Sysco Corp. (SYY) Shares Sold by Principal Financial Group Inc.
Principal Financial Group Inc. cut its position in shares of Sysco Corp. (NYSE:SYY) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 764,123 shares of the company’s stock after selling 44,038 shares during the period. Principal Financial Group Inc. owned about 0.14% of Sysco Corp. worth $38,771,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Cribstone Capital Management LLC acquired a new stake in Sysco Corp. during the second quarter worth approximately $102,000. Jolley Asset Management LLC increased its stake in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares in the last quarter. Global X Management Co. LLC increased its stake in Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock worth $129,000 after buying an additional 1,619 shares in the last quarter. Bruderman Asset Management LLC increased its stake in Sysco Corp. by 2.5% in the second quarter. Bruderman Asset Management LLC now owns 2,788 shares of the company’s stock worth $141,000 after buying an additional 68 shares in the last quarter. Finally, Arcadia Investment Management Corp MI increased its stake in Sysco Corp. by 54.6% in the second quarter. Arcadia Investment Management Corp MI now owns 2,831 shares of the company’s stock worth $144,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 76.68% of the company’s stock.
Sysco Corp. (NYSE:SYY) traded down 0.02% on Tuesday, hitting $49.24. The stock had a trading volume of 728,389 shares. The company’s 50-day moving average is $51.69 and its 200-day moving average is $49.36. Sysco Corp. has a one year low of $38.34 and a one year high of $53.97. The stock has a market cap of $27.33 billion, a P/E ratio of 30.02 and a beta of 0.56.
Sysco Corp. (NYSE:SYY) last issued its earnings results on Monday, August 15th. The company reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. Sysco Corp. had a return on equity of 28.67% and a net margin of 1.89%. The firm had revenue of $13.65 billion for the quarter, compared to analysts’ expectations of $13.68 billion. During the same quarter last year, the firm earned $0.52 earnings per share. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, analysts anticipate that Sysco Corp. will post $2.31 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 7th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date is Wednesday, October 5th. Sysco Corp.’s payout ratio is currently 75.15%.
A number of research firms have commented on SYY. Vetr upgraded Sysco Corp. from a “strong sell” rating to a “hold” rating and set a $52.00 target price on the stock in a research report on Monday, July 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Sysco Corp. in a report on Tuesday, August 16th. Morgan Stanley reiterated a “sell” rating on shares of Sysco Corp. in a report on Monday, June 20th. Bank of America Corp. assumed coverage on Sysco Corp. in a report on Monday, June 20th. They issued a “neutral” rating and a $52.00 price objective on the stock. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $52.00 price objective on shares of Sysco Corp. in a report on Thursday, June 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $49.45.
In other Sysco Corp. news, insider William B. Day sold 75,000 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $51.53, for a total value of $3,864,750.00. Following the transaction, the insider now directly owns 201,283 shares of the company’s stock, valued at $10,372,112.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William J. Delaney III sold 20,114 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $49.51, for a total value of $995,844.14. Following the completion of the transaction, the chief executive officer now directly owns 422,507 shares in the company, valued at $20,918,321.57. The disclosure for this sale can be found here. 7.77% of the stock is owned by corporate insiders.
Sysco Corp. Company Profile
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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