Connors Investor Services Inc. Grows Stock Holdings in SYSCO Co. (NYSE:SYY)

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Connors Investor Services Inc. raised its position in shares of SYSCO Co. (NYSE:SYY) by 259.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 144,080 shares of the company’s stock after buying an additional 104,012 shares during the period. Connors Investor Services Inc.’s holdings in SYSCO were worth $10,189,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of SYSCO by 0.3% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 703,653 shares of the company’s stock valued at $49,565,000 after purchasing an additional 1,921 shares during the last quarter. Buckingham Asset Management LLC raised its position in shares of SYSCO by 12.2% in the 2nd quarter. Buckingham Asset Management LLC now owns 28,476 shares of the company’s stock valued at $2,014,000 after purchasing an additional 3,105 shares during the last quarter. Prudential Financial Inc. raised its position in shares of SYSCO by 7.0% in the 2nd quarter. Prudential Financial Inc. now owns 531,978 shares of the company’s stock valued at $37,621,000 after purchasing an additional 34,730 shares during the last quarter. Krane Funds Advisors LLC purchased a new position in SYSCO during the 2nd quarter worth approximately $25,000. Finally, Brightworth raised its position in SYSCO by 3.0% during the 2nd quarter. Brightworth now owns 77,258 shares of the company’s stock worth $5,464,000 after buying an additional 2,267 shares during the last quarter. 78.15% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Hans-Joachim Koerber sold 10,000 shares of SYSCO stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $73.35, for a total value of $733,500.00. Following the sale, the director now owns 52,872 shares of the company’s stock, valued at approximately $3,878,161.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John M. Cassaday sold 20,203 shares of SYSCO stock in a transaction on Monday, September 16th. The shares were sold at an average price of $77.23, for a total transaction of $1,560,277.69. Following the completion of the sale, the director now directly owns 52,785 shares in the company, valued at approximately $4,076,585.55. The disclosure for this sale can be found here. 7.88% of the stock is owned by company insiders.

SYY has been the subject of a number of recent research reports. Credit Suisse Group raised their price target on shares of SYSCO from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Consumer Edge initiated coverage on shares of SYSCO in a research report on Wednesday, July 17th. They set an “underweight” rating and a $71.75 price target for the company. Wells Fargo & Co reissued a “buy” rating on shares of SYSCO in a research report on Monday, August 12th. JPMorgan Chase & Co. raised their price target on shares of SYSCO from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Finally, Barclays raised their price target on shares of SYSCO from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 13th. 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 stock. SYSCO currently has an average rating of “Hold” and an average price target of $73.60.

Shares of NYSE SYY traded down $0.35 during midday trading on Thursday, reaching $78.51. 392,744 shares of the stock were exchanged, compared to its average volume of 2,448,839. The firm has a market cap of $39.61 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 2.14 and a beta of 0.48. SYSCO Co. has a twelve month low of $59.44 and a twelve month high of $79.14. The firm has a 50-day simple moving average of $73.33 and a two-hundred day simple moving average of $71.01. The company has a quick ratio of 0.81, a current ratio of 1.33 and a debt-to-equity ratio of 3.25.

SYSCO (NYSE:SYY) last issued its quarterly earnings data on Monday, August 12th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.03. The business had revenue of $15.47 billion for the quarter, compared to analysts’ expectations of $15.65 billion. SYSCO had a net margin of 2.79% and a return on equity of 76.80%. The business’s revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned $0.94 EPS. Research analysts expect that SYSCO Co. will post 3.81 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.99%. SYSCO’s payout ratio is 43.94%.

SYSCO 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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Institutional Ownership by Quarter for SYSCO (NYSE:SYY)

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