expectations of $15.30 billion. SYSCO had a net margin of 2.44% and a return on equity of 68.15%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. On average, sell-side analysts predict that SYSCO Co. will post 3.49 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Friday, October 5th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, October 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.09%. SYSCO’s dividend payout ratio is currently 45.86%.
In other news, Director Richard G. Tilghman sold 5,000 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $73.71, for a total transaction of $368,550.00. Following the completion of the sale, the director now owns 61,137 shares of the company’s stock, valued at $4,506,408.27. The transaction 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 business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $75.09, for a total transaction of $76,116,179.94. Following the sale, the director now directly owns 4,005 shares of the company’s stock, valued at approximately $300,735.45. The disclosure for this sale can be found here. Insiders have sold 3,969,811 shares of company stock valued at $297,380,043 in the last three months. Corporate insiders own 9.60% of the company’s stock.
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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