Wedge Capital Management L L P NC Sells 1,340 Shares of SYSCO Co. (SYY)

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Wedge Capital Management L L P NC lessened its stake in SYSCO Co. (NYSE:SYY) by 1.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,937 shares of the company’s stock after selling 1,340 shares during the period. Wedge Capital Management L L P NC’s holdings in SYSCO were worth $9,152,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in SYSCO by 64.6% in the 2nd quarter. Bank of America Corp DE now owns 17,662,742 shares of the company’s stock worth $1,206,188,000 after purchasing an additional 6,929,805 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of SYSCO by 1.2% during the 2nd quarter. Janus Henderson Group PLC now owns 5,903,214 shares of the company’s stock valued at $403,131,000 after buying an additional 68,148 shares in the last quarter. Bank of Montreal Can lifted its position in shares of SYSCO by 14.9% during the 2nd quarter. Bank of Montreal Can now owns 4,552,341 shares of the company’s stock valued at $310,878,000 after buying an additional 590,410 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of SYSCO by 2.1% during the 2nd quarter. Victory Capital Management Inc. now owns 4,131,297 shares of the company’s stock valued at $282,126,000 after buying an additional 86,450 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of SYSCO by 83.0% during the 2nd quarter. Morgan Stanley now owns 3,896,733 shares of the company’s stock valued at $266,109,000 after buying an additional 1,767,298 shares in the last quarter. Institutional investors and hedge funds own 80.11% of the company’s stock.

In other SYSCO news, Director Richard G. Tilghman sold 5,000 shares of the firm’s stock in a transaction on Monday, October 15th. The stock was sold at an average price of $68.62, for a total value of $343,100.00. Following the completion of the sale, the director now directly owns 56,393 shares of the company’s stock, valued at approximately $3,869,687.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Brian R. Todd sold 9,147 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $73.82, for a total value of $675,231.54. Following the completion of the sale, the senior vice president now directly owns 11,747 shares of the company’s stock, valued at $867,163.54. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,969,811 shares of company stock valued at $297,370,093. 7.88% of the stock is owned by corporate insiders.

A number of brokerages have recently issued reports on SYY. ValuEngine lowered SYSCO from a “buy” rating to a “hold” rating in a research report on Tuesday. Loop Capital set a $75.00 target price on SYSCO and gave the company a “buy” rating in a research report on Tuesday. They noted that the move was a valuation call. BMO Capital Markets set a $79.00 target price on SYSCO and gave the company a “buy” rating in a research report on Tuesday. Royal Bank of Canada decreased their target price on SYSCO from $67.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Finally, Credit Suisse Group set a $75.00 target price on SYSCO and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $73.15.

NYSE SYY opened at $64.45 on Wednesday. SYSCO Co. has a one year low of $52.30 and a one year high of $75.98. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.21 and a quick ratio of 0.74. The firm has a market capitalization of $37.12 billion, a P/E ratio of 20.53, a PEG ratio of 1.93 and a beta of 0.56.

SYSCO (NYSE:SYY) last posted its quarterly earnings data on Monday, November 5th. The company reported $0.91 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.01). SYSCO had a net margin of 2.44% and a return on equity of 68.15%. The firm had revenue of $15.22 billion during the quarter, compared to analyst estimates of $15.39 billion. During the same period in the prior year, the company posted $0.74 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts forecast that SYSCO Co. will post 3.44 earnings per share for the current year.

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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. 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.

Further Reading: Why do company’s buyback their stock?

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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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